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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 Number 1U7 OF DA L L AS W e d n esd a y, O c t o b e r 2 2 , 1952 L I V E S T O C K L i v e s t o c k p r i c e s w eakened f u r t h e r l a s t w eek , a lt h o u g h some r e c o v e r y was made on c e r t a i n c l a s s e s o f c a t t l e l a t e i n t h e w e e k . Demand f o r s t o c k e r and f e e d e r c a t t l e re m a in e d v e r y s lo w , w it h many a n im a ls g o in g f o r s l a u g h t e r t h a t w o u ld n o r m a lly go b a ck t o t h e c o u n t r y f o r f u r t h e r f e e d i n g . On t h e F o r t W orth L i v e s t o c k E x ch a n g e a few C h o ic e f e d s t e e r s and h e i f e r s b ro u g h t up t o $ 3 1 p e r c w t . , w it h m ost Good k in d s s e l l i n g $22 t o $ 2 ? . A few Good cows s o l d a s h i g h a s $ 1 8 .8 5 , b u t m ost k in d s b r o u g h t $ 1 2 .5 0 t o $ 1 5 . Good and C h o i c e sb o ck e r s t e e r y e a r l i n g s s o l d fro m $16 t o $22 p e r c w t . C a l v e s w ere $1 t o $2 lo w e r f o r t h e w e e k , w it h C h o ic e s l a u g h t e r k in d s b r i n g in g $22 t o $21; p e r c w t . , and Good t o C h o ic e s t o c k e r s b r i n g i n g $ 1 6 t o $22 p e r c w t . S t o c k e r h e i f e r s w ere e x t r e m e ly d i f f i c u l t t o m ove. for th e Good to Choice butcher hogs brought $18 to $18.75 on Thursday, with a top week of $19. S l a u g h t e r lam bs and s l a u g h t e r ewes w ere o f f fro m 50 c e n t s t o $1 p e r c w t . fo r t h e w e e k , w it h Good and C h o ic e 8 6 -p o u n d ” s l a u g h t e r lam bs s e l l i n g aro u n d $22 t o $23 p e r c w t . A few Good f e e d e r lam bs s o l d fro m $ 1 7 .5 0 t o $ 1 8 . The number o f c a t t l e on f e e d i n th e t h r e e im p o r ta n t f e e d i n g s t a t e s o f I l l i n o i s , Io w a , and N e b r a sk a on O c to b e r 1 was lb p e r c e n t h i g h e r th a n on th e same date a y e a r a g o , a c c o r d i n g t o th e U SD A . D u r in g t h e p a s t 3 m o n th s, 6 6 6 ,0 0 0 h e a d o f c a t t l e w ere p u t on f e e d i n t h e s e s t a t e s , w h ich i s 26 p e r c e n t more th a n d u r in g th e com parable p e r i o d a y e a r e a r l i e r . T h is s u r v e y a l s o showed t h a t c a t t l e f e e d e r s i n t e n d to m arket 69 p e r c e n t o f t h e c a t t l e now on f e e d b y th e end o f t h e y e a r . T a r r a n t C o u n ty and t h a t p a r t o f P a r k e r C o u n t y , T e x a s , l y i n g n o r th o f US Highway 180 and e a s t o f S t a t e H igh w a y 5 l h a ve b een p la c e d u n d e r q u a r a n t in e f o r v e s i c u l a r e x a n th e m a . The q u a r a n t in e i s e x p e c te d t o re m ain i n e f f e c t f o r a b o u t 2 w eeks w h ile o u tb r e a k s o f t h e d i s e a s e a r e b e i n g ‘’ c le a n e d u p ” c o m p l e t e l y . COTTON C o t t o n p r i c e s c o n t in u e d t o d e c l i n e d u r in g th e p a s t w e e k , w i t h M i d d li n g 1 9 / l6 - in c h c o t t o n i n D a l l a s q u o te d a t 3 5 .6 0 c e n t s p e r pound on F r i d a y , O c t o b e r 1 7 , compared w i t h 3 6 .3 5 c e n t s a week e a r l i e r and 3 7 .6 0 c e n t s on O c to b e r 7* im m e d ia t e ly p r e c e d in g ann ou ncem en t o f th e USD A’ s h i g h e r e s t im a t e f o r c o t t o n p r o d u c t i o n t h i s year. T r a d in g was f a i r l y a c t i v e , w it h p r o d u c e r s o f f e r i n g c o t t o n q u i t e f r e e l y ; h o w e v e r , m erchant demand was s lo w and e x p o r t b u s in e s s was r a t h e r d u l l . Some p r o d u c e r s w ere e x p r e s s in g more i n t e r e s t i n th e l o a n , a lt h o u g h th e volum e p l a c e d i n t h e lo a n th r o u g h O cto b e r 10 was o n ly 2 1 ,3 0 0 b a l e s . D o m e s tic m i l l c o n s u m p tio n o f c o t t o n i n c r e a s e d d u r in g S e p te m b e r , b u t th e g a in w as som ewhat s m a l le r th a n u s u a l . The d a i l y c o n s u m p tio n o f 3 7 *8 0 0 b a l e s w as 2 p e r c e n t ab o v e A u g u s t , b u t th e n o rm a l s e a s o n a l i n c r e a s e i s 3 -1 / 2 p e r c e n t . Consum p t io n d u r in g th e f i r s t 2 m onths o f t h i s s e a s o n w as 1 ,^ 8 1 ,0 0 0 b a l e s , com p ared w i t h 1,1*75*000 b a l e s a y e a r e a r l i e r . H a r v e s t i n g o p e r a t io n s w ere i n f u l l sw in g l a s t w ee k , w i t h l a b o r s c a r c i t i e s r e p o r te d i n m o st s e c t i o n s . F r e e z i n g w e a th e r l a s t week r e d u c e d p r o d u c t i o n and lo w e re d q u a l i t y t o some e x t e n t i n w e s t T e x a s -O k la h o m a ; h o w e v e r , t h e damage a p p e a r s t o be r a th e r l i g h t . M e c h a n ic a l h a r v e s t e r s w i l l s t a r t so o n i n w e s t T e x a s . G R A I NS G r a in p r i c e s r e sp o n d e d t o an im provem ent i n e x p o r t demand and c o n t in u e d r e p o r t s o f d e l a y i n s e e d in g t h i s f a l l ' s w h e a t c r o p . P r i c e s r o s e a s much a s l* c e n t s p e r b u s h e l d u r in g t h e w e e k , w it h w h e a t l e a d i n g th e upw ard m ovem ent. C o m and g r a i n sorghum s w ere e x c e p t i o n s . C l o s i n g p r i c e s on th e F o r t W orth G r a in and C o t t o n E x ch a n g e on O c to b e r 17 w e r e ; N o . 1 h a r d w h e a t $ 2 . 6 7 - l A > up 3 c e n t s ; o a t s N o . 2 w h ite $ 1 .1 1-1 /1*# up l/h c e n t ; N o . 2 y e l lo w c o m $ 1 .9 3 * o f f 2—3/U c e n t s ; N o . 2 y e l l o w m ilo $ 3 J 46, o f f 1 c e n t p e r c w t. T o t a l s u p p l i e s o f f e e d g r a i n s f o r t h e n e x t 12 m onths a r e e s t im a t e d b y th e D e p a rtm e n t o f A g r i c u l t u r e ~ t o be a l i t t l e s m a l le r th a n an y f o r t h e p a s t I* y e a r s b u t l a r g e r th a n i n m o st y e a r s p r i o r t o 191*8. F e e d g r a i n s p e r a n im a l u n i t a r e e x p e c te d t o be a b o u t th e same a s l a s t y e a r . R i c e m a rk e ts w ere f i r m f o r th e week ended O c to b e r 1 6 , w i t h p r i c e s unchanged to s l i g h t l y h ig h e r . Demand f o r t h e h e a v y m a r k e tin g s o f ro u g h r i c e , T e x a s and L o u i s i a n a , c o n t in u e d a c t i v e . P r i c e s i n some a r e a s w ere up fro m 20 t o 30 c e n t s p e r cw t. P r i c e s p a i d f o r th e b e t t e r g r a d e s a r e a b o u t 5>0 t o 60 c e n t s p e r c w t . ab ove th e lo a n v a l u e , w h i le p r i c e s p a id f o r th e p o o r e r g r a d e s a r e a b o u t $>1.1*0 ab ove th e lo a n r a t e . H a r v e s t i s n e a r in g c o m p le tio n u n d e r a lm o s t i d e a l c o n d i t i o n s . WOOL AND MOHAIR T r a d in g i n th e w o o l m a rk e ts was a c t i v e , w it h p r i c e s g e n e r a l l y f ir m o r un ch an ged . M o st o f th e T e x a s 1 2 -m o n th s w o o l s o l d a t $ 1 .6 0 p e r p o u n d , c l e a n b a s i s , d e liv e r e d in B o sto n . A fe w c a r s o f o r i g i n a l b a g m o h a ir w ere r e p o r t e d p u r c h a s e d i n T e xas a t 9 2 -1 / 2 c e n t s p e r pound f o r a d u l t and $ 1 .1 7 - 1 / 2 f o r k i d m o h a ir . T r a d in g on m o h a ir i n B o s to n w as r e l a t i v e l y s lo w . P O U L T R Y A N D E G G S P r i c e s f o r T e x a s b r o i l e r s and t u r k e y s w ere f ir m t o somewhat h i g h e r l a s t week) a c c o r d i n g t o r e p o r t s from t h e US D e p a rtm e n t o f A g r i c u l t u r e . B r o i l e r p r i c e s w ere aro u n d 2 c e n t s p e r pound h i g h e r th a n t h e p r e v io u s w e e k , w it h b o th demand and s u p p ly r e la tiv e ly li g h t . P r i c e s i n a l l s e c t i o n s w ere r e p o r t e d a t 32 c e n t s p e r p o u n d . The BAE r e p o r t e d t h a t co m m e rcia l b r o i l e r c h ic k p la c e m e n ts on T e x a s fa rm s t o t a l e d 1 ,1 6 !* , 000 f o r t h e week ended O c to b e r 1 1 . T h is was Id p e r c e n t ab o v e p l a c e m en ts a week e a r l i e r and th e l a r g e s t w e e k ly p la c e m e n ts s i n c e e a r l y J u l y . F u rth e r i n c r e a s e s w ere i n d i c a t e d a s th e number o f e g g s s e t d u r in g t h e week ended O c to b e r 11 w as up n e a r l y 2 0 0 ,0 0 0 o v e r t h e p r e v io u s w ee k . The movement o f T e x a s t u r k e y s t o mar k e t was g a i n i n g momentum u n d e r r e l a t i v e l y s tr o n g p r i c e s . On F r i d a y , O c t o b e r 1 7 3 m a rk e ts w ere q u o te d f u l l y s t e a d y , an d p r i c e s a t th e fa r m f o r w e l l - f i n i s h e d , b r o a d b r e a s t e d tom s w ere q u o te d a t 28 t o 30 c e n t s p e r p o u n d ; y o u n g h en s w ere q u o te d a t 33 t o 35 c e n t s p e r po u n d . C a r l H. M o o r e Agricultural Economist
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