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A G R IC U LT U R A L NEW S OF THE W EEK FEDE RAL RESERVE B A NK OF Number l l * l DAL L AS W ed n esd ay, Se p te m b e r 1 0 , 19£2 COTTON The US D ep a rtm e n t o f A g r i c u l t u r e t h i s week r e v i s e d downward i t s e s t im a t e s o f th e 1952 c o t t o n c r o p . The US c r o p e s t im a t e i s p l a c e d a t 1 3 ,8 8 9 ,0 0 0 b a l e s , compared w ith t h e A u g u s t 1 e s t im a t e o f l i * , 7 3 5 *0 0 0 . T h is d e c r e a s e o f 81*6,000 b a le s r e p r e s e n t s s u b s t a n t i a l r e d u c t io n s i n T e x a s and Oklahom a w h ich w ere p a r t l y o f f s e t b y i n c r e a s e s in o t h e r s t a t e s . The e s t im a t e o f th e T e x a s c o t t o n cro p i s 3 *5 0 0 ,0 0 0 b a l e s , o r 7 0 0 ,0 0 0 lo w e r than a month e a r l i e r , and com pares w it h l a s t y e a r ’ s c r o p o f U ,071**000 b a l e s . E s tim a te s o f th e cr o p i n t h e Low er V a l l e y , th e U p p er C o a s t , and e a s t T e x a s w ere r a i s e d b u t t h o s e f o r o t h e r s e c t i o n s o f th e S t a t e w ere r e d u c e d , some s h a r p l y . A b o u t h a l f o f t h e r e d u c t io n i n th e T e x a s c o t t o n e s t im a t e o c c u r r e d i n th e so u th H ig h P l a i n s . The c u r r e n t p r o d u c t io n e s t im a t e i s 8 5 0 ,0 0 0 b a l e s , com pared w it h an A u g u s t 1 e s t im a t e o f 1 ,2 0 0 ,0 0 0 b a l e s . The USDA o f f i c i a l Se p te m b e r 1 e s t im a t e o f th e c o t t o n c ro p , l i k e t h a t f o r A u g u s t 1, i s somewhat belo w m ost p r i v a t e e s t i m a t e s , m ost o f w h ich ru n above 11**000,000 b a l e s ; how ever, th e new e s t im a t e c a u s e d an im m ediate r i s e i n th e m a r k e t. C o t t o n s e e d p r i c e s i n T e x a s d e c l i n e d s l i g h t l y l a s t w ee k . W a g o n -lo t p r i c e s o f c o t t o n s e e d a t g i n s a v e r a g e d $ 7 2 .9 0 p e r to n com pared w it h $ 7 lu 8 0 t h e p r e v io u s w e e k , a c c o r d in g t o PMA. C o t t o n s e e d m e al was q u o te d i n th e D a l l a s m ark et a t $ 8 7 .2 5 p e r t o n , c a r lo a d l o t s , a lt h o u g h t h e r e was no m e al on h a n d . GRAINS P r i c e s o f m ost g r a i n s r o s e i n F o r t W orth l a s t w ee k . N o . 1 h ard w heat c lo s e d a t $ 2 .6 5 -1 / 1 * p e r b u s h e l - up l* - l/ 2 c e n t s from a week e a r l i e r and h i g h e r th a n a t a n y tim e s i n c e M ay. N o . 2 b a r l e y r e a c h e d $ 1 .7 5 p e r b u s h e l - up 3 c e n t s . N o . 2 w h it e o a t s c l o s e d a t $ 1 .1 3 - 1 / 2 - 1 c e n t u n d er l a s t w e e k 's t o p , b u t 2 c e n t s o v e r th e p r e v io u s w e e k 's c lo s e . C o r n p r i c e t r e n d s w ere m ix e d . N o . 2 y e l l o w c o r n c l o s e d l a s t week a t a t o p p r ic e o f $2 .1 2 -1 /1 * - up 1 c e n t fro m a week e a r l i e r . N o . 2 w h it e c o m on th e o th e r hand f e l l t o $ 3 .0 0 -3 / 1 * p e r b u s h e l - down 17 c e n t s . Sorghum g r a i n p r i c e s h e l d s t e a d y . R i c e h a r v e s t i n g made good p r o g r e s s l a s t w ee k . The m ark et h e ld s t e a d y i n T e x a s , a lt h o u g h b i d d i n g w as s lo w i n a l l a r e a s . Sorghum g r a i n p r o s p e c t s i n T e x a s c o n t in u e t o d e c l i n e . N o n ir r ig a te d crops are s u f f e r i n g fro m d r o u g h t and m a tu r in g r a p i d l y i n th e s o u th e r n H ig h P l a i n s w h i le much o f th e c r o p s o v e r th e Low R o l l i n g P l a i n s a re b e in g u t i l i z e d f o r p a s t u r e . Ir r ig a te d a c r e a g e s i n t h e H ig h P l a i n s a r e i n good c o n d i t i o n . L I V E S T O C K L i v e s t o c k p r i c e s on th e F o r t W orth m arket d r i f t e d lo w e r l a s t w ee k . T h e re were l i b e r a l s u p p l i e s o f l i v e s t o c k p l u s b e a r i s h r e p o r t s fro m th e m eat t r a d e ; h o w e v e r, much o f th e w ea k n ess i n th e c a t t l e m a rk e t a p p e a re d t o stem from t h e s lo w demand f o r s t o c k e r s and f e e d e r s . Many s t o c k e r s and f e e d e r s o f l e s s th a n s t r i c t l y Good o r C h o ic e q u a l i t y w ere s o l d f o r s l a u g h t e r . Hog p r i c e s f e l l d e s p i t e t h e f a c t t h a t m a r k e tin g s a r e down. Pack ers s t i l l h o ld l a r g e i n v e n t o r i e s o f p o r k . Good and C h o ic 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 s o l d l a s t week a t $25 to $33 and Common t o Medium k in d s b r o u g h t $15 t o $21*. Good an d C h o ic e s l a u g h t e r c a l v e s s o l d from $21 t o $27* a fe w up t o $ 2 8 .5 0 , The c l o s i n g to p p r i c e f o r h o g s was $ 2 0 , com pared w it h $ 2 1 .7 5 th e p r e v io u s w ee k . Good and C h o ic e f a t lam bs s o l d fro m $2l* t o $ 2 7 . S t o c k e r and f e e d e r lam bs b r o u g h t $10 t o $ 1 8 .5 0 . C a t t l e r e c e i p t s a t F o r t W orth i n A u g u s t t o t a l e d 7 2 ,2 0 0 h e a d , com pared w ith 6 7 ,2 0 0 i n A u g u s t , 1951R e c e i p t s o f c a l v e s i n A u g u s t f e l l t o 2 8 ,3 0 0 v s . 1*1,600 l a s t year. R e c e i p t s o f sh e ep and lam bs r o s e t o 9 1 *3 0 0 , com pared w it h 1*6,600 i n A u g u s t , 1 95 1. B e ca u s e o f th e d r o u g h t and t h e acco m p a n y in g s h o r t a g e o f r a n g e and p a s tu r e f e e d , t h e r e i s a c o n s i d e r a b le movement o f c a t t l e and s h e e p o u t o f T e x a s t o o th e r s ta te s . I n some o f th e d r o u g h t s t r i c k e n c o u n t ie s t h e number o f c a t t l e moved o u t r e p r e s e n t s a l a r g e p r o p o r t io n o f th e t o t a l number t h a t w ere i n t h e c o u n t i e s s e v e r a l m onths a g o ; h o w e v e r, t h e number o f c a t t l e moved fro m t h e s e c o u n t ie s s t i l l r e p r e s e n ts a s m a ll p r o p o r t io n o f th e c a t t l e p o p u la t i o n i n T e x a s . The g r e a t e r p a r t o f th e c a t t l e i n th e S t a t e a r e i n t h e E a s t and S o u t h e a s t w here t h e r e i s a w id e s p r e a d n eed f o r m o is t u r e , b u t no s e r i o u s d r o u g h t a s t h e r e i s i n w e s t T e x a s . The g o a t m a rk e t i n S a n A n t o n io l a s t week was m o s t ly s t e a d y . C u lle d to medium sh o rn a n g o r a s b r o u g h t $ 5 * 5 0 t o $ 6 .5 0 , m o s t ly $ 6 .0 0 and a b o v e . S m a ll b u tc h e r s to o k medium a n g o r a s a t $ 6 .7 5 and $ 7 .0 0 , and S p a n is h t y p e $ 7 .5 0 t o $ 7 .7 5 . M o st k id s b r o u g h t $ 5 .0 0 t o $ 6 .5 0 p e r h e a d , a few S p a n is h ty p e up t o $ 7 .2 5 . POULTRY M o st b r o i l e r m a rk e ts i n T e xas l a s t week w ere s t e a d y t o f i r m . P r ic e s in s o u th T e xas ranged up t o 3h c e n t s p e r p o u n d , w h ile m a rk e ts i n e a s t and c e n t r a l Texas w ere f r a c t i o n a l l y lo w e r . Top g r a d e co m m e rcia l f r y e r s b r o u g h t 31 c e n t s t o 3l* c e n t s i n F o r t W orth l a s t w e e k , w h ile low g ra d e b i r d s s o ld fro m 25 c e n ts dow n. H eavy h e n s s o ld a t 18 c e n t s to 21 c e n t s . E g g p r i c e s i n m o st l a r g e m a rk e ts l a s t week w ere s l i g h t l y i r r e g u l a r t o weak. S u p p li e s a r e f a i r l y l i b e r a l . MISCELLANEOUS Reports from the Australian and south African wool auctions la s t week were disappointing to domestic wool growers. Prices of many q u alities of wool sold even lower than at the close of sales in June. The US Index of A gricultural Prices on August 15 was 295 - the same as in Ju ly . This compares with 292 in August, 1 9 5 1 . The index of prices paid by farmers rose to 287 - 1 point above Ju ly and 2 points under the May, 1952 record. Harvest of the early peanut crop in Texas has been p ra c tica lly completed; however, offerings of new crop peanuts are scarce because of the poor y ie ld , yet the demand for peanuts is only fa ir and the market is re la tiv e ly weak. New crop Spanish No. 1 sold la s t week at 20 cents to 21 cents, compared with 22-1/1* cents the previous week and 18 - 3/ 1* cents a year ago. T e x a s fa r m c a sh incom e f o r th e f i r s t 7 m onths o f t h i s y e a r drop ped 1* p e rce n t u n d e r t h e co m p arab le p e r io d a y e a r a g o , a c c o r d i n g t o t h e B u reau o f B u s in e s s R e s e a r c h a t th e U n iv e r s it y o f T e x a s . D e c l i n e s w ere r e g i s t e r e d f o r a l l b u t a few c o m m o d itie s . P r o p o r t i o n a t e l y th e m ost s e v e r e l o s s was s u s t a in e d by p e a n u t g r o w e r s ; incom e fro m p e a n u ts was down 63 p e r c e n t . W. M. P ritch ett A gricultural Economist
