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AL L AS Number 152 W e d n esd a y, Novem ber 2 6 , 19^2 R A I N 1 1 1 1 The f i r s t g e n e r a l r a i n s i n many m onths f e l l o v e r p r a c t i c a l l y t h e e n t i r e S o u th w e st t h i s p a s t week e n d . As much a s 5 i n c h e s w ere r e c e i v e d a t some p o i n t s , w ith 2 t o U i n c h e s f a l l i n g o v e r m o st o f t h e n o r t h e a s t e r n t w o - t h i r d s o f T e x a s . The s lo w , i n t e r m i t t e n t r a i n was i d e a l f o r b r e a k in g th e p r o lo n g e d d r o u g h t . R u n o f f was v e r y s m a l l , p e r m i t t i n g t h e s o i l t o a b s o r b v i r t u a l l y a l l o f th e m o i s t u r e . F a rm e rs and r a n c h e r s w ere j u b i l a n t b u t i n s i s t t h a t a d d i t i o n a l r a i n w i l l be n e e d e d t o r e p l e n i s h s u b s o i l m o i s t u r e , r e f i l l s t o c k t a n k s , and m a in t a in s a t i s f a c t o r y g ro w th o f w in t e r g r a i n s and p a s t u r e s . COTTON S p o t c o t t o n p r i c e s show ed some s t r e n g t h on Monday o f t h i s w e e k , f o l l o w i n g the d e c l i n e t o t h e lo w e s t l e v e l s i n c e May 1 9 5 0 » On T h u r s d a y , N ovem ber 2 0 , M i d d li n g 1 5 / 1 6 -in c h a t D a l l a s c l o s e d a t 3 2 .9 5 c e n t s p e r p o u n d , o n l y 1 .1 5 c e n t s ab ove t h e D a l la s c o t t o n lo a n r a t e . On M onday o f t h i s w e e k , t h e D a l l a s m a rk e t c l o s e d s t e a d y t o - s t r o n g a t 3 3 .5 0 c e n t s p e r p o u n d . A t l e a s t a p a r t o f t h e w ea k n ess i n p r i c e s l a s t week i s a t t r i b u t e d t o t h e s h i f t i n g o f c o n t r a c t s fr o m Decem ber t o l a t e r m o n th s♦ F r i d a y w as t h e l a s t d a y f o r t r a d i n g i n Decem ber 1952 c o n t r a c t s . A l s o , o p tim is m i n th e t e x t i l e t r a d e , w h ic h became r a t h e r p r e v a l e n t e a r l y i n N o vem ber, had ch a n g e d t o p e s s im is m a s i n c r e a s e d d o m e stic demand f a i l e d t o m a t e r i a l i z e . M onday’ s s t r o n g e r m a rk e t was p a r t l y a t t r i b u t e d to a renew ed demand fro m m i l l s and a h e a l t h i e r t o n e t o t h e t e x t i l e t r a d e . M ills c o n tin u e t o b u y on a h a n d -to -m o u th b a s i s , e v e n th o u g h t h e i r i n v e n t o r i e s a r e r e l a t i v e l y lo w . A s a r e s u l t , t h e i r demand f o r c o t t o n i s p e r s i s t e n t b u t n o t e n t h u s i a s t i c a s t h e y buy t o m eet p r i o r com m itm en ts. Many t r a d e r s f e e l t h a t a n y im provem ent i n t h e o v e r - a l l t e x t i l e m a rk e t o r i n t h e e x p o r t t r a d e c o u ld t o u c h o f f a r e v i v a l i n th e c o t t o n b u s in e s s w h ich w o u ld r e s u l t i n some i n c r e a s e i n p r i c e s . H o w e ve r, s u c h a r e v i v a l h a s b e e n a n t i c i p a t e d f o r s e v e r a l w eeks b u t h a s f a i l e d t o m a t e r i a l i z e . T o t a l d o m e s t ic c o n s u m p tio n o f c o t t o n d u r in g t h e A u g u s t - 0 c t o b e r p e r i o d t h i s y e a r w as 2 ,3 9 6 ,0 0 0 b a l e s , com pared w i t h 2 ,3 8 2 ,0 0 0 b a l e s d u r in g th e same p e r i o d a year a g o . E x p o r t s d u r in g t h e A u g u s t - O c t o b e r p e r io d a r e e s t im a t e d a t 6 2 5 ,0 0 0 b a l e s , qompared w i t h 1 ,0 8 6 ,0 0 0 b a l e s a y e a r a g o . C o t t o n h a r v e s t i n g p r o g r e s s e d r a p i d l y m ost o f l a s t week b u t w as i n t e r r u p t e d by g e n e r a l r a i n s o v e r t h e week end and e a r l y t h i s w e e k . H a r v e s t i s e s t im a t e d t o be ab ou t 65 t o 70 p e r c e n t c o m p le te i n t h e H ig h P l a i n s , w it h fa r m e r s r e p o r t e d t o be o f f e r in g c u r r e n t g in n in g f r e e l y . R e p r e s e n t a t i v e s o f c o t t o n p r o d u c e r s and o t h e r c o t t o n i n t e r e s t s a r e r e p o r t e d to be recom m ending t o t h e S e c r e t a r y o f A g r i c u l t u r e a program o f v o l u n t a r y c o t t o n a c r e a g e r e d u c t i o n i n 1 9 5 3 > w h ic h w o u ld be d e s ig n e d t o k eep t h e s u p p ly o f c o t t o n i n l i n e w it h demand w it h o u t r e s o r t i n g t o a c r e a g e a l lo t m e n t s and m a r k e tin g q u o t a s . GRAINS G e n e r a l r a i n s an d snow o v e r t h e e n t i r e W in t e r W heat B e l t im p ro v e d p r o s p e c t s fo r t h i s y e a r ’ s w in te r w heat c r o p . R e p o r ts i n d i c a t e t h a t t h e m o is t u r e w as s u f f i c i e n t t o g e r m in a te s e e d t h a t i s a l r e a d y i n th e grou n d and p r o b a b ly w i l l s t i m u l a t e some a d d i t i o n a l s e e d in g i n s o u th e r n a r e a s . F a l l - s e e d e d g r a i n s i n t h e S o u th w e s t w ere g i v e n a s u b s t a n t i a l b o o s t by t h e a d d i t i o n a l m o is t u r e . P r i c e s r e a c t e d t o t h e more f a v o r a b l e m o is t u r e s u p p ly b y d e c l i n i n g , w i t h w h e a t l o s i n g a b o u t 2 c e n t s p e r b u s h e l on Monday o f t h i s w e e k . O t h e r g r a i n s rem ained g e n e r a l l y u n ch a n ge d fro m F r i d a y * s c l o s e . M o n d a y '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 Exchange: N o . 2 h a r d w h e a t % 2 .6 8 -1 / 2 , N o . 2 w h it e o a t s $ 1 .1 6 - 1 A # N o . 2 y e l l o w co rn $ 1 .8 6 - 3 A # N o . 2 y e l l o w ln iT o $ 3 .3 2 p e r c w t . L I V E S T O C K R e c e i p t s o f l i v e s t o c k a t th e m a jo r m a rk e ts l a s t w eek w ere s u b s t a n t i a l l y ab ove t h o s e o f t h e p r e v io u s w eek and t h e co m p a ra b le w eek a y e a r a g o . The l a r g e r s u p p l i e s , t o g e t h e r w i t h a r e l a t i v e l y s lo w w h o le s a le m eat t r a d e i n a n t i c i p a t i o n o f the T h a n k s g iv in g H o l i d a y , b r o u g h t c o n s i d e r a b le downward p r e s s u r e on p r i c e s . As a r e s u l t , p r i c e s o f a l l c l a s s e s o f l i v e s t o c k w ere fro m $ 1 t o $3 p e r c w t . b e lo w 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 , r e c e i p t s a t F o r t W o rth and o t h e r m a jo r m a rk e ts were s h a r p ly b e lo w t h o s e of t h e p r e v io u s Monday and t h e s m a l l e s t i n s e v e r a l w e e k s . The im p ro v e d s u p p ly s i t u a t i o n p e r m it t e d s e l l e r s t o r e g a i n p a r t of t h e p r i c e l o s s e s o f l a s t w e e k , and a l l c l a s s e s o f l i v e s t o c k c l o s e d m o s t ly s t e a d y a t p r i c e s fro m 25 c e n t s t o $1 h i g h e r th a n F r i d a y ' s c l o s e . 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 Monday, Novem ber 21*, w ere: Good f e d s t e e r s an d y e a r l i n g s $22 t o $ 2 7 .5 0 , cow s $ l F t o $ 1 6 , Medium and Good s t o c k e r s and f e e d e r s $ A t o $ 2 l , Good an d C h o ic e ^ s T a u g h t e r c a l v e s $19 t o $23> Good an d C h o ic e s t o c k e r c a l v e s $19 t o $ 2 3 , Good and C h o i c e s l a u g h t e r lam bs $ 2 1 t o $23# Common t o Good f e e d e r lam bs $T0 t o $ l £ , and C h o ic e b u t c h e r h o g s $ 1 7 7 P O U L T R Y The T e x a s t u r k e y m a rk e t r e m a in s g e n e r a l l y s t e a d y , w it h s u p p l i e s f u l l y adequate f o r t h e dem and. Farm p r i c e s a s o f noon M ond ay, Novem ber 2 lt, w ere 30 t o 31 c e n t s p e r pound 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 and 35 t o 36 c e n t s f o r h e n s . T e x a s b r o i l e r p r i c e s c o n t in u e d s t e a d y a t r e c e n t a d v a n c e s , w it h s u p p l i e s a b o u t a d e q u a te f o r a f a i r dem and. Farm p r i c e s on M ond ay, Novem ber 2 U : s o u th T e x a s 33 c e n t s p e r p o u n d , e a s t T e x a s 32 t o 33 c e n t s p e r p o u n d , and Waco 32 c e n t s p e r p oun d . The BAE r e p o r t e d 1 ,3 2 1 ,0 0 0 co m m e r c ia l b r o i l e r s p la c e d on T e x a s fa rm s d u r in g t h e w eek end ed Novem ber 1 5 . T h is w as 5 p e r c e n t fe w e r th a n t h e p r e v io u s week b u t 22 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 a y e a r a g o . M I S C E L L A N E O U S E z r a T a f t B e n s o n , E x e c u t i v e D i r e c t o r o f t h e N a t i o n a l C o u n c i l o f Fa rm er C o - o p e r a t i v e s , h a s b e e n named t o t h e p o s t o f S e c r e t a r y o f A g r i c u l t u r e b y P r e s i d e n t - e l e c t E is e n h o w e r . M r . Benson i s a 5 3 - y e a r o l d Mormon c h u r c h l e a d e r , y o u th l e a d e r , and farm m a r k e tin g s p e c i a l i s t fro m U t a h . He s e r v e d f o r 8 y e a r s a s e c o n o m is t and fa r m m a r k e tin g s p e c i a l i s t f o r t h e Id a h o A g r i c u l t u r a l E x t e n s i o n S e r v i c e p r i o r t o a c c e p t i n g h i s p r e s e n t p o s i t i o n w i t h t h e N a t i o n a l C o u n c i l o f F a rm er C o - o p e r a t i v e s . C a r l H. Moore Agricultural Economist