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A G R IC U LT U R A L NEW S OF THE W EEK F EDERAL RE SERVE BANK Number lli5 OF DA L L AS W e d n e sd a y , O c to b e r 8 , 1952 COTTON S p o t c o t t o n p r i c e s e a s e d lo w e r on t h e D a l l a s m a rk e t l a s t w eek f o r th e f o u r t h c o n s e c u t i v e w e e k . M i d d li n g 1 5 / 1 6 -in c h s t a p l e c l o s e d a t 3 7 .6 0 c e n t s p e r pound - 5 p o i n t s b e lo w a week e a r l i e r and 1 .2 0 c e n t s b e lo w a month a g o . The m id -S e p te m b e r p a r i t y p r i c e f o r c o t t o n w as 3U .U 7 c e n t s p e r p o u n d . US fa r m e r s r e c e i v e d an a v e r a g e o f 3 9 .1 f c e n t s o r i l i * p e r c e n t o f p a r i t y . Texas fa r m e r s r e c e i v e d an a v e r a g e o f 3 7 .h c e n t s p e r p o u n d , com pared w i t h 3 2 .8 c e n t s a year e a r lie r . 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 th e g i n s a v e r a g e d $ 7 2 .7 0 p e r t o n i n T e x a s l a s t w e e k , com pared to ~ ~ f7 1 .9 0 p e r t o n th e p r e v io u s w e e k , a c c o r d i n g t o PMA. C o t t o n s e e d m e a l i n t h e D a l l a s m a rk e t w as q u o te d a t $ 8 6 .5 6 p e r t o n w h o le s a le i n b a g s , c a r lo a d l o t s . GRAINS G r a in p r i c e s on t h e F o r t W orth m a rk e t h e ld u n u s u a l l y s t e a d y l a s t w e e k . W h e at, b a r l e y , an d y e l l o w c o r n made l i t t l e n e t c h a n g e . N o . 2 w h it e o a t s d ro p p e d I - l / i i c e n t s , o r t o $ 1 .1 0 p e r b u s h e l , t o p p r i c e . N o . 2 y e l l o w m i lo ( g r a i n so rg h u m s) d e c l i n e d 5 c e n t s , o r t o $3.1*8 p e r c w t . P r i c e s h a v e b e e n ab o v e t h i s l e v e l s i n c e e a r l y A u g u s t . T e x a s r i c e m a r k e ts c o n t in u e d a c t i v e w it h demand g e n e r a l l y g o o d , a lt h o u g h p r i c e s p a s t m id -w ee k w ere down s l i g h t l y fro m e a r l i e r q u o t a t i o n s . N o . 1 T exas P a tn a s o l d i n Beaum ont up t o $ 6 .3 0 p e r c w t . on F r i d a y , a c c o r d i n g t o th e T e x a s D e p a rtm e n t o f A g r ic u ltu r e . N o . 1 B lu e b o n n e t s o ld fro m $5.81* t o $ 6 .0 9 . The p a r i t y p r i c e f o r w h e a t a t m id -S e p te m b e r was $2.1*6 p e r b u s h e l . US fa r m e r s r e c e i v e d an a v e r a g e o f $ 2 .0 9 o r 85 p e r c e n t o f p a r i t y . The n a t i o n a l a v e r a g e s u p p o r t p r i c e f o r w h e a t i s $ 2 .2 0 p e r b u s h e l . Movement o f w h e a t i n t o s t o r a g e u n d e r th e p r i c e s u p p o r t program h a s b een h e a v y t h i s s e a s o n . The USDA h a s an n ou n ced t h a t c o r n o f t h e 1952 c r o p w i l l be s u p p o r te d a t a n a t i o n a l minimum a v e r a g e p r i c e o f $ 1 .6 o p e r b u s h e l , o r 90 p e r c e n t o f t h e O c to b e r 1 p a r i t y p r i c e , w h ic h e v e r i s h i g h e r . P r i c e s u p p o r t f o r 1951 c ro p c o r n a v e r a g e d $ 1 .5 7 per b u s h e l. LI VES TOCK C a t t l e an d c a l f p r i c e s d e c l i n e d f u r t h e r on th e F o r t W orth m a rk e t l a s t week as g r a s s c a t t l e ru n s w ere v e r y h e a v y . Low er p r i c e s w ere i n e f f e c t on v i r t u a l l y a l l k in d s o f c a t t l e and c a l v e s e x c e p t s t r i c t l y C h o ic e and P rim e f e d s t e e r s and y e a r l i n g s , w h ich w ere i n n e g l i g i b l e s u p p l y . M o st s t e e r s and y e a r l i n g s w ere aro u n d $ 1 lo w e r w i t h some o f f a s much a s $2. Cows d e c l i n e d $ 1 t o $ 1 .5 0 . S l a u g h t e r an d s t o c k e r c a l v e s s o l d $ 1 t o $2 lo w e r . B u tc h e r h o g s c l o s e d 25 c e n t s lo w e r a t a t o p p r i c e o f $ 2 0 .5 0 . S h e e p an d lam bs s o l d s t e a d y and some o l d ewes w ere s t r o n g e r . The a v e r a g e p r i c e r e c e i v e d b y T e x a s fa r m e r s f o r h o g s a t m id -S e p te m b e r w as $19.1*0 p e r c w t . , o r $ 1 b e lo w a y e a r e a r l i e r , a c c o r d i n g t o t h e U SD A. Beef c a ttle b r o u g h t $ 1 8 .3 0 v s . $ 2 6 .9 0 a y e a r a g o . V e a l c a l v e s s o l d a t $ 2 2 .5 0 , com pared w it h $31 l a s t y e a r . S h e e p an d lam bs b r o u g h t $ 9 .8 0 an d $ 1 7 .9 0 , r e s p e c t i v e l y ; t h e s e p r i c e s compare w i t h $ 1 6 .5 0 and $ 2 8 .5 0 i n Se p te m b e r 1951# On a n a t i o n a l a v e r a g e b a s i s , b e e f c a t t l e , la m b s , and v e a l c a l v e s s o l d a t m id -S e p te m b e r a t ab o v e p a r i t y . Hogs b r o u g h t 90 p e r c e n t o f p a r i t y . WOOL AND MOHAIR A v e r a g e w e e k ly co n s u m p tio n o f a p p a r e l w o o ls on a s c o u r e d b a s i s f o r J u l y 1952 ( t h e l a t e s t m onth f o r w h ic h d a t a a r e a v a i l a b l e ) was 6 ,2 8 2 ,0 0 0 p o u n d s , t h e same a s i n J u l y 1951* The Ju n e f i g u r e was 6 ,8 2 1 ,0 0 0 p o u n d s . Good F r e n c h co m b in g an d s t a p l e 12 m onths w o o l s o l d i n T e x a s t h i s p a s t week i n o r i g i n a l b a g s a t 60 t o 65 c e n t s i n th e g r e a s e , and was e s t im a t e d t o c o s t fro m $ 1 .5 0 t o $ 1 .6 0 , c l e a n b a s i s , d e l i v e r e d t o B o s t o n ; 8 m onths w o o l b r o u g h t 50 t o 55 c e n t s , and f a l l w o o l s o l d up t o 52 c e n t s i n th e g r e a s e . S e v e r a l c a r s o f m o h a ir s o l d i n T e x a s a t 9 2 -1 / 2 c e n t s f o r a d u l t and $ 1 . 1 7 - 1 /2 f o r k id m o h a ir . POULTRY T e x a s b r o i l e r m a r k e ts tu r n e d downward l a s t week w it h p r i c e s o f f 1 t o 2 c e n t s , a c c o r d i n g t o t h e T e x a s D e p a rtm e n t o f A g r i c u l t u r e . M a r k e ts c l o s e d F r i d a y a t 28 t o 29 c e n t s i n s o u th T e x a s , 2 7 -2 8 c e n t s i n e a s t T e x a s , and 2 7 -2 9 c e n t s i n th e W a c o -C o r s ic a n a a r e a . The BAE r e p o r t s b r o i l e r c h i c k p la c e m e n ts i n T e x a s d u r in g t h e week end ed S e p te m b e r 27 a t 1 , O il* , 0 0 0 , w h ich i s t h e h i g h e s t f o r a n y week s i n c e m i d - J u l y and i s 30 p e r c e n t a b o v e t h e same w eek l a s t y e a r . P la c e m e n t o f b r o i l e r c h i c k s on fa rm s i s u s u a l l y a t a s e a s o n a l l y lo w l e v e l d u r in g A u g u s t and S e p te m b e r and t u r n s up i n O c to b e r . T e x a s l o c a l t u r k e y m a r k e ts h e l d s t e a d y l a s t w e e k . P r i c e s a t t h e fa r m f o r y o u n g b r o a d b r e a s t e d toms 2 o -29 c e n t s ; y o u n g h e n s 3 2 -3 U c e n t s , m o s t l y 33—3U c e n t s . M I S C E L L A N E 0 U S The in d e x o f p r ic e s ~ ~ r e c e iv e d b y T e x a s fa r m e r s f o r a l l a g r i c u l t u r a l co m m o d itie s s t o o d a t 3 2 o ( I 9T O -II 4 - 1007 on S e p te m b e r 15 - a r e d u c t i o n o f 5 p o i n t s fro m a m onth e a r l i e r , 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 . The in d e x a y e a r ago w as 3h3 and t h e r e c o r d h i g h w as 399 i n A p r i l 1951* T h is l a t e s t i n d e x - 328 - i s th e lo w e s t f o r a n y m onth s i n c e A u g u s t 1 9 5 0 . The BAE I n d e x o f P r i c e s o f a l l c r o p s i n T e x a s i s 3l i t v s . 268 i n S e p te m b e r 1951. P r i c e s o f a l l m a jo r c r o p s a r e h i g h e r t h a n a y e a r a g o , a lt h o u g h n e t g a i n s f o r some c r o p s i s r e l a t i v e l y s m a l l . The in d e x o f p r i c e s o f l i v e s t o c k and l i v e s t o c k p r o d u c t s i s 3 ^ 6 , com pared t o UUU i n S e p te m b e r 1951* T h i s i s th e f i r s t tim e t h i s in d e x h a s b e e n t h i s lo w s in c e May 1 9 5 0 . P r i c e s o f a l l m eat a n i m a l s , a s w e l l a s e g g s an d w o o l, a r e s e l l i n g su b s t a n t i a l l y b e lo w y e a r a g o l e v e l s . I n f a c t , t h e in d e x o f p r i c e s o f m eat a n im a ls now s t a n d s a t 388 v s . 55 U a y e a r a g o . The I n d e x o f P r i c e s r e c e i v e d b y US fa r m e r s a t m id -S e p te m b e r w as 288 v s . 291 a y e a r e a r l i e r . The in d e x o f p r i c e s p a i d b y fa r m e r s w as 281*, com pared w i t h 282 a y e a r a g o and w i t h t h e r e c o r d h i g h o f 289 i n May 1 9 5 2 . A r e p o r t b y REA s t a t e s t h a t more t h a n 2 0 0 ,0 0 0 fa r m s i n t h e US w ere e l e c t r i f i e d d u r in g t h e y e a r end ed Ju n e 3 0 , b r i n g i n g t h e p e r c e n t a g e o f fa rm s e l e c t r i f i e d t o 8 8 .1 , com pared w i t h 81*.2 p e r c e n t a y e a r e a r l i e r . M ic h ig a n l e d t h e s t a t e s w ith 98.9 p e r c e n t o f i t s fa r m s e l e c t r i f i e d . P e a n u t g ro w e rs i n T e x a s l a s t week r e c e i v e d s u p p o r t p r i c e s and up t o $8 p e r t o n ab ove s u p p o r t f o r p e a n u t s . A v e r a g e p r i c e s t o p r o d u c e r s i n some a r e a s w ere a ro u n d 1 1 - 1 /2 c e n t s p e r p o u n d . W. M. P ritch ett A gricu ltu ral Economist
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