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LI VESTOCK L i v e s t o c k r e c e i p t s a t t h e m a jo r m a rk e ts w ere o f f s h a r p l y l a s t w e e k . The d e c l in e i n m a r k e tin g s was a t t r i b u t e d p a r t l y t o e l e c t i o n a c t i v i t i e s b u t a l s o t o t h e f a c t t h a t m o st fa r m e r s and r a n c h e r s h a ve a l r e a d y r e d u c e d t h e i r h e r d s t o t h e p o i n t where t h e y can be c a r r i e d t h r o u g h t h e w i n t e r , e i t h e r on p r e s e n t s t o c k s o f fe e d o r by p u r c h a s in g h a y and c a k e . L i v e s t o c k p r i c e s w ere u n even d u r in g th e week b u t g e n e r a l l y showed a s t e a d y to -str o n g to n e . F o r t h e w e e k , c a t t l e p r i c e s w ere a b o u t s t e a d y , w h i l e c a l v e s w ere s tr o n g t o $ 1 h i g h e r ; s t o c k e r s t e e r s and y e a r l i n g s w ere s t r o n g t o s l i g h t l y h i g h e r ; s la u g h t e r lam bs w ere m o s t ly s t e a d y t o 90 c e n t s lo w e r , w h i le o l d e r s h e e p w ere a c t i v e t o 5>0 c e n t s h i g h e r ; h o g p r i c e s a d v a n c e d a b o u t $1 p e r c w t . C l o s i n g p r i c e s p e r c w t . on t h e F o r t W o rth m a rk e t on F r i d a y , Novem ber 7 , w ere : C h o ic e f e d s t e e r s and y e a r l i n g s $28 t o $ 3 2 ; b e e f cows $13 t o $ 1 7 ; Good and C h o ic e s t o c k e r and f e e d e r y e a r l i n g s $20 t o $ 2 3 * 9 0 , w it h l i g h t s t o c k e r c a l v e s $21*; f a t c a l v e s , Good and C h o i c e , $19 t o $ 2 6 .9 0 ; C h o ic e s l a u g h t e r lam bs $ 2 2 .0 0 ; f e e d e r lambs $ 1 0 t o $ 1 9 ; Good an d C h o ic e b u t c h e r h o g s $ 1 8 .2 3 The Novem ber 1 r e p o r t o f W e s te r n L i v e s t o c k and R an ge C o n d i t i o n s , i s s u e d by th e B A E , show s t h e c o n d i t i o n o f r a n g e f e e d i n 17 w e s t e r n s t a t e s t o be t h e lo w e s t s in c e 1 93 U . The r a t i n g o f 68 a s o f Novem ber 1 , 1 9 9 2 , co m p ares w i t h 72 a month e a r l i e r , 78 a y e a r a g o , and 82 f o r t h e 1 9 l± l-9 0 a v e r a g e . I n T e x a s , th e Novem ber 1 r a t i n g w as 9 6 , com pared w i t h 6k a month a g o and 69 a y e a r e a r l i e r . The c o n d i t i o n o f l i v e s t o c k d e c l i n e d som ewhat d u r in g O c t o b e r b u t h a s re m ain e d r e l a t i v e l y goo d b e c a u s e o f h e a v y s u p p le m e n t a l f e e d i n g . Rather general but lig h t rains which occurred during the past week brought temporary r e lie f to v ir tu a lly a l l sections and w ill be h elp fu l in germinating small grains and other fall-sow n pastures. Additional rain w ill be needed to keep pasture feed growing. I t is not f e l t that the rain was s u ffic ie n t to improve m aterially the wheat pasture situ ation in northwest Texas. GR.AINS Grain prices remained re la tiv e ly steady during the past week as traders generally discounted the e ffe c t of scattered moisture throughout the major wheat producing areas. Export business was moderately a c tiv e . Grain sorghum prices con tinue to decline fo r the sixth consecutive week. This decline is largely seasonal and, of course, has been affected by the seasonal decline in com p rice s. Closing prices per bushel on the Fort Worth Grain and Cotton Exchange on Friday, November 7# were: No. 1 hard wheat $ 2 .7 2 - 1 / 2 , No. 2 barley $ 1 .7 9 * No. 2 white oats $ 1 .1 2 -1 / 1 * , No. 2 yellow corn $ I .8 8 - 3 / U * and No. 2 yellow milo $ 3 .2 9 per cwt. R i c e m a rk e ts c o n t in u e d f ir m d u r in g t h e week ended Novem ber 7 , w i t h p r i c e s ab ou t u n c h a n g e d . H a r v e s t in g i n T e x a s and L o u i s i a n a was n e a r l y c o m p le t e , a l t h o u g h a few s c a t t e r e d a r e a s h a v e b e e n d e la y e d b y c o o l , d r y w e a th e r w h ic h s lo w e d m a t u r i t y . S a le s o f P a t n a a t H o u sto n on Novem ber 9 ra n g e d fro m $ 9 .2 1 t o $ 1 0 .8 2 p e r b a r r e l , dep en d in g on q u a l i t y . F a n c y - q u a l i t y Z e n i t h b r o u g h t $ 9 .2 3 . An i n c r e a s e i n t h e r i c e e x p o r t a l l o c a t i o n o f more t h a n 2 m i l l i o n b a g s was announced on Novem ber 9* The i n c r e a s e w as made p o s s i b l e b y a s u b s t a n t i a l i n c r e a s e i n th e e s t im a t e d 1992 c r o p and s h o u ld p e r m it a r a t e o f e x p o r t movement s u f f i c i e n t t o p r e v e n t s u p p l i e s fro m p i l i n g up a t m i l l s and i n s t o r a g e . C O T T O N The U S D A 's e s t im a t e o f c o t t o n p r o d u c t i o n i n t h e U n it e d S t a t e s a s o f Novem ber 1 i s llt»90 5# 00 0 b a l e s - an i n c r e a s e o f 1*92*000 o v e r th e O c t o b e r 1 f o r e c a s t } t h i s i s t h e s e c o n d c o n s e c u t i v e month t h a t t h e e s t im a t e h a s been i n c r e a s e d . The e s t im a t e d o u t p u t f o r 1952 i s s t i l l s h o r t o f t h e 15,1UI|.*000 b a l e s p r o d u ce d i n 1951* The T e x a s cr o p i s now f o r e c a s t a t 3 ,6 6 0 ,0 0 0 b a l e s - up 6 0 ,0 0 0 b a l e s from t h e O c to b e r 1 e s t i m a t e . C o t t o n p r i c e s f l u c t u a t e d c o n s i d e r a b l y d u r in g t h e p a s t w e e k . On Wednesday# f o l l o w i n g t h e e l e c t i o n , t h e m a rk e t b r o k e s h a r p l y , w it h l o s s e s up t o $ 3 .5 0 p e r b a l e . H o w e v e r, m o st o f t h i s l o s s was r e c o v e r e d l a t e r i n th e w e e k , and on F r i d a y , November 7 , M i d d li n g l 5 / l 6 - i n c h s t a p l e w as q u o te d on th e D a l l a s m a rk e t a t 3 U .8 5 c e n t s p e r pound - 20 p o i n t s lo w e r t h a n Monday b u t th e same a s t h e p r e v io u s w e e k 's c l o s e . On Monday o f t h i s w e e k , p r i c e s b ro k e s h a r p l y f o l l o w i n g t h e an n ouncem en t o f t h e h ig h e r e s t im a t e o f 1952 p r o d u c t i o n , and l o s s e s r a n a s h i g h a s 1 c e n t p e r p o u n d ; l a t e r i n t h e d a y th e m a rk e t p a r t i a l l y r e c o v e r e d t h i s l o s s . T e x t i l e m a rk e ts c o n t in u e d g e n e r a l l y q u i e t , and th e volum e o f s a l e s was som ewhat s m a l le r th a n i n t h e p r e v io u s w e e k . E x p o r t demand was a l s o r e l a t i v e l y s lo w . M o st b u y in g w as f o r c u r r e n t com m itm ents o n l y . Many fa r m e r s c o n t in u e t o w it h h o l d t h e i r c o t t o n fro m t h e m a r k e t, and e n t r i e s i n t o t h e lo a n c o n t in u e d a t a b o u t th e same r a t e a s d u r in g t h e p a s t 2 w e e k s . T hrough O c to b e r 1 0 1 ,9 0 0 b a l e s had b een p l a c e d i n t h e l o a n . I t i s r e p o r t e d t h a t a b o u t 60 t o 75 p e r c e n t o f th e w e s t T e x a s c o t t o n i s m o vin g i n t o t r a d e c h a n n e ls a s f a s t a s i t i s g in n e d , a l t h o u g h p r i c e s on some g r a d e s and s t a p l e s a r e a p p r o a c h in g t h e lo a n r a t e . H a r v e s t i n g made r a p i d p r o g r e s s l a s t w e e k , w it h m e c h a n ic a l s t r i p p e r s b e in g u s e d on a n i n c r e a s i n g a c r e a g e . F r e e z i n g te m p e r a tu r e s o v e r t h e w e e k -e n d p r o b a b ly w i l l f a c i l i t a t e c o m p le te d e f o l i a t i o n and s t e p up h a r v e s t i n g o p e r a t i o n s . W O O L A N D M O H A I R P r i c e s re m a in e d g e n e r a l l y s t e a d y d u r in g t h e p a s t w e e k , a l t h o u g h demand f o r c e r t a i n g r a d e s w as somewhat s lo w e r . O r i g i n a l b a g 1 2 -m o n th s T e x a s w o o l s o l d a t a b o u t $ 1 .6 5 p e r p o u n d , c l e a n b a s i s , w i t h some b e t t e r q u a l i t y a t $ 1 .7 0 p e r p o u n d , c l e a n b a s is . A fe w s m a ll l o t s o f m o h a ir s o l d i n T e x a s a t 93 and 9 3 -1 / 2 c e n t s p e r pound f o r a d u l t and $ 1 .1 8 and $ 1 .1 8 - 1 / 2 f o r k id m o h a ir . Some g ro w e rs w ere r a i s i n g t h e i r a s k i n g p r i c e t o 95 an d 96 c e n t s . P O U L T R Y A N D E G G S T u rk e y p r i c e s i n T e x a s w ere g e n e r a l l y u n c h a n g e d , w it h t h e movement t o m ark et in c r e a s in g . P r i c e s a t t h 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 b ro n ze tom s on Novem ber 7 w ere 30 t o 31 c e n t s , w h i l e y o u n g h e n s b r o u g h t 35 t o 36 c e n t s p e r p o u n d . B r o i l e r p r i c e s 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 d u r in g th e w eek ended Novem ber 7# w i t h s o u th T e x a s and e a s t T e x a s r e p o r t i n g a f ir m e r u n d e rto n e t o t h e m a r k e t. P r i c e s i n s o u th T e x a s w ere q u o te d a t 29 c e n t s , e a s t T e x a s 29 t o 30 c e n t s , and t h e Waco a r e a 30 c e n t s . A lt h o u g h t h e W aco m a rk e t w as r e p o r t e d u n s e t t l e d , p r i c e s w ere g e n e r a l l y 1 c e n t p e r pound h i g h e r , e v e n th o u g h demand re m ain e d s lo w . P la c e m e n t o f b r o i l e r c h i c k s on T e x a s fa r m s d u r in g t h e week end ed Novem ber 1 w as 2 p e r c e n t ab o v e t h e p r e v io u s week and 12 p e r c e n t ab o v e t h e c o r r e s p o n d in g week in 1951. C a r l H. M o o r e Agricultural Economist
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