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A G R IC U LTU R A L NEW S OF THE W EEK F EDERAL Humber l)iU RESERVE B A NK OF DAL L AS W e d n esd a y, O c to b e r 1 , 1952 F A R M R E A L E S T A T E V A L U E S A r e p o r t r e le a s e d l a s t week b y th e US D e p a rtm e n t o f A g r i c u l t u r e p r o v id e s data on farm r e a l e s t a t e v a lu e s up t o J u l y 1 9 5 2 . T h ese d a t a show t h a t farm r e a l e s t a t e v a lu e s i n th e U n i t e d S t a t e s r o s e 1 p e r c e n t d u r in g th e U m onths ended J u l y 1 or o n ly l / 5 t h a s much a s d u r in g th e same p e r io d a y e a r e a r l i e r . A t 213 (1912-11* = 100) th e US i n d e x was 5 p e r c e n t ab ove a y e a r e a r l i e r and 2l* p e r c e n t ab ove J u l y 1950 back b e f o r e th e K o re an W a r. T h ese d a t a a r e i n l i n e w it h r e c e n t r e p o r t s w h ich w ere to th e e f f e c t t h a t fa rm r e a l e s t a t e v a lu e s a r e s t i l l r i s i n g , a lt h o u g h th e r i s e i s t a p e r in g o f f g r a d u a l l y . I n m o st s t a t e s t h e ch an ge i n fa rm r e a l e s t a t e v a lu e s d u r in g th e M a r c h - J u l y p e r io d w ere t h e s m a l l e s t f o r an y i* m onths p e r io d s i n c e th e K o re a n o u t b r e a k . The g e n e r a l o v e r - a l l s t a b i l i t y o f p r i c e s o f fa rm co m m o d itie s and o t h e r p r o d u cts i n r e c e n t m o n th s, s a y s th e U SD A, i s p r o b a b ly th e m a jo r f a c t o r t h a t h a s slo w e d the r i s e i n fa r m la n d p r i c e s . P r i c e s r e c e iv e d b y fa r m e r s i n J u l y a v e r a g e d 2 p e r c e n t h ig h e r th a n i n M a r c h , due l a r g e l y t o s e a s o n a l f a c t o r s , and w ere a b o u t th e same a s a year e a r lie r . C a sh r e c e i p t s fro m farm m a r k e tin g s d u r in g th e f i r s t h a l f o f 1952 f o r th e c o u n t r y a s a w h o le w ere a b o u t 1*~ percent ab ove a y e a r e a r l i e r , a l t h o u g h w it h p r o d u c t io n c o s t s h i g h e r th a n l a s t y e a r , fa r m e r s r e a l i z e d n e t incom e may be r u n n in g low er th a n i n 1 9 5 1 . The i n c r e a s e s i n farm l a n d p r i c e s d u r in g th e y e a r ended J u l y 1 w ere much l e s s th a n d u r in g th e p r e c e d in g y e a r ; h o w e v e r, v a lu e s r o s e i n m ost s t a t e s . O n ly 5 s t a t e s showed i n c r e a s e s o f 10 p e r c e n t o r m ore; 2 o f t h e s e w ere T e x a s (up 10 p e r c e n t ) and A r k a n sa s (up ll* p e r c e n t ) . I n c r e a s e s i n fa rm la n d v a lu e 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 th e y e a r ended J u l y 1 ; A r iz o n a 8 p e r c e n t , New M e x ico 3 p e r c e n t , Oklahom a 5 p e r c e n t , an d. L o u is ia n a 6 p e r c e n t . H ere i s how th e d o l l a r v a lu e s o f fa rm la n d i n s t a t e s o f t h e E le v e n t h F e d e r a l R e se rve D i s t r i c t compare w it h p rew ar (1 9 3 5 -3 9 )? A r iz o n a up 1U5 p e r c e n t , New M e x ic o up 191 p e r c e n t , T e x a s up 160 p e r c e n t , Oklahom a up 18? p e r c e n t , and L o u i s i a n a up l l * l p e r c e n t. The a v e r a g e v a lu e o f farm la n d and b u i l d i n g s p e r a c r e i n T e xa s on M arch 1 , 1952 w as $ 6 2 ,5 7 7 v s . $514.76 a y e a r e a r l i e r and $1*6.21 two y e a r s a g o , M arch 1 a v e r a g e v a lu e s p e r a c r e i n o t h e r s o u th w e s te r n s t a t e s : A r iz o n a $ 1 9 .7 3 * L o u i s i a n a $ 9 5 .1 2 , New M exico $ 1 8 .2 2 , and Oklahom a $ 6 5 .2 0 . E x c e p t f o r a s l i g h t r i s e i n t h e r a t e f o r v o lu n t a r y s a l e s o f fa rm r e a l e s t a t e f o l l o w i n g th e K o re a n o u t b r e a k , s a l e s a c t i v i t y h a s d e c l i n e d s t e a d i l y f o r a b o u t th e p a s t 3 or E y e a r s . The r a t e o f v o l u n t a r y s a l e s d u r in g th e y e a r ended M arch 1952 i n T e xas was 1*1,3 p e r th o u s a n d fa r m s , L o u i s i a n a 2 1 .8 , Oklahoma 5 0 .0 , A r i z o n a 5 6 .0 , New M e x ic o 1*9,3> and th e US 3 7 .5 . F o r c e d s a l e s c o n t in u e d a t t h e low l e v e l o f r e c e n t y e a r s . The d o l l a r amount o f fa rm m o rtg a g e r e c o r d in g s d u r in g th e f i r s t h a l f o f 1952 was 2 p e r c e n t b e lo w a y e a r e a r l i e r , r e f l e c t i n g t h e d e c l i n e i n number o f fa rm s a l e s and th e somewhat t i g h t e r c r e d i t s i t u a t i o n d u r in g t h a t p e r i o d . The a v e r a g e s i z e o f m o rtg a g e s h a s c o n t in u e d t o i n c r e a s e b u t a t a s lo w e r r a t e i n r e c e n t q u a r t e r s . O u t s t a n d in g fa r m m o rtgag e d e b t i n c r e a s e d n e a r l y a h a l f b i l l i o n d o l l a r s d u r in g 1951* one o f th e l a r g e s t p e r c e n t a g e i n c r e a s e s s i n c e 1 9 2 0 . A t $ 6 .3 b i l l i o n on J a n u a i y 1 , 1 9 5 2 , i t was 8 p e r c e n t l a r g e r th a n a y e a r e a r l i e r and more th a n a t h i r d l a r g e r th a n a t th e p o s t w ar low i n 191*6; y e t i n r e l a t i o n t o t h e c u r r e n t v a lu e o f a l l fa rm r e a l e s t a t e , t h e fa r m m o rtg a g e d e b t i s t h e lo w e s t o f r e c o r d . F A R M C O M M O D I T Y M A R K E T S L A S T W E E K Spot cotton p rices have flu ctu a te d w ith in narrow ranges fo r the past 2 weeks, although l a s t week’ s clo se was fr a c t io n a lly lower than a week e a r li e r . Midd lin g l5 / l6 -in c h cotton closed on the D a lla s Cotton Exchange a t 37.65 cents per pound, compared w ith 38.55, 3 8 .3 0 , and 3 7 .9 0 in the 3 preceding weeks. For the most p a r t, merchants and shippers continued to buy only to f i l l present commitments. W a g o n lo t p r i c e s f o r c o t t o n s e e d a t g i n s i n T e x a s a v e r a g e d $ 7 1 .9 0 p e r t o n , com pared t o $ 7 1 .2 0 two w eeks a g o and $ 6 8 .2 0 a y e a r a g o . C l o s i n g q u o t a t i o n s on th e F o r t W orth g r a i n m a r k e t, a s com pared w it h a week e a r l i e r , show w h e a t up 1 c e n t , b a r l e y o f f 1 c e n t , o a t s down 2 c e n t s , and y e l lo w c o m down 1 -1 / 2 c e n t s p e r b u s h e l ; sorghum g r a i n l o s t 2 c e n t s p e r c w t , T e x a s and L o u i s i a n a r i c e m a rk e ts a r e s t r o n g w it h p r i c e s g a i n i n g s l i g h t l y . S e v e r a l l o t s o f N o . 1 T e x a s P a tn a and N o . 1 B lu e b o n n e t w ere r e p o r t e d s o l d a t p r i c e s up t o $6.49 p e r c w t . , o r $10.53 p e r b b l . M i l l s a r e b u y in g r i c e a b o u t a s f a s t a s i t i s h a r v e s t e d ; v e r y l i t t l e h a s gone i n t o s t o r a g e . L i v e s t o c k p r i c e s on th e F o r t W o rth m a rk e t w ere u n e v e n . S la u g h te r s te e r s and h e i f e r s w ere weak t o $1 o f f , w it h th e t o p p r i c e b e in g $ 3 1 .5 0 . Cow s w ere down 50 c e n t s t o $ 1 , b r i n g i n g m o s t ly $14 t o $ 1 7 . Good and C h o ic e s l a u g h t e r c a l v e s b r o u g h t $21 t o $ 2 8 .5 0 . S p r i n g lam bs and f e e d e r s d rop p ed $2 i n F o r t W o rth and o t h e r s h e e p c l a s s e s l o s t 50 c e n t s t o f l l The w e e k ’ s to p p r i c e f o r s l a u g h t e r s p r i n g lam bs w as $ 2 3 . B u tc h e r h o g s g a in e d 50 c e n t s w it h C h o i c e 1 8 0 -2 7 0 pound b u t c h e r s b r i n g i n g m o s t ly $ 20 . 50 , w it h a few up t o $ 2 0 .7 5 . Medium and Good s l a u g h t e r g o a t s s o l d fro m $5.75 t o $7 i n S a n A n t o n i o . K id s moved o u t fro m $ 3 .7 5 t o $ 5 .5 0 p e r h e a d . O r i g i n a l b a g 12 m onths w o o l s o l d i n T e x a s a t c l e a n p r i c e s betw een $ 1 .5 0 to $ 1 .5 5 . M o h a ir was p u r c n a s e d i n T e x a s a t 9 1 -1 / 2 c e n t s f o r a d u l t and $ 1 . 1 6 - l / 2 f o r k i d m o h a ir t o th e w a r e h o u s e . B r o i l e r m a rk e ts i n T e x a s w ere weak and u n s e t t l e d . The w e e k ’ s c l o s i n g p r ic e s f o r a l l w e ig h t s 2 -1 / 2 t o 3 p o u n d s : s o u th T e xa s 2 8 -3 0 c e n t s , e a s t T e x a s 28 c e n t s , and Waco a r e a 2 8 -3 0 c e n t s , m o s t ly 2 8 -2 9 c e n t s . The m a rk e t f o r t u r k e y s was a l s o u n s e t t l e d . P r i c e s a t t h e fa rm f o r b ro a d b r e a s t e d y o u n g tom s m o s t ly 24 pounds and up 2 7 -2 9 , m o s t ly 28 c e n t s . Young hens 3 2 - 3 4 , m o s t ly 3 3 -3 4 c e n t s p e r p o u n d . P e a n u t gro w ers i n th e S o u t h w e s t r e c e i v e d s u p p o r t p r i c e s f o r p e a n u ts i n a few l o c a l i t i e s b u t $ 5 t o $ 1 0 p e r t o n ab o v e s u p p o r t i n m ost a r e a s . N o . 1 S p a n is h b r o u g h t 20 c e n t s w it h N o . 2 up t o 1 8 -1 / 2 c e n t s p e r pound f . o . b . s h i p p in g p o i n t . Good q u a l i t y s w e e t p o t a t o e s b r o u g h t $5 t o $ 5 .5 0 p e r b u s h e l b a s k e t on th e F a rm e rs’ M arket i n D a l l a s . M I S C E L L A N E O U S W ith c o t t o n p r i c e s s u b s t a n t i a l l y ab ove s u p p o r t l e v e l s , g ro w e rs a r e m aking l i t t l e u s e o f t h e c o t t o n p r i c e s u p p o r t p ro g ra m . T hrough Se p te m b e r 19 o n l y 4 ,4 3 8 b a l e s o f 1 9 5 2 -c r o p c o t t o n had b e e n p l a c e d u n d e r l o a n , a c c o r d i n g t o PMA. I n th e week ended S e p te m b e r 2 0 , s l a u g h t e r o f c a t t l e u n d er f e d e r a l i n s p e c t i o n a t F o r t W o r th , D a l l a s , and Sa n A n t o n io t o t a l e d l 5 ,£ 5 0 h e a d v s . 1 1 ,0 2 3 i n th e com p a r a b le week l a s t y e a r . S l a u g h t e r o f c a l v e s t o t a l e d 9 ,0 8 8 h e a d v s . 5 ,1 3 0 a y e a r e a r lie r . C o t t o n g in n i n g s i n T e x a s th r o u g h Se p te m b e r 15 am ounted t o 1 ,1 5 8 ,0 0 0 b a le s vs# 1 ,4 6 1 ,0 0 0 a y e a r a g o , a c c o r d i n g t o t h e B u rea u o f th e C e n s u s . W. M. Pritchett Agricultural Economist
