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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 NK OF DA L L AS W e d n esd a y, Novem ber 1 9 , 1952 Number l 5 l COTTON C o t t o n p r i c e s h a v e shown a d d i t i o n a l w ea k n ess th r o u g h o u t th e p a s t w e e k , f o l l o w i n g th e an n ouncem en t o f th e Novem ber 1 f o r e c a s t o f th e c o t t o n c r o p b y t h e USDA. P r i c e s b ro k e s h a r p ly th e day o f t h e a n n o u n ce m e n t, s i n c e t h e e s t i m a t e was n e a r ly h a l f a m i l l i o n b a le s h i g h e r , b u t r e c o v e r e d some o f th e l o s s l a t e r i n t h e week. H o w e v e r, on F r i d a y , t h e m ark et a g a i n s l i p p e d and on M onday, Novem ber 1 7 , 1 5 / l6 - i n c h M i d d li n g a t D a l l a s c l o s e d a t 3 3 .2 $ c e n t s p e r p o u n d . T h is w as o n ly l.id ? c e n t s ab ove t h e lo a n r a t e f o r t h a t g ra d e a t D a l l a s . M onday’ s p r i c e w as 1 .6 0 c e n ts b e lo w a week e a r l i e r , 2 .3 5 c e n t s b e lo w a month a g o , and t h e lo w e s t s i n c e June 1 9 7 1 95 0 . A c t i v i t y i n t h e t e x t i l e m a rk e t c o n t in u e s s lo w , w it h m i l l s r e l u c t a n t t o buy f o r t h e i r n ee d s b eyon d 90 d a y s . P r i c e s i n th e t e x t i l e m a rk e t w eakened s l i g h t l y d u rin g th e p a s t w e e k , l a r g e l y a s a r e s u l t o f th e f o r e c a s t o f a l a r g e r c o t t o n c r o p . I n q u i r i e s fro m b o th d o m e s tic and e x p o r t s o u r c e s w ere f a i r l y num erous b u t number o f s a le s w as s h a r p ly lo w e r t h a n a week a g o and o n ly a b o u t t w o - t h i r d s o f th e volum e d u rin g t h e co m p a ra b le week i n 1 95 1. Low er p r i c e s h a v e e n c o u r a g e d fa r m e r s t o h o ld a l l o r a p a r t o f t h e i r c r o p . I n t e r e s t i n t h e lo a n h a s i n c r e a s e d , w it h t o t a l e n t r i e s t h r o u g h Novem ber 7 a m o u n tin g to 1 6 6 ,2 0 0 b a l e s . T h is i s s t i l l a v e r y s m a ll p a r t o f t h e 1 0 ,7 8 6 ,0 0 0 b a l e s g in n e d p r io r t o Novem ber 1 . Sh o w ers t h e week end o f Novem ber 9 and a g a i n on Monday o f t h i s week r e t a r d e d h a r v e s t i n g i n w e s t T e x a s , b u t , g e n e r a l l y s p e a k i n g , r a p id p r o g r e s s i s b e i n g made toward c o m p le tio n o f t h e h a r v e s t . LI VESTOCK L i v e s t o c k p r i c e s w eakened g e n e r a l l y d u r in g t h e p a s t w e e k , a s m a r k e tin g s in c r e a s e d and t h e m eat t r a d e r e d u c e d t h e i r o r d e r s m o d e r a t e ly i n a n t i c i p a t i o n o f heavy c o m p e t it i o n fro m p o u l t r y d u r in g t h e T h a n k s g iv in g H o l i d a y . On Monday o f t h i s w eek, c a t t l e r e c e i p t s a t F o r t W o rth w ere 50 p e r c e n t a b o v e t h e volu m e a week e a r l i e r and a t t h e 12 m a jo r m a r k e ts , c a t t l e r e c e i p t s w ere th e l a r g e s t f o r some t i m e . R e c e ip ts o f c a l v e s w ere a l s o l a r g e , and t h e n e a r ly 6 ,0 0 0 sh e e p and lam bs a t F o r t W o rth w as th e h e a v ie s t ru n s i n c e m id -S e p te m b e r . W eakness d e v e lo p e d i n p r i c e s f o r a l l c l a s s e s , w it h 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 o f f 50 c e n t s t o $ 1 .0 0 p e r c w t . , s l a u g h t e r and s t o c k e r c a l v e s o f f a b o u t $ 1 ,0 0 p e r c w t . , s l a u g h t e r lam bs $ 1 .0 0 lo w e r , and h o g s m o s t ly 25 c e n t s p e r c w t . b elo w F r i d a y ’ s m a r k e t. 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 M onday, Novem ber 1 7 1 Good an d C h o ice s l a u g h t e r s t e e r s $22 t o $ 2 8 , U t i l i t y and C o m m e rcia l cows $12 t o $ 1 6 , Good and C h o ic e s t o c k e r s t e e r s $16 t o $ 2 2 , s l a u g h t e r c a l v e s $19 t o $ 2 5 , s t o c k e r c a l v e s $18 t o $ 2 3 , s l a u g h t e r lam bs $18 t o $ 2 2 , Common t o Good f e e d e r lam bs $ 1 0 t o $ l 5 , and Good t o C h o ic e b u t c h e r h o g s $17 t o $ 2 5 . The number o f c a t t l e on f e e d i n th e N a t i o n a s o f Novem ber 1 w as som ew hat la r g e r th a n on t h e same d a te l a s t y e a r , a c c o r d i n g t o th e r e p o r t o f th e B A E. The number on f e e d i n t h e C o m B e l t s t a t e s i s s h a r p ly h i g h e r , b u t o t h e r s e c t i o n s , p a r t ic u la r ly i n th e f a r w e s t, in d ic a t e a d e c lin e . Number o f sh e e p an d lam bs on f e e d f o r t h i s w in t e r and s p r i n g i s c o n s i d e r a b ly s m a lle r th a n t h e number f e d a y e a r a g o , a c c o r d i n g t o t h e Novem ber 1 r e p o r t o f t h e BAE. A s m a l le r lam b c r o p i n w e s t e r n s t a t e s and h e a v y s l a u g h t e r o f lam bs d u r i n g t h e p a s t 3 m onths a r e t h e p r i n c i p a l f a c t o r s c a u s in g th e d e c l i n e . WO O L AND MOHAIR The Boston wool market was generally quiet during the past week, with prices unchanged and quoted about steady. Some good French combing 12-months Texas wools in o rig in al bags were sold at prices ranging from $1.70 to $1.75 per pound, clean b a sis. Eight-months and f a l l Texas wools, both greasy and scoured, were sold at steady-to-firm p rices. Moderate quantities of mohair were sold in Texas at prices ranging from 93 to 96- l /2 cents per pound for adult and $ 1 . 1 8 to $ 1 . 2 1 - 1/ 2 fo r kid. GRAINS Grain prices remained generally unchanged during the past week, with no important developments in the market. Light rains over the southwestern Wheat Belt caused some s e llin g of wheat on Monday o f th is week, but additional moisture w ill be needed to benefit small grains. In f a c t , some reports indicate that unless additional moisture is received soon the rains may have done more harm than good, as they were s u ffic ie n t to germinate seed but subsoil moisture is inadequate fo r continued growth. Closing prices per bushel on the Fort Worth Grain and Cotton Exchange on November 17: No. 1 hard wheat $2.72-3/1*, No. 2 white oats $1.12, No. 2 yellow corn $1.87-1/2, and No. 2 yellow milo $3.30 per cwt. A record Texas rice crop ol 13*812,000 bags has been harvested. The per acre y ie ld of 2 ,5 2 5 pounds is also very high, although not a record. Peanut production in the state at 90,500,000 pounds is the lowest since 1936. The average per acre y ield of 250 pounds is the lowest of record. POULTRY Texas b roiler prices advanced from 1 to 2 cents during the past week on a su bstan tially stronger market. On Monday of th is week, south Texas markets quoted a price of 32 to 33 cents per pound, east Texas 30 to 32, with a few at 33 cents, and Waco 32 cents. The tu r k e y m a rk e t was q u o te d b a r e l y s t e a d y Monday o f t h i s w e e k , w i t h s u p p l i e s f u l l y a d e q u a te . Some b u y e r s h a v e t e m p o r a r i ly w ith d ra w n from th e m a r k e t. P r i c e s were q u o te d a t 30 t o 31 c e n t s p e r pound f o r toms and 35 t o 36 c e n t s f o r h e n s . MISCELLANEOUS The Texas pecan crop is now estimated at 38,750,000 pounds, which is about six times larger than the very short crop produced la s t year and considerably above average production fo r the sta te . Citrus production in Texas, while su b stan tially above a year ago, is s t i l l fa r short of production prior to the severe freezes of 191*9 and 1950. Grapefruit output is now estimated at 1*00,000 boxes and oranges at 1 , 000,000 boxes. Carl H. Moore A gricultural Economist
