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FEDERAL

RESERVE

BANK

Number 139

OF

DALLAS

W e d n e sd a y , A u g u s t 2 7 , 1952

C -° . T. °_N

S p o t c o t t o n m a r k e ts w eakened s l i g h t l y l a s t w e e k , a lt h o u g h demand a p p e a r s
f a i r l y g o o d . M i d d l i n g 1 ^ / 1 6 -i n c h c o t t o n c l o s e d on t h e D a l l a s m a rk e t a t 3 7 *9 5 c e n t s
per pound - o f f 65 p o i n t s fro m a w eek e a r l i e r and lo w e r t h a n a t a n y tim e s i n c e m id May.
C o t t o n f u t u r e s t h u s f a r i n A u g u s t h a v e b e e n ab o v e q u o t a t i o n s fro m F e b r u a r y
th ro u g h J u l y .
H o w e v e r, O c to b e r f u t u r e s c l o s e d i n New O r le a n s F r i d a y a t 38.1|2 c e n t s ,
or lo w e r t h a n i n t h e p r e v io u s 2 w e e k s .
D o m e s tic m i l l s consum ed 9 .2 m i l l i o n b a l e s o f c o t t o n i n t h e p a s t " c o t t o n
y e a r ," o r fr o m A u g u s t 1 t o J u l y 3 1 .
T h is i s 12 p e r c e n t l e s s t h a n i n t h e p r e c e d i n g
year.
C o t t o n e x p o r t s i n t h e p a s t y e a r t o t a l e d 5 *6 m i l l i o n b a l e s , v s . U . l m i l l i o n
in 1 9 5 0 -5 1 .
W a g o n -lo t p r i c e s t o fa r m e r s f o r c o t t o n s e e d i n T e x a s l a s t w eek a v e r a g e d
I7 U .6 0 p e r t o n , a c c o r d i n g t o t h e PMA.

GRAINS
P r i c e s o f a l l g r a i n s r o s e on t h e F o r t W o rth G r a in and C o t t o n E x c h a n g e
l a s t w e e k , w i t h g a i n s r a n g in g fro m l/k c e n t p e r b u s h e l f o r w h e a t t o I4.8 c e n t s p e r
bu shel f o r w h ite c o m .
The w e e k ’ s c l o s i n g t o p q u o t a t i o n s : N o . 1 h a r d w h e a t
$ 2 .6 0 -1 A 5 N o . 2 w h i t e o a t s $ 1 .1 1 ; N o . 2 y e l lo w c o m $ 2 .1 1 ; and N o . 2 w h i t e c o m
$ 3 .2 1 p e r b u s h e l .
N o . 2 y e l lo w m ilo c l o s e d a t $ 3 .5 U p e r c w t .
R i c e m a rk e ts i n T e x a s and L o u i s i a n a re m a in e d f i r m l a s t w e e k .
N o. 2 Z e n ith
was q u o te d in " T e x a s a t $ 5 -7 8 p e r 100 p o u n d s.
L I V E S T O C K
R e c e ip ts o f
c a t t l e on t h e F o r t W orth m a rk e t l a s t w eek w ere t h e l a r g e s t f o r
any w eek
i n more t h a n 5 y e a r s , t o t a l i n g o v e r 23,000 h ead - o r 9 ,0 0 0 more t h a n a w eek
e a r lie r .
Y e t , p r i c e s g e n e r a l l y h e ld f i r m , e x c e p t f o r some o f t h e lo w e r g r a d e s .
C h o ic e f e d s t e e r s an d h e i f e r s b r o u g h t $29 t o $ 3 2 .5 0 p e r c w t . ; m o st Good g r a d e o f f e r ­
in g s aro u n d $26 t o $ 2 8 .5 0 , w h i le Common and Medium g r a d e s s o l d m a in ly a t $ 1 6 t o $25*
Canner and C u t t e r cow s b r o u g h t m o s t ly $10 t o $ 1 6 .
S to c k e r s te e r y e a r lin g s s o ld as
h ig h a s $ 2 7 .
M a r k e t in g s o f sh e e p and lam bs w ere a l s o h e a v y i n F o r t W o rth l a s t w e e k , some
b e in g f o r c e d i n b y the*“d r o u g h t7 ”~ R e c e i p t s t o t a l e d o v e r 2 5 ,0 0 0 h e a d , o r 5 ,5 0 0 more t h a n
in t h e p r e v io u s w e e k .
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 8 .5 0 .
Hog p r i c e s l o s t a b o u t 50 c e n t s l a s t w e e k ; b e s t b u t c h e r s w e i g h in g 180 t o
2I4O poun d s c l o s e d a i a t o p o f $ 2 1 .7 5 ; o t h e r w e ig h t s a t $18 t o $ 2 1 .
G o a t p r i c e s on t h e S a n A n t o n io m a rk e t a d v a n c e d l a s t w e e k , r i s i n g $ 1 t o
$ 1 .2 5 .
Medium s h o r n A n g o r a s c l e a r e d $ 6 .5 0 , w i t h a fe w t o $ 7 .
K id s b r o u g h t $ U .2 5
to $ 6 .2 5 p e r h e a d .
Sc.:9i -to eridrrom g n i n x m e u arid- n i noiiqm i/;.,nos o lie e m o b *iol. se x To o l ' a b o o‘T
W O O L
AM D
M O H A I R
A c t i v i t y i n t h e B o s to n w o o l m ark et w as l i m i t e d l a s t w e e k ; m o st b u y e r s a r e
w a i t i n g u n t i l a f t e r t h e a u c t i o n s open i n A u s t r a l i a and S o u t h A f r i c a on S e p te m b e r 1
to s e e w h a t d e v e l o p s .
d-i a d o i i - t l «M *W
3a m o n o o2 i B ’itrh iJj.i x .

P r i c e s o f f e r e d T e x a s w o o l an d m o h a ir p r o d u c e r s h a v e d ro p p e d i n t h e p a s t
w eek.
F a l l w o o l s o l d a t 50 t o $2 c e n t s p e r p o u n d , com pared w i t h 50 t o 60 c e n t s
t h e p r e v io u s w e e k .
M o h a ir w as c o n t r a c t e d a t 8 6 -1 / 2 c e n t s f o r a d u l t an d $ 1 .1 1 - 1 / 2
f o r k i d m o h a ir - o f f a b o u t 5 c e n t s e a c h ,

P O U L T R Y
T e x a s f r y e r and b r o i l e r m a rk e ts opened s t e a d y t o 1 c e n t h i g h e r l a s t w eek.
Some f ir m n e s s d e v e lo p e d d u r in g t h e w e e k , w it h p r i c e s s e t t l i n g a t m o s t l y 32 c e n t s
i n a l l a r e a s , a lt h o u g h S o u t h T e xa s g a in e d a n o t h e r c e n t on l a t e t r a d i n g t o c l o s e a t
33 c e n t s , a c c o r d i n g t o t h e T e x a s S t a t e D e p a rtm e n t o f A g r i c u l t u r e .
B a b y c h i c k supplies
c o n t i n u e s h o r t o f dem and, an d many g ro w e rs a r e u n a b le t o f i l l t h e i r h o u s e s .
C o m m e r c ia l h a t c h e r y p r o d u c t i o n i n T e x a s d u r i n g J u l y t o t a l e d U , 8 5 0 ,0 0 0
c h i c k s , o r s l i g h t l y l e s s th a n i n J u l y l 9 5 l * a c c o r d i n g t o t h e BAE o f f i c e i n A u s t i n .
T o t a l h a t c h e r y o u t p u t i n t h e f i r s t 7 m onths o f t h i s y e a r w as 10 p e r c e n t l a r g e r th a n
i n t h e same m onths o f 1 9 5 1 .
A s h o r t s u p p ly o f h a t c h i n g e g g s an d lo w h a t c h a b i l i t y
a r e c u r t a i l i n g h a t c h e r y o u t p u t d u r in g t h e c u r r e n t h o t summer w e a t h e r .
U . S . fa r m e r s a r e r a i s i n g a r e c o r d c r o p o f 59 m i l l i o n t u r k e y s t h i s y e a r 13 p e r c e n t more t h a n l a s t y e a r , a c c o r d i n g t o t h e B A E ,
V E G E T A B L E S
S p o t q u o t a t i o n s on t h e Farm ers M a rk e t i n D a l l a s l a s t w e e k :
p e a s 8 -1 0
c e n t s p e r l b . 5 s q u a s h $ 2 - $ 2 .5 0 p e r b u . ; s w e e t p o t a t o e s up t o $ 6 .5 0 p e r b u . ; to m a to e s
$ 2-$3 p e r b u . ; w a te r m e lo n s up t o 2 c e n t s p e r l b . ; o n io n s up t o $3 p e r s a c k (50 l b s . ) ?
and c a n t a l o u p e s up t o $ 1 .7 5 p e r b u .
P r i c e s r e c e i v e d b y fa r m e r s f o r f r e s h m a rk e t t r u c k c r o p s t h i s y e a r a r e e x ­
p e c t e d t o a v e r a g e m o d e r a t e ly h i g h e r t h a n i n 19 5 1 , b e c a u s e o f g e n e r a l l y s m a l le r p r o ­
d u c t i o n an d c o n t in u e d s t r o n g dem and, s a y s t h e USDA.
Much o f t h e r e d u c t i o n i n o u tp u t
o c c u r r e d i n T e x a s , w here d r o u g h t e i t h e r d i s c o u r a g e d p l a n t i n g s o r r e d u c e d y i e l d s p e r
acre.
P a c k , s t o c k , an d co n s u m p tio n s t a t i s t i c s f o r f r o z e n v e g e t a b l e s g i v e no
i n d i c a t i o n , s a y s t h e U SD A, t h a t t h e i n d u s t r y i s n e a r in g t h e s a t u r a t i o n p o i n t .
The
1951 f r o z e n v e g e t a b l e p a c k w as a lm o s t o n e - t h i r d l a r g e r t h a n t h a t i n 1950 .
The P M h a s j u s t r e l e a s e d t h e r e s u l t s o f a s u r v e y o f s h i p p in g p o i n t m arkets
f o r f r u i t s and v e g e t a b l e s .
I t w as fo u n d i n t h i s s u r v e y , w h ic h c o v e r e d 7? m a rk e ts in""
17 s t a t e s , t h a t r o u g h ly 20 p e r c e n t o f t h e v e g e t a b l e g ro w e rs and h 5 p e r c e n t o f t h e
f r u i t g ro w ers i n t h e im m e d ia te a r e a s s e r v e d b y t h e m a rk e ts s o l d t h r o u g h th e m .
More
t h a n 80 p e r c e n t o f th e lo a d s s o l d b y g ro w e rs on s h i p p i n g p o i n t m a r k e ts o r i g i n a t e d
w i t h i n 15 m i le s o f t h e m a r k e t.
I t w as fo u n d t h a t g ro w e rs a r e r e l u c t a n t t o s e l l on
s u c h m a r k e ts more t h a n 25 mi3.es fro m t h e i r f a r m s .
M I SC E L LA N E 0 U S
F e e d m a r k e ts s t r e n g t h e n e d and p r i c e s o l 4 m o st f e e d s t u f f s n o t u n d e r c e i l i n g s
c o n t in u e d t o a d v a n c e d u r in g t h e w eek ended A u g u s t 1 9 , a c c o r d i n g t o t h e G r a in B ra n ch
o f th e P M .
The i n d e x o f w h o le s a le p r i c e s o f f e e d s t u f f s r e a c h e d 299* v s . 237 a y e a r
ago.
Farm em ploym ent i n t h e S o u th w e s t c o n t i n u e s t o d e c l i n e , a l l o w i n g f o r s e a s o n a l
ch an ges.
E m ploym ent d a t a , r e l e a s e d b y t h e USDA on a r e g i o n a l b a s i s , show t h a t i n the
W est S o u t h C e n t r a l S t a t e s - T e x a s , O k lah o m a, A r k a n s a s , and L o u i s i a n a - t h e r e w ere
1 ,3 2 0 ,0 0 0 p e r s o n s em ployed on fa r m s t h e w eek o f J u l y 2 0 - 2 6 , com pared w it h 1 ,U 3 9 > 0 0 0
a year ago.
Fo o d s u p p l i e s f o r d o m e s tic c o n s u m p tio n i n t h e r e m a in in g m onths o f 1952
a r e e x p e c t e d t o b e a s p l e n t i f u l a s a y e a r e a r l i e r , s a y s t h e B A E.
In d ic a tio n s a r e ,
h o w e v e r , t h a t r e t a i l fo o d p r i c e s w i l l a v e r a g e som ewhat h i g h e r t h a n i n t h e same months
la s t year.
W . M. P r i t c h e t t
Agricultural Economist