View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

AGRICULTURAL NET'S OF 'THE b£EK_______ ______________
Number 111


Wednesday, February 13, 1952

Federal Reserve Bank of Dallas
Spot cotton prices dropped sharply in the past several marketing days.
On Monday, January 11 (markets were closed Tuesday in observance of Lincoln's
Birthday), Middling l5/l6-inch cotton on the Dallas Cotton Exchange closed at
39 . 900 , compared with la s t week's peak of I4.1 .650 and with 1*1.900 in the previous
week. Prices a month ago were above 1*20.
The demand fo r cotton la s t week was not only slow, as indicated by the
decline in p ric e s, but buyers were more selec tiv e in th e ir purchases than in
previous weeks, according to the DMA. The best demand was for bright S tr ic t
Low Middlings and above grades in the medium sta p les. Producer and dealer
offerings of these q u a litie s were lim ited and in some cases prices restricted
trading. There was a f a i r demand for the higher lig h t spotted grades in the
medium stap les. There was p r a c tic a lly no demand fo r the shorter staples or the
lower spotted and colored grades.
Merchants and shippers bought cotton la s t week only to f i l l present needs.
Domestic m ill purchases were small in volume and mostly for prompt delivery.
Export demand was larg ely for the better grades and staples.
Some cotton has been planted in the Lower Rio Grande Valley and Coastal
Bend sections of Texas and a few fie ld s are up to a good stand. However, moisture
is needed to maintain growth and fo r further p lanting.
Prices of most grains declined la s t week. No, 1 hard wheat sold in Fort
Worth Monday at $2,734' per bushel - |-0 under a week e a r lie r and lower than at any
time since November 2. Prices now are about 120 under the December peak.
Closing top prices for other grains in Fort ---rorth Monday in comparison
with a month ago: No. 2 barley $1.71 per bushel, down 60; No. 2 white oats $1.13
per bushel, down lly-0; No. 2 yellow corn $2 .1 0 j, o ff 120; No. 2 white corn
$2.3Ug, down I3w0; and No. 2 yellow milo $3.13 per cwt, , o ff lj.0.
One fa c to r in the declining wheat prices is the rather favorable outlook
for winter production in a l l sections except the Southwest. The crop in northwest
Texas- and adjacent counties of New Mexico and Oklahoma is in need of rain and is
threatened by in se cts.
The Department of Agriculture has announced that i t w ill support th is
year's corn crop at not less than $1.60 per bushel. The support rate may move
higher by the time actual support prices are determined; the support price w ill
be 90% of p arity as of October 1, 1952. Corn was supported in 1951 at $1.57 per
Consumption of frozen orange juice in 1951 fo r the f i r s t time s lig h tly
exceeded that of hot-pack canned orange ju ic e , according to la s t week's BAE
report, The F ru it Situ a tio n . The consumption of these two types of ju ices combined
in 1951) fresh weight equivalent, was about equal to that of fresh oranges. Ten
years ago fresh oranges made up about 92$ of to ta l orange consumption. During the
past decade to ta l orange consumption has increased about U l$.
Total supplies of fr u its fo r the f i r s t h a lf of 1952 are larger than a
year e a r lie r . Among fresh f r u i t s , supplies of oranges are considerably larger
than in the f i r s t h a lf of 1951 (despite a very short crop in Texas), those of
grapefruit are about the same,while those of apples and pears are sm aller. Imports

AGRICULTURAL NEWS OF THE WEEK__________________________________ Wednesda y , February 13, 1952
Number 111Page "2

of bananas are expected to be about the same. Commercial production of straw­
berries probably w ill be smaller th is spring than a year e a r lie r because of a 6%
reduction in acreage.
With consumer demand continuing strong and supplies considerably smaller
than a. year ago, grower prices fo r apples and pears are expected to rise somewhat
th is winter and spring. Prices for oranges may rise less than seasonally as
demand fo r processing strengthens, but l i t t l e change seems probable for prices of
grap efru it.
Prices of c a ttle and sheep on the Fort Worth market are flu ctu atin g
from day to day but have "shown l i t t l e upward or downward trend in the past several
weeks. However, hog p rice s, which have been sh iftin g downward since la s t summer,
dropped to $18♦ OCTtop price la s t week,. and are now about 15.00 per cwt. below a
year ago. Hog prices are lik e ly to strengthen in the weeks ahead as .marketings
decline seasonally.
Good and Choice slaughter s teers and yearlings sold th is week at $30.003 h . 00 , or $2 .0 0 under the same week la s t year.
Good and Choice slaughter lambs■ are bringing $26.00-27.00 - 500 under a
month ago and about $11,00 under the February 1951 le v e l.
Due to small re ce ip ts, prices proved steady to strong and some sales
unevenly higher on the San Antonio goat market la s t week. Common and Medium
Spanish type went at $11.00-12’.50. """Shorn Angoras ranged from $10.00-13.00. Kids
sold mostly at $6 , 00- 8 .0 0 per head.
The monthly livesto ck and range report o f the BAE places the condition
o f Texas range feed on February 1 'at 6 l^ , compared with 6 9 % a year e a r lie r and”
a 10-year average of 77% for th is date. The condition, of li v e stock in the range
areas of Texas has been held fa ir ly w ell by heavy feeding but they s t i l l have the
poorest February condition rating- in 30 years o f record, except in 1935.
P rices for domestic fleece wools in Boston la s t week showed an "easier
tendency", according to the FMA. However, cabled reports from foreign countries
showed firm prices in most markets with a s lig h t price advance in Sydney, Australia*
There was continued contracting of spring mohair on a small scale reported
from Texas la s t week at $ 1 .01-| fo r adult and $ l,2 6 y for kid mohair. A small
quantity of grade 26s adult mohair sold in the lo c a l market at $ 1 . 1 7 .
Consumption of apparel wool in the f i r s t 11 months of 1951 was 12% less
than in the same period of 1950. Consumption of carpet wool was dov/n I48%.
The farm poultry market in Texas early th is week was steady, according
to the Texas Department of A gricu ltu re. B roilers and fryers in South Texas
brought 300 per pound. Prices in East Texas Tere 28-290, mostly 29.
Egg prices in Fort Worth th is week r e fle c t the general decline that has
been underway since December. Ungraded eggs were lis te d at $8.h0-9.30 per case,
with graded eggs at $10,00-11.70 per case. Graded eggs at mid-January were
$11.50-l i i .50. Reports from terminal markets show egg prices generally weak
with o ffe rin gs heavy and buying in terest lig h t .
W. M. P r it c h e t t
A g r ic u lt u r a l Economist