Mr. President. I wish to add my warning against any action which would open up our domestic market to larger imports of foreign beef than the amount permitted under the present quota laws. Any such step would be extremely dangerous to our domestic producers. The fact is that during the past few weeks. prices in the cattle industry have been experiencing a very serious decline. Last spring. cattle prices rose quite sharply. In June. the price of choice steers in Chicago reached a level of about $35 per hundredweight. However. prices have fallen as fast as they went up. In the course of 8 weeks. they dropped over $5 per hundredweight.
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quota law