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Wednesday, December 5, 1951


Federal Reserve Bank of Dallas

G R A r· N S
The Department of Agriculture-hasarinounced that there will be no
marketing quotas and no acreage allotments.. on the 1952 crops of corn and rice.
The.USDAstatedthat the supply of
of these cornmodities is below the quantity
which will require marketing quotas unrier provisions of existing legis::.ation.
The Department stated particularly, with regard to corn, that beca~se of the
decline in the supply of this feed gr~in no action should be taken at this time
which might discourage tlle planting ·o f an increased acreage of corn in 1952e
Grain exports are running ahead of a year ago. Exports since the beginning of the · 19~1::)2Il1arketing year in July carried the July-October exports of
wheat, flour, and macaroni to an estimated 150 million equivalent ·o ushels, as
compared with 70 mil.lion in the like period of 1950. During the same period the
exports of coarse grains - corn, oats, sorghum grains, and others - were estimated
at 55 million equivalent bushels, as against 65 million bushels in July-October
Prices of wheat, barley, and oats declined during the week ended Tuesday,
December 4J corn and sorghum grains · advancede No. 1 hard wheat sold on the
4th at $2. 81-3/L 1;er bushel, off 2~ cents. No. 2 barley at $L 74 and No. 2 white
oats at $lo 26i were off 1 cent eacho
Corn prices on the Fort Torth market were higher on Tuesday of this week
than at any time in more than a year. No. 2 yellow corn sold at a top price of
$2,22!, up 2! cents, while No. 2 white corn at $2.5~ was up 6 cents per bus~el
from a week earlier. No. 2 yellow milo brought $3e08 per cwt., or 2~ cents above
a week earlier.
Texas and Louisiana rice markets were in a seasonal slump last week but
prices showed little change, according-tO-the PMA. _Small amounts of rough rice
were marketed by growers at prices about support level although many farmers
prepared to place their remaining rice under government loan.


C 0 T T 0 N

Spot cotton markets have made some net gain during the past week although
prices continue erratic. On Tuesday, December 4, Middling 15/16-inch cotton in the
10 spot markets averaged 4219h cents p~:r pound, up! cent from a week earlier and
about 4 cents over a month ago. Prices on Tuesday were lower than on several
previous marketing days due, it is said, to profit taking by traders who feel that
the market has already discounted a cut in the next government cotton crop forecast to be made public December 10.
Spot market activity increased sharply last week and reported sales were
the largest for any week this seasono Sales totaled 465,000 bales, COIIipared with
266,000 for the previous week. With prices above the 42 cent level far!Ilers were
offering current ginnings and previous holdings freely while only a small quantity
of cotton moved into the r;overnment loan.
Loan equities are reported to be moving into trade channels in Texas and
adjoining states at~~ to $65 per bale although the volume has been smalL
. . ·Iilling consumption of cotton was off in October, according to figures
released last week by-:She Bureau of the Census. During the first quarter of the
current season consumption totaled 2,4 million bales, as compared with 2.6 million
in the same period a year ago,

Number 101

Wednesday, December





Movement of farmers' stockpeanuts from farms to mills increa.sed sharply
during the 7-day period ended-November 2b,according to a report of the .F'ruit
and Vegetable Branch of the PH.A. In Texas, inspection of farmers·' stock peanuts
amounted to 9,500 tons, compared with 5,500 tons for the previous week, ShelJ.ers
in the State were paying from $21.i.5 to $260 per ton for farmers' stock peanuts with
70% sound meat content. The demand for small lots of peanuts by manufacturers
for current needs was good but the demand for large lots was slow. Shelled
Sp&nish No. 1 vrere quoted at 21-21-3/4 cents, f.o.b. shippin~ point.
Millings of farmers' stock peanuts during the first 2 months of the
1951-52 season-:September and October - totaled only 134 mi.llion pounds, the
lowest millings for a comparable J:·eriod in the last 13 years.

1 I VE S T 0 CK
Prices ..,n the Fort 1lforth li vestockmarket this week were steady to
50 cents higher than a week ago, according to PivIA" reports. Tuesday's market quotations sh0·,·.: d Good arid Low-Choice slaughter steers and heifers bringing $31» 0035. 00 with Utility and Commercial at $23.00-30,,00. Utility cows bulked 1·rom
$21. 50-2h. 50, a few Commercial to -~ 26'1 00 and higher. Medium and Good stockers
aild feedeTS tu:rn~d from ~27 • On-_32. 00.
Commercial and Good slaughter ca1ves drew $26.00-32.00 this week with
a few Choice up to ""34 o50.
Trading in hogG was fairly active with Choice 180-270 pounds bringing


Choice wooled slaughter lambs sold at $30.00, Utility and Good at
$27.00o CoMmon to Good feeder lambs moved from $20.00-27.00.
Reports on livestock slaughter in Texas for the first 10 months of 1951
show slaughter of cattle up-2fo,calf slaughter down 15%, hog slaughter up 18%,
and sheep and lamb slaughter near the same as in the corresponding months of 19)0.
The average live weight per head of cattle and ho~s slaughtered in the
first 10 months is slightly higher than last year while the ave.cages for calves
and sheep a.nd lambs are slightly lower.

P 0 U1 T RY

Poul~ry prices on the Fort~orth wholesale produce market this week

slightly hi her than a week ago. On Tuesday, December lb top grade commercial
fryers brought 27-29 cents per pound, up 2 cents. Heavy hens sold at 25-26 cents,
as a~ainst 23-26 cents last week. Turkey hens cleared at 40 cents, compared with
38-40 cents last eek.
Broiler prices in East and South Texas have risen considerably during
the past wee~ ·TheTez:as Department of Agriculture reports that broilers in the
Tyler- acogdoches-Center area brought 29 cents per pound on Tuesday of thi.s week,
up 3 cents from a week a o. Prices in the Gonzales-Smiley-Nixon area reached
31 cents, up 2 cents.
F'AR ~
Avera e pricesreceivedby U.. So farn1ers increased 2% during the month
ended ovemter 15 but wre sti 11 U;u lower th-.n the record reached last February,
according to the BAE . The index of prices received by farmers at 301% of the
1910-14 averag · 01 Nover ber 15 25 index points (9%) above a year ago •

• M. Pritchett
Agricultural Ee nomist