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Number 130 W e d n esd a y, Ju n e 2 5 , 1952 COTTON S p o t c o t t o n p r i c e s made s m a l l g a i n s l a s t w e e k . M i d d li n g l 5 / l 6 - i n c h c o t to n on t h e D a l l a s m a rk e t c l o s e d o u t th e w eek a t 1+0.80 c e n t s p e r p o u n d , com pared w ith 1+0 .2 0 a w eek e a r l i e r and 39*85 two w eeks a g o * T h e re h a s b e e n some p ic k u p i n t e x t i l e m a rk e t a c t i v i t y ; p r i c e s o f many c o t t o n f a b r i c s h a v e a d v a n c e d . D o m e s tic m i l l demand i s f a i r l y " g o o d f o r c o t t o n f o r n e a r - b y an d fo r w a r d s h ip m e n t. Some m i l l s a r e r e p o r t e d t o h a v e b o u g h t c o t t o n f o r d e l i v e r y a s f a r a h e a d a s t h e e a r l y s p r i n g m onths o f 1953 * D a i l y m i l l co n su m p tio n o f c o t t o n d u r in g May a v e r a g e d 3 5 ,2 0 0 b a l e s , v s . 3 3 ,9 0 0 i n A p r i l an d 1+2,700 i n May 1951* GRAINS W heat p r i c e s h a ve d ip p e d f u r t h e r a s t h e c r o p i n t h e S o u th w e s t com es t o m arket i n an i n c r e a s i n g v o lu m e . N o . 1 h a r d w h e a t c l o s e d i n F o r t W o rth l a s t w eek a t $ 2 , 1+7 p e r b u s h e l ; t h i s i s 2- 1 /2 c e n t s u n d e r a w eek e a r l i e r and 6- 1 /2 c e n t s b e lo w 2 w eeks a g o . C h a n g e s i n c o m p r i c e s i n F o r t W orth l a s t w eek w ere m ix e d ; N o . 2 y e l lo w c o m f e l l 6 c e n t s , o r t o $ 2 .1 2 p e r b u s h e l , a s com pared w i t h a w eek e a r l i e r . No. 2 w h ite c o r n c l o s e d a t $ 2 . 1+7 - l /2 p e r b u s h e l - up 11 c e n t s . B a r l e y , o a t s , and sorghum g r a i n l o s t a b o u t 2 c e n t s e a c h l a s t w e e k ; t h e w eek*s c l o s i n g p r i c e s : b a r l e y $ 1 .5 7 p e r b u s h e l ; w h it e o a t s $ 1 .0 i + - 3 A P 0 r b u s h e l ; and N o . 2 y e l lo w m i lo $ 3 .2 ? p e r c w t . T he S e c r e t a r y o f A g r i c u l t u r e h a s ann ou nced t h a t t h e r e w i l l b e n o a c r e a g e a llo t m e n t s and no m a r k e tin g q u o ta s on 1953 - c r o p w h e a t. L I V E S T 0 C K P r i c e s o f c a t t l e and sh e ep s u f f e r e d s h a r p d e c l i n e s on t h e F o r t W o rth m arket l a s t w e e k . B e e f s t e e r s and y e a r l i n g s c l o s e d a t $2 t o $1+ p e r c w t . lo w e r ; cows an d s l a u g h t e r c a l v e s d e c l i n e d $3 t o $ 5 ; and s t o c k e r c a l v e s and y e a r l i n g s f e l l $5 t o $ 6 . F a t s p r i n g lam b p r i c e s l o s t $2 t o $3 p e r c w t . , and f e e d e r and s p r i n g lambs s o l d $3 t o $5 lo w e r ; b u t c h e r h o g s l o s t 25 t o 50 c e n t s p e r c w t . Good an d c h o i c e s l a u g h t e r s t e e r s and y e a r l i n g s c l o s e d o u t l a s t w eek a t $27 t o $ 3 3 ; common t o medium g r a d e s , f i ? t o $25$ and c u l l y e a r l i n g s , $15 t o $ 1 7 . Good an d c h o i c e s l a u g h t e r c a l v e s c l o s e d a t $27 t o $ 3 0 .5 0 . C l o s i n g ho g p r i c e s r a n g e d up t o $ 2 0 , w h i le f e e d e r p i g s s o l d a t $15 t o $ 1 6 . Good and c h o i c e s l a u g h t e r s p r i n g lam bs s o l d a t $20 t o $ 2 5 .5 0 , an d s t o c k e r and f e e d e r s p rin g " "lam bs b r o u g h t $10 t o $ T 7 * C o m m e r cia l m eat p r o d u c t io n i n T e xa s d u r in g A p r i l t o t a l e d 6 7 ,1 2 5 ,0 0 0 poun d s 1+ p e r c e n t l e s s t h a n i n M arch b u t 18 p e r c e n t ab ove A p r i l 1 9 5 1 . T o t a l p r o d u c tio n o f m eat d u r in g t h e f i r s t 1+ m onths o f t h i s y e a r w as a b o u t o n e - s i x t h more t h a n d u r in g t h e c o r r e s p o n d in g p e r i o d o f l a s t y e a r . The U . S . 1952 s p r i n g p i g c r o p t o t a l e d 5 6 ,6 0 7 ,0 0 0 h e a d - 9 p e r c e n t b e lo w a year e a r lie r . A s i m i l a r d e c l i n e i s e x p e c te d i n t h e f a l l p i g c r o p . The T e x a s s p r i n g p i g c r o p i s e s t im a t e d a t 92l+,000 h e a d , v s . 1 ,1 9 6 ,0 0 0 l a s t year. D e c l i n e s a r e r e p o r t e d a l s o f o r O k lah om a, New M e x i c o , and A r i z o n a . The L o u i s i a n a s p r i n g p i g c r o p i s e s t im a t e d a t 1+38,000 h e a d , com pared w i t h 1+09,000 l a s t year. W OO L W o rld w o o l p r o d u c t io n i n 1 952r”i s e s t im a t e d a t U ,0 7 0 m i l l i o n p o u n d s , g r e a s e b a s i s , v s . b ,0 6 6 m i l l i o n i n 1951* P r o d u c t io n h a s i n c r e a s e d s t e a d i l y s i n c e 19 h 7 . A s l i g h t p ic k u p i n s a l e s o f g r e a s y co m b in g w o o l w as n o t e d i n t h e B o s to n w o o l m a rk e t l a s t w e e k 3 p r i c e s w ere s l i g h t l y h i g h e r t h a n a w eek e a r l i e r . X fe w c a r s o f F r e n c h co m b in g 12 m onths T e x a s w o o l s o l d i n t h e l o c a l m a rk e t l a s t w eek a t $ 1 .5 5 t o $ 1 .6 0 p e r p o u n d , c l e a n b a s i s , w h i le good F r e n c h co m b in g an d s t a p l e w o o l b r o u g h t fro m $ 1 .6 0 t o $ 1 .6 5 * O r ig in a l bag average to good F r e n c h com bing w o o l s o l d i n T e x a s a t a p r i c e e s t im a t e d a t aro u n d $ 1 .5 5 d e liv e r e d t o B o sto n . Some o r i g i n a l b a g a d u l t m o h a ir w as s o l d i n t h e l o c a l m a rk e t f o r w o o le n p u r p o s e s fro m $ 1 .1 0 t o $ 1 .1 5 p e r pound . ' P O U L T R Y A N D E G G S T e x a s b r o i l e r m a r k e ts w ere f i r m l a s t w eek an d c l o s e d s t r o n g a t m o s t l y 2 c e n t s o v e r t h e p r e v io u s w e e k . D r e s s i n g p l a n t demand a v e r a g e d f a i r t o g o o d , w h ile t r u c k demand i n c r e a s e d . C lo s in g p r ic e s : s o u th T e x a s 29 c e n t s ; e a s t T e x a s 28 t o 29 c e n t s ; an d Waco a r e a 29 t o 2 9 -1 / 2 c e n t s , m o s t l y 2 9 . B r o i l e r c h i c k p la c e m e n ts on T e x a s fa rm s d u r in g t h e w eek ended Ju n e 111 t o t a l e d 1 , 258,006 - 5 p e r c e n t ab ove t h e p r e v io u s w eek and 7 p e r c e n t ab o v e t h e same w eek l a s t y e a r . E g g m a r k e ts w e re g e n e r a l l y s t e a d y l a s t w e e k . C o m m e rcia l h a t c h e r i e s i n T e x a s p r o d u ce d 8 .6 m i l l i o n c h i c k s i n M a y. T h i s w as 20 p e r c e n t fe w e r t h a n i n May 1 9 5 1 . S i x t y - f o u r p e r c e n t o f t h e May o u t p u t was co m m e r c ia l b r o i l e r c h i c k s . H a t c h e r y o u t p u t i n t h e f i r s t 5 m onths o f t h i s y e a r was 17 p e r c e n t m ore th a n i n t h e same m onths l a s t y e a r . H a t c h e r i e s r e p o r t i n g t o t h e USDA on t u r k e y o p e r a t io n s h a v e i n d i c a t e d t h a t t h e y p r o d u ce d 16 p e r c e n t more p o u l t s d u r in g F e b r u a r y , M a r c h , A p r i l , and May th a n i n t h e same p e r i o d l a s t y e a r . May p r o d u c t io n w as 6 p e r c e n t ab ove t h a t o f May 1951$ h o w e v e r , t h e s e same h a t c h e r i e s r e p o r t e d 2 p e r c e n t l e s s e g g s i n i n c u b a t o r s on Ju n e 1 th a n a y e a r e a r l i e r . FARM INCOME U . S . f a r m e r s ’ c a s h r e c e i p t s fro m m a r k e tin g s i n t h e f i r s t h a l f o f 1952 a re t e n t a t i v e l y e s t im a t e d b y t h e u£i)A a t $ 1 5 .3 b i l l i o n - h p e r c e n t o v e r t h e c o r r e s p o n d in g p e r io d l a s t y e a r . A p p r o x im a te ly 7 p e r c e n t more fa r m p r o d u c t s w ere s o l d t h i s y e a r , b u t a t p r i c e s a v e r a g i n g a l i t t l e lo w e r . T e x a s fa r m e r s s o l d $127 m i l l i o n w o r th o f fa rm co m m o d itie s i n A p r i l , com pared w i t h $ 1 3 ? m i l l i o n i n A p r i l 1 9 5 1 . I n t h e f i r s t U m onths o f t h i s y e a r , T e x a s f a r m e r s ’ c a s h r e c e i p t s fro m fa rm m a r k e tin g s t o t a l e d $500 m i l l i o n , v s . $ b 68 m i l l i o n a y e a r e a r l i e r . C a s h r e c e i p t s fr o m fa r m m a r k e tin g s i n o t h e r s o u th w e s te r n s t a t e s i n t h e f i r s t U m onths o f 1952 and co m p a r is o n s w it h a y e a r e a r l i e r : L o u i s i a n a $81 m i l l i o n , up $3 m i l l i o n ; Oklahom a $136 m i l l i o n , a b o u t u n c h a n g e d ; New M e x ic o $ 5 3 m i l l i o n , up $13 m i l l i o n ; and A r i z o n a $11*8 m i l l i o n , up $52 m i l l i o n . W . M. P r i t c h e t t Agricultural Economist
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