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lumber 12$

Wednesday, June 11, 195>2

Federal ..Reserve Bank of Dallas
C 0 T T 0 N'Spot cotton prices have risen further, continuing the rise started about
a month ago, and"” are""higher than they have been in about 2 months. On Tuesday,
June 10, Middling Is/l6-inch cotton closed in Dallas at jj0.l5 cents per pound, com­
pared with 39»3h a week e a rlie r and 39.55 a month ago.
The Nation's f i r s t bale of cotton from the new crop was sold in Houston
this week for $2,68iu The bale was produced by a cotton grower near Mission, Texas.
The USDA th is week gave cotton growers until August 1 to pay o ff the price
support loans and to redeem th eir 1951-crop cotton .. ’ The^maFTeL price is now high
enough to permit growers to redeem most of the loan cotton and to s e ll i t in the
market at a .p r o fit .
The USDA th is week forecast a i95?~Texas winter wheat crop of A , 53 2,000
bushels, which shows considerable improvement in production prospects since the fore­
cast of 38,071,000 bushels was made a month ago. This increase re fle c ts the good
rains that have been received in north Texas and in the High Plains during recent
The USDA placed the wheat acreage estimate in Texas at 3 A 61,000 acres ;
yield per acre is set at 12 bushels.
In 1951, Texas produced 17,307,000 bushels of wheat from 1,923,000 acres
The U .S. wheat crop forecast was placed at 1,326,157,000 bushels," which
is the second largest in the-'Nation1s history. The record crop was in 19u7, when
1,367,186,000 bushels were produced.
Meanwhile, cash wheat markets have weakened further as reports of ,a bumper
wheat crop have come i n . ' OnTfuesday, 'June 10, No. 1 hard wheat closed in Fort Worth
at a top price of $2.51 per bushel - the lowest since la s t Ju ly . This price com­
pares with a season peak of $ 2 .8 5 -lA la s t December. Not only is the large crop
weighing heavily on the market, but the domestic flour business is slow and exports
are o ff.
G. R A I N S
Prices of most other grains on the Fort Worth market have made few net
changes in the past week. No. 2 white oats, closing Tuesday at $1.03-1A per
bushel, were unchanged from a week e a rlie r ,
Corn prices dipped la s t week, but th is week1s quotations are near the
levels of mo'st other marketing days in the past several weeks, No. 2 yellow corn
closed Tuesday at $2.17-1/2 per bushel, while No. 2 white corn was quoted at
Sorghum grain, also o ff late la s t week, closed Tuesday at $3.29 per curb.,
compared wTth~$3 "35 a week ago.
Corn is making excellent growth in c e n tra l, northern, and eastern counties
of Texas and in northern Louisiana. Early corn is in the ta sse l stage in southern
and upper coastal sections of Texas,
Early rice is making good growth in Texas, although recent rains have
hampered- drainage operations for la te seedings and have hindered weed control.

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The PMA reports that livesto ck prices on the Fort Worth market on Tuesday
of th is week had a weaker tendency, with spotty losses of around 50 cents per cwt.
Hogs are o ff even more as compared with a week ago.
The top price paid fo r hogs in Fort Worth Tuesday was $20.50 per cw t.,
which compares with $21.75 a week ago. Hog receipts at the principal market centers
th is week are considerably higher than la s t week, which larg ely accounts for the
weakness in hog p ric e s, according to trade reports.
Beef steers and yearlings grading Good and Choice brought $29.00 to
$35.00 in Fort Worth Tuesday^"while U t ilit y and Commercial kinds sold at $22.00 to
$28.00. Good stocker steer yearlings brought $29.00 to $32.00,* a few Choice to
Marketings of sheep and lambs at Fort Worth are risin g seasonally. Re­
ceipts totaled over 22,000 in the f ir s t 2 days of th is week, compared with 17,000
in the same days la s t week. Trading was slow Tuesday, with many classes losing 50
cents or more. U t ilit y to Choice slaughter spring lambs sold at from $25.00 to
$28.50; a load of Choice 91-lb. lambs from New Mexico topped the market at $30.00.
Steady prices prevailed in the goat division of the San Antonio livestock
market la s t week. Receipts were small.
B roiler .prices were - firm in Texas early th is week. On Tuesday, June 10,
broilers or fryers a l l weights up to 3.25 pounds brought 25 to 27 cents, mostly 27,
in the Gonzales area.
Around Nacogdoches and Center, Texas, the broiler market was steady, with
birds under 3 ' pounds bringing -25 to 26 cents. The Waco-Corsicana. area reports a
steady market, with demand good; 2.50- -to 2.85-pound birds are bringing 26 to 27
cents; 2.85- to 3 .2 5 -pound birds are quoted at 2 5 to 26 cents.
Egg prices strengthened th is week. Prices on the..New Orleans market,
for example, rose almost 2 cents per dozen for top-quality eggs. On the Fort Worth
market, graded eggs rose about $1.00 per case; ungraded eggs gained about 75 cents.
The BAE index of farm prices in Texas at mid-May stood at 351, compared
with 355 in A p ril and 393 in May 193T7
The tomato market in Texas is holding steady. On the Dallas market th is
week, repacks lugs Texas 6x6 & larger US I ’ s $5.75 to $5.00; fa ir q u a lity , $3.00 to
$5.00; ordinary, $2.00 to $2.75. Prices at east Texas points run as high as $5.75
for green and wrapped tomatoes. On the Dallas Farmers1 Market, tomatoes turning
and ripe are bringing $5 .2 5 to $5*00 by the bushel.
Irish potato prices have risen sharply since price controls were removed.
In east Texas, around Winnsboro, Texas reds are bringing 5 to 6 cents per pound to
Watermelons are s e llin g on-the Dallas Farmers’ Market at 5 to 6 cents per
pound fo r 30-to 32 -pound average melons in bulk.
The GCC had over'$1.6 b illio n invested in price-support program loans and
inventories as of A pril 30, according to an announcement la s t week.
Food supplies for the next few months are expected to be at least as large
as in the same period in 1951, says the USDA. larger supplies cf beef and veal,
poultry products, canned fruit, and processed vegetables are in prospect. The over­
all level of retail food prices is expected to remain relatively steady.
W. M. P ritch ett
A gricultural Economist