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A G R IC U LT U R A L NEW S OF THE W EEK F EDERAL RESERVE B A N K OF Number 11*9 DA L L AS W e d n e sd a y , Novem ber 5* 195>2 COTTON S p o t c o t to n p r ic e s d e c lin e d f u r t h e r e a r ly l a s t w eek, w ith l5 / l6 - in c h M id d lin g a t D a l l a s q u o te d a t 3 U .2 0 c e n t s p e r pound on W e d n esd a y, O c t o b e r 29* The market rallied som ewhat on T h u r s d a y and F r i d a y and c l o s e d t h e week a t 3 U .8 5 c e n t s p e r pound - 30 p o i n t s h i g h e r th a n t h e p r e v io u s w e e k 's c l o s e . E a r l y t r a d i n g on t h e D a l la s m a rk e t on M o n d ay, Novem ber 3 , i n d i c a t e d a d d i t i o n a l s t r e n g t h , w i t h q u o t a t i o n s a b o u t 20 p o i n t s ab o v e F r i d a y ' s c l o s e . S t r e n g t h e n i n g o f t h e m a rk e t i s g e n e r a l l y a t t r i b u t e d t o " s h o r t c o v e r i n g " and t o a f e e l i n g t h a t t h e m a rk e t h ad d e c l i n e d lo w e r th a n w as j u s t i f i e d b y t h e c u r r e n t s u p p ly and demand s i t u a t i o n . C u r r e n t g i n n i n g s a r e b e in g o f f e r e d q u i t e f r e e l y , a l t h o u g h many fa r m e r s a r e h o ld in g a p a r t o f t h e i r c r o p . E n t r i e s i n t o t h e lo a n d u r in g t h e w eek e n d ed O c to b e r 2i| w ere 2 3 ,7 0 0 b a l e s , b r i n g i n g t h e t o t a l f o r t h e s e a s o n th r o u g h t h a t d a t e t o 3 8 ,3 0 0 b a l e s . The t e x t i l e m a rk e t c o n t i n u e s d u l l , w i t h m i l l s b u y in g o n l y i n m o d e rate volum e and sh o w in g t h e g r e a t e s t i n t e r e s t i n M e d iu m -q u a lit y c o t t o n . E x p o r t demand is lim it e d . The p a r i t y p r i c e f o r c o t t o n a s o f m id -O c t o b e r i s r e p o r t e d b y t h e BAE a t 314.35 c e n t s p e r p o u n d , com pared w i t h 3U»U7 c e n t s a month e a r l i e r and 3 3 .9 8 c e n t s a year a g o . P r i c e s r e c e i v e d b y fa r m e r s i n m id -O c t o b e r a v e r a g e d 3 7 .0 2 c e n t s p e r p o u n d , com pared w i t h 3 9 .1 7 c e n t s i n S e p te m b e r and 3 6 .2 1 c e n t s i n O c to b e r 1 9 3 1 . H a r v e s t o f t h i s y e a r ' s c o t t o n c r o p i s a b o u t 73 p e r c e n t c o m p le te i n O klahom a and i s n e a r in g t h e p e a k i n w e s t T e x a s , w it h m e c h a n ic a l h a r v e s t e r s b e i n g u s e d on a w ide s c a l e . LI VES TOCK L i v e s t o c k r e c e i p t s i n F o r t W o rth and a t o t h e r m a jo r m a r k e ts c o n t in u e d h e a v y d u r in g t h e p a s t w e e k . D u r in g t h e 3 d a y s en d ed O c to b e r 3 1 , t h e 12 m a jo r m a rk e ts r e p o r te d 2 3 ,8 0 0 more c a t t l e th a n t h e p r e v io u s week and 7 0 ,0 0 0 more th a n d u r in g t h e co m p arab le week a y e a r a g o . Hog r e c e i p t s w ere som ewhat lo w e r th a n d u r in g t h e same p e r io d l a s t y e a r . D e s p i t e h e a v y r e c e i p t s , c a t t l e p r i c e s showed a d d i t i o n a l s t r e n g t h on a somewhat u n e ve n m a r k e t. A t F o r t W o r th , 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 c l o s e d t h e week a t g e n e r a l l y s t r o n g p r i c e s , w it h Good t o C h o ic e k in d s s e l l i n g a t a t o p o f a b o u t $ 3 2 .3 0 p e r c w t . S l a u g h t e r c a l v e s w ere up aro u n d $ 1 f o r t h e w e e k , w it h a t o p o f a b o u t $2ii t o $ 2 6 p e r c w t . , d e p e n d in g on q u a l i t y . S t o c k e r c a t t l e and c a l v e s w ere a b o u t $ 1 h i g h e r t h a n t h e p r e v io u s w e e k , w it h some C h o ic e l i g h t w e i g h t s b r i n g i n g a s h ig h a s $214.30. Cows w ere f u l l y s t e a d y a t t h e c l o s e a f t e r l o s i n g some o f t h e a d v a n c e o f t h e p r e v io u s w e e k ; $17 p e r c w t . was a p r a c t i c a l t o p on t h e b e s t b e e f c o w s . Hog p r i c e s c o n t in u e d a s e a s o n a l d e c l i n e an d c l o s e d t h e w eek $ 1 .2 3 lo w e r w i t h to p o f $ 1 7 .2 5 p e r c w t . Good and C h o ic e s l a u g h t e r lam b s b r o u g h t fro m $17 t o $23 p e r c w t . - a b o u t $ 1 h i g h e r th a n t h e p r e v io u s w e e k . S t o c k e r and f e e d e r la m b s , s e l l i n g a t fro m $8 t o $15 p e r c w t . , w ere o f f a b o u t $ 1 p e r c w t . 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 w ere s t e a d y t o s t r o n g l a s t w e e k . Common and Medium a n g o r a s s o l d a t $ 3 .7 3 t o $ 6 , w i t h C u l l and Common k in d s q u o te d a t $ 14.50 t o $ 5 . M o st k i d s b r o u g h t $5 t o $ 5 .7 5 , w i t h a fe w a s h i g h a s $ 6 . Common and Medium s t o c k e r a n g o r a s s o l d g e n e r a l l y a t $6 t o $ 6 .2 5 . i GRAINS G r a in p r i c e s on t h e F o r t W o rth G r a in an d C o t t o n E x ch a n g e d u r in g t h e p a s t week w ere g e n e r a l l y u n ch a n g e d t o s l i g h t l y h i g h e r e x c e p t m ilo * w h ic h c l o s e d o f f 9 ce n ts p e r cw t. f o r th e w eek. T r a d e r s h a v e e x p r e s s e d c o n s i d e r a b l e c o n c e r n o v e r th e p r o s p e c t s o f n e x t y e a r 1s w h e a t c r o p , a s t h e d r o u g h t c o n t i n u e s u n a b a te d t h r o u g h o u t t h e m a jo r w h e a t p r o d u c in g a r e a s . C l o s i n g p r i c e s p e r b u s h e l 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 , F r i d a y , O c to b e r 31* w e r e : N o , 1 h a r d w h e a t $ 2 . 7 1 - l A * N o , 2 b a r l e y S i . 765 N o . 2 w h it e o a t s $ l . l l - l / U ; N o . 2 y e l l o w co r n ""! 1 .8 8 - 1 / 2 ; N o . 2 w h it e c o m $ 2 .3 0 - 3 A * N o . 2 y e l l o w g r a i n sorghu m s c l o s e d a t $ 3 * 3 1 p e r c w t . W O O L A N D M O H A I R A c c o r d in g t o t h e P r o d u c t io n and M a r k e t in g A d m i n i s t r a t i o n , t h e B o s to n w o o l m a rk e t showed c o n s i d e r a b l e im provem ent d u r in g t h e m onth o f O c t o b e r . P r ic e s advanced g r a d u a l l y d u r in g t h e m o n th , w i t h a f a i r volu m e o f w o o l b e in g t r a d e d . A t t h e en d o f t h e m o n th , p r i c e s c o n t in u e d f i r m , b u t m o st m i l l s w ere r e l u c t a n t t o b i d h i g h e r th a n cu rre n t q u o ta tio n s . Good 1 2 -m o n th s T e x a s w o o l w as q u o te d up t o $ 1 .7 7 p e r p o u n d , 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 , b u t o n l y a fe w s a l e s w ere r e p o r t e d h i g h e r th a n $ 1 .7 0 . S c o u r e d 8 -m o n th s w o o l was r e p o r t e d a t $ 1 .6 5 p e r p o u n d . B u s in e s s i n t h e w o o l t r a d e i s now c e n t e r e d p r i m a r i l y i n T e x a s and New M e x i c o , w i t h a c o n s i d e r a b le volum e b e in g s o l d . M o st w o o l i n t h e f l e e c e - w o o l s t a t e s h a s now moved o u t o f t h e ha n d s o f th e g ro w e rs. A fe w c a r s o f m o h a ir w ere r e p o r t e d s o l d i n T e x a s l a s t w e e k , w i t h p r i c e s up t o 9 3 - l / 2 c e n t s p e r pound f o r a d u l t and $ 1 .1 8 - 1 / 2 p e r pound f o r k i d . P r i c e s u p p o r t f o r 1953 w o o l a t 90 p e r c e n t o f p a r i t y w as an n o u n ced t h i s week b y S e c r e t a r y o f A g r i c u l t u r e B r a n n a n . A l s o , t h e c l o s i n g d a t e s a p p l i e d t o lo a n s an d p u r c h a s e a g r e e m e n ts u n d e r t h e 1952 w o o l s u p p o r t program w i l l b e e x t e n d e d 3 m onths t o M arch 31* 1953* t o g i v e p r o d u c e r s a r e a s o n a b le tim e t o p l a c e t h e c u r r e n t y e a r ’ s p r o d u c t io n u n d e r t h e 1952 p r o g ra m . P O U L T R Y A N D E G G S C o m m e rcia l b r o i l e r c h i c k p la c e m e n ts on T e x a s fa r m s t o t a l e d 1 ,1 8 6 ,0 0 0 d u r in g t h e week en d ed O c t o b e r 2 5 . T h i s w as a d e c l i n e o f 6 p e r c e n t fro m t h e p r e v io u s w eek b u t 28 p e r c e n t more th a n a y e a r a g o . The num ber o f e g g s s e t and c h i c k s h a tc h e d d u rin g t h e same week w as h i g h e r th a n t h e p r e v io u s w eek and t h e h i g h e s t f o r a n y week s i n c e m id-sum m er. On F r i d a y * O c to b e r 31* p r i c e s w ere g e n e r a l l y a c e n t p e r pound lo w e r th a n t h e p r e v io u s w eek* w i t h s o u t h T e x a s r e p o r t i n g 30 t o 31 c e n t s p e r p o u n d , e a s t T e x a s 29 c e n t s p e r p o u n d , an d Waco 29 c e n t s p e r p o u n d . A l l m a rk e ts w ere r e p o r t e d a b o u t s te a d y . Prices paid to Texas farmers for Good-quality turkeys were generally steady during the past week* with toms quoted at 30 to 31 cents per pound and young hens at 35 to 36 cents on Friday* October 3 1 . The USDA continues to buy turkey meat in support of prices and through October 31 had purchased over 17 million pounds. C a r l H. M o o r e Agricultural Economist
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