Lard ranks second among the domestically consumed fats and oils, exceeded only by butter. Lard constitutes about one-sixth of the total value of hog products. It is one of our most important export commodities; between 85 and 90 percent of the lard entering international commerce is of American origin. Yet in spite of its economic importance, especially to the hog producers of the Corn Belt, practically no work has been done to investigate the production and market characteristics of lard and its competitive position relative to other fats and oils. The literature dealing with the market situation of butter, margarine, tallow, coconut oil and other vegetable oi ls is fairly extensive but, peculiar as it seems, lard has never been dealt with in a systematic and comprehensive manner.