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Humber 102
,_ __
Federal Reserve Bank of Dallas
C 0 T T 0 N

On Monday of this week, the Un].ted States Depa:ctment of Agriculture
announced the 1951 cotton crop estimates as of December 1. The U0 Ss _cotton
crop figure wasplacedat Ip9o;oooba.Tes, or 481;000 bales below the November 1
forecasto The Texas crop estimate was 4jlOO,OOO bales - 200 7 000 below that of
a month a goo The announcement stated that the major portion of the decline in
Texas occurred in the northern and northwestern areas of the State.
Following the announcement, Middling 15/16-inch cotton in the 10 spot
markets averaged 42 .. 85 cents per pound on -Monday, · compared with 43.3.5 on Friday
preceding the announcement and 4L 99 cents on Tuesday, _December 11-o--·
The 1952 cotton crop goalfor the U. S. was placed at 16,000,000 baleso
Production goals for the District compared with 1951 cotton ·c rop estimates .:~re
Arizona, 743,000 bales vso 860,000 bales; Louisiana_, 652,000 vs .. 765,000_; New
Mexico, 323,000 v-s. 281.+,000; Oklahoma, 251,000 vs~ ~.50,000; and Texas, 4, 798,000
vs. 4,100,000~
Cotton ~inned in the United States prior to December 1 averaged the
same in gradebut - sl1orter in staple length than during the corresponding period
a year ago, according to the Department of Agricultureo Ginnings in the Nation
prior to December 1, 1951, totaled 12,803,000 running bales, compared with
8,785,000 in 1950 _. Cotton ginned in Texas amounted to 3,38),000 running bales,
compared with 2,580,000 as of the same date ·a. year ago~ according to the Bureau
of the .Census.. Reports indicate that 85 percent of the· 1951 Texas cotton crop
had been ginned by Dece!llber 1.
Heported sales in the 10 spot markets through December 11 totaled
5,447 ,101 bales-,,-


Prices of grains on the Fort -~Yorthmarket rose to the current season 1 s
pea.k on Monday-,December 10, but declined slightly on Tuesday.,
No. 1 hard wheat sold Tuesday at $ 2 82 ~per bushel - do-wn J:i cents from
Monday's high of $20 85{-, No. 2 white oats at $L 24 per bushel were down 2l cents
from Monday. No. 2 barley at $L 75~ wasup l·~ cents a bushel from a week earlier.
On Tuesday-;-becember 11, No? 2 yellow corn sold at $2030~ per bushel down 3 ce~ts from Monday but 7-3/4 cents above-a-Week earlier and 15-3/4 cents
above a month ago. No. 2 white corn at $2("64~ cents per bushel was dovn 2-3/4
cents from Monday's peak price but was 17-3/4 cents above a week earlier. No. 2
yellow milo brought $3~13 per cwt., or Scents abovP a week ago.
---~- ~'fexas has been called upon by the USDA to set a new recoFd in production
of sorghums in 19.S2o The Texas goal is 118,838,000 bushels, 59 percent of
the-national goal of 200,000,000 bushels_.. The indicated outturn for 1951 is
89,794,000 bushels, most of which has now been harvestedo Other 1952 goals for
grain sorghums in the District are; Ol ~ lahoma, 17,673,000; New dexico, 7,568,000;
and Arizona, 2,634,000 bushelsa
Hice markets in Texas and Louisiana held firm this week, but trading
remained seasonally slow, according to the PM.Ao Noo 2 Patna sold in Houston at
$5.55 to ~;i 5)70 per 100 pounds, and No., 2 Bluebonnet sold at ~) 5.17 to $5.33ct The
milled rice market continued dull. Stocks bought earlier in the season at prices
below present mill quotations accounted for a good movement of rice into consumer

Wednesday, Decemoer 12, 19.51 .

Number 102


1 I VE S T 0 CK
on the Fort ·vorth market were steady to slow this week, according to PMA reports. Tuesday's market quotations showed Good and Choice slaughter
steers and yearlings bringing $30.00-35.00. Utility cows cashed mostly at $21.0026.00, and canners and cutters moved at ~15.00-21.00o
Good and Choice slaughter calves sold mostly at $30c00--J3.50, with some
Choice fed heavyv.reights upward to $34., on and above ·'
Good and Choice stocker calves sold at $J0.00-35~00o Stocker and
feeder steers and yearlin~s of Medium and Choice grades sold from $26~00-32.00,
with a few yearlings to $33:000
Choice 180-270 pound hogs brought $18.50 and $18~75; most top hogs were
at the higher price~
Mediuni, ' Good, and Choice slaughter lambs cashed at $27.00-30e00.9 the
h:lgher price being for wooled and No. · 1 pelt lambs ·. Sto.cker and feeder lambs sold·
from $18.00-26~00o A few Good slaughter ewes brought $12.00-lh,OO~
The snow "that fell in the Panhandle last week brough·b new hope that some
wheat-field g·razing for livestock will be provided and will cut the feed bills that
are ru!lning high_ because of the strong prices for all feedo

Poul try prices on 'the FortViorthwholesale produce market this week
were steady' with su.pplies continuing adequate to plentiful to meet the fair
On Tuesday, Decemb~r 11, t~p grade commercial fryers brought 27-29
cents per pound. Heavy hens sold at 25-27 cents, compared with 25-26 cents last .
week. Turkey hens cleared at 40-42 cents, compared with 40 cents a week earlier.· .
Broiler prices in the Tyler-Nacogdoches-Center area were 30 cents per
pound on Tuesday of this week, up 1 cent from a weeK ago., Prices in the GonzalesSmiley-Nixon area were 27-29 cents, mostly 28-29 - dovm 2 cents per pound.
Com ercial vegetables m~deexceptionally good progress during the week.
ended Dece:nber 11-;-particulariy in the non-irrigated sections where moisture was
ample:l Temperatures were favorable for rowing crops in all areas of the State,
accordin~ t.o the USDAo Light supplies of tender VefSetables' continued to move from
the lower Rio Grande Valley and harvest of tomatoes continued in fair volume"
Preparation of land for early spring vegetables was started in some of the earlier
Volume production of vegetables in the #inter Garden is not expected until
late December or early January.
Farmers in the U. ue will pay interest at the rate of 3~ percent on
government price support loans next year, as compared with the 3-percent current
rate) according-tO-the USDA
There has been little activity in the mohair markets in the Southwest
for scve ~ al weeks. Ho ever, 3orr.e sold in'I'exei.s at ~LOS to '~ 1.07 a pound
for a · ult and 1A30 to ~ l 32 for kid hair last week~ No wool was sold in Texas,
according to the P !A

·y. M Pr· tchett
Agricultural Econonist