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A G R IC U LT U R A L NEW S OF THE W EEK F EDERAL RESERVE BANK Number 153 OF DAL L AS W e d n e sd a y , Decem ber 3* 1952 COTTON The c o t t o n m a rk e t showed some s i g n s o f s t r e n g t h d u r in g t h e p a s t w e e k , w ith p r i c e s r e g a i n i n g a l a r g e p a r t o f t h e l o s s e x p e r ie n c e d d u r in g t h e p r e v io u s w eek. l 5 / l 6 - i n c h M i d d li n g i n D a l l a s c l o s e d a t 3 3 .6 0 c e n t s p e r pound on Monday o f t h i s w e e k , com pared w it h 3 3 .5 0 c e n t s a week e a r l i e r , t h e s e a s o n 1s low o f 3 2 .9 5 c e n t s on November 2 0 , and 3 5 .0 5 on Novem ber 3 - t h e f i r s t m a rk e t d a y o f th e m o n th . The m arket c l o s e d a t 3 3 .9 0 c e n t s on T u e sd a y o f l a s t w e e k . T h e re i s g r o w in g s e n t im e n t among t h e t r a d e t h a t th e p e r s i s t e n t d e c l i n e among c o t t o n p r i c e s f o r t h e p a s t 2 m onths h a s now a b o u t ru n i t s c o u r s e . Lo an e n t r i e s have i n c r e a s e d r a p i d l y d u r in g r e c e n t w eeks a s t h e m a rk e t p r i c e a p p ro a c h e d t h e lo a n r a t e , and t h i s , i n i t s e l f , h a s te n d e d t o p l a c e a f l o o r u n d e r t h e m a r k e t. D e a le r s a l s o m e n tio n t h a t t h e t e x t i l e t r a d e re m a in s f a i r l y a c t i v e . D u r in g t h e week ended Novem ber 2 1 , 9li>500 b a l e s w ere p la c e d i n t h e l o a n , b r in g in g t h e t o t a l f o r t h e s e a s o n t h r o u g h t h a t d a t e t o 333>300 b a l e s . F a rm e rs a r e r e p o r te d t o be o f f e r i n g c u r r e n t g i n n i n g s i n m o d e rate v o lu m e . E x p o r t demand im p ro ve d s l i g h t l y d u r in g th e p a s t w e e k , b u t s a l e s c o n t in u e s m a l l i n v o lu m e . C o t t o n g in n e d p r i o r t o Novem ber H i t h i s s e a s o n t o t a l e d 1 2 ,2 7 7 > 0 0 0 b a l e s , th e h i g h e s t f o r t h a t d a t e s i n c e 1 9 3 7 . C o t t o n h a r v e s t i n g o p e r a t io n s i n T e x a s and Oklahom a w ere d e la y e d b y t h e r a in s o f t h e p a s t w e e k , b u t l a b o r i s a d e q u a te f o r t h e b a la n c e o f t h e h a r v e s t a s s t r i p p e r s a r e i n w id e u s e . Some e x p o r t e r s now p r e d i c t t h a t c o t t o n e x p o r t s d u r in g t h e c u r r e n t s e a s o n may be a s lo w a s 3 > 0 0 0 ,0 0 0 b a l e s , com pared w it h 5 7 5 0 0 ,0 0 0 l a s t s e a s o n an d t h e U S D A 's e s t im a t e o f U>7 0 0 ,0 0 0 f o r t h i s y e a r . L I V E S T O C K Im p ro v ed p r o s p e c t s f o r p a s t u r e i n th e S o u t h w e s t , p l u s s m a l le r r e c e i p t s a t most m a r k e t s , e n a b le d l i v e s t o c k p r i c e s t o make s u b s t a n t i a l g a i n s d u r in g th e p a s t w e e k . D e s p ite t h e T h a n k s g iv in g H o l i d a y , w h ic h c a u s e d th e w h o le s a le m eat t r a d e t o re m a in d u l l and g e n e r a l l y i n a c t i v e , c a t t l e , c a l v e s , and lam bs a d v a n c e d 50 c e n t s o r more p e r cw t. A t t h e F o r t W o rth m a r k e t, c a t t l e and s h e e p s o l d a t p r i c e s co m p a ra b le t o t h o s e p r e v a i l i n g i n m id -O c t o b e r o f t h i s y e a r . 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 M o n d ay, D ecem ber 1 , and co m p ariso n s w i t h a w eek e a r l i e r ; Good t o C h o ic e s l a u g h t e r s t e e r s $22 t o $ 3 0 , up 50 c e n t s ; Good t o C h o ic e s l a u g h t e r c a l v e s $22 t o $25> w i t h a fe w a t $ 2 6 , up $ 2 ; F e e d e r and S t o c k e r s t e e r s $16 t o $ 2 3 .5 0 , up $ 1 .5 0 ; s l a u g h t e r lam bs $21 t o $ 2 5 , up $ 2 ; and Good to C h o ic e b u t c h e r h o g s $ 1 7 .2 5 > up 25 c e n t s . R e c e i p t s o f a l l c l a s s e s o f l i v e s t o c k a t t h e 12 m a jo r m a rk e ts on M onday o f t h i s week w e r e s u b s t a n t i a l l y ab o v e t h o s e o f a week a g o and a y e a r a g o . A c c o r d i n g t o a r e c e n t announcem ent o f t h e U SD A, t h e C a n a d ia n B o r d e r w i l l be re o p e n e d t o t h e movement o f l i v e s t o c k and l i v e s t o c k p r o d u c t s on M arch 1 , 1 9 5 3 . There h a ve b e e n no o u tb r e a k s o f F o o t and Mouth d i s e a s e i n C an ad a f o r s e v e r a l m o n th s , and o f f i c i a l s o f t h e D e p a rtm e n t o f A g r i c u l t u r e i n c o n s u l t a t i o n w i t h t h e L i v e s t o c k I n d u s t r y A d v i s o r y C o m m itte e recommended t h e M arch 1 d a t e . I t i s a n tic ip a te d by many t h a t fe w b e e f c a t t l e w i l l be s h ip p e d t o t h i s c o u n t r y im m e d ia t e ly f o l l o w i n g t h e r e o p e n in g o f t h e B o r d e r , b u t a s u b s t a n t i a l movement o f d a i r y cow s and p e r h a p s f e e d e r sheep i s a n t i c i p a t e d . GRAINS G r a in p r i c e s re m ain e d g e n e r a l l y u n ch an ge d t o h i g h e r d u r in g t h e p a s t week d e s p i t e im p ro ve d m o is t u r e c o n d i t i o n s o v e r t h e W in t e r 'Wheat B e l t and im pro ved p r o s p e c t s f o r v i r t u a l l y a l l s m a ll g r a i n s . T r a d e r s r e p o r t t h a t fa r m e r s a r e s e l l i n g v e r y l i t t l e w h e at in a sm u ch a s th e fa rm p r i c e i s g e n e r a l l y below t h e lo a n r a t e . C l o s i n g p r i c e s p e r b u s h e l 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 M o n d ay, D ecem ber 1 : N o . 1 h a r d w h e a t $ 2 . 7 O - I / I 4, N o , 2 w h ite o a t s $ 1 .1 3 - 1 / 2 , N o . 2 y e l lo w c o r n $ 1 . 92- 1 / 14, g r a i n so rg h u m s, N o . 2 y e l l o w , $ 3 .3 9 p e r c w t . P O U L T R Y T r a d in g on th e T e x a s t u r k e y m a rk e t s i n c e T h a n k s g iv in g h a s n o t b een s u f f i c i e n t t o e s t a b l i s h a m a r k e t. R e p o r ts fro m o t h e r p a r t s o f t h e c o u n t r y i n d i c a t e a g e n e r a l l y s t e a d y m a rk e t w it h p r i c e s a b o u t u n c h a n g e d . B r o i l e r p r i c e s i n T e x a s h e ld s t e a d y d u r in g th e p a s t w ee k , w it h p r i c e s on F r i d a y , Novem ber 2 8 , u n ch a n ge d fro m a week e a r l i e r . T r a d in g was g e n e r a l l y l i g h t b u t demand was am ple f o r t h e s h o r t s u p p l i e s . On Monday o f t h i s week th e e a s t T e xas m a rk e t was q u o te d a t 33 c e n t s p e r p o u n d , up 1 c e n t fro m t h e p r e v io u s w ee k ; s o u th Te x a s p r i c e s were a l s o q u o te d a t 33 c e n t s , u n c h a n g e d ; and th e Wa c o a r e a a t 32 c e n t s , a ls o un ch an ged . P la c e m e n ts o f c h i c k s on T e x a s fa rm s d u r in g t h e week ended Novem ber 22 was 9 p e r c e n t more th a n t h e p r e v io u s w eek and a b o u t 20 p e r c e n t ab ove t h e c o r r e s p o n d in g week a y e a r a g o . The USDA r e p o r t s t h a t i t h a s p u r c h a s e d a t o t a l o f U U ,3 7 7 ,9 7 8 pounds o f t u r k e y m eat u n d e r i t s p r i c e s u p p o r t o p e r a t io n s t h i s f a l l . T u rk e y s p u r c h a s e d d u r in g r e c e n t w eeks w i l l be d e l i v e r e d t o n o n p r o f i t s c h o o l lu n ch ro o m program s d u r in g F e b r u a r y and M a r c h . MISCELLANEOUS P r o d u c t io n and a c r e a g e g o a l s f o r s w e e t p o t a t o e s i n 1993 h a v e been announced b y th e U SD A. P r o d u c t io n o f 140, 670,000 b u s h e ls o f s w e e t p o t a t o e s i s t h e g o a l s e t f o r next y e a r. T h is com p ares w it h th e 1992 c r o p o f 2 9 ,1 |0 0 ,0 0 0 b u s h e l s . To p r o d u ce t h i s q u a n t i t y t h e D e p a rtm e n t recommends t h a t ^ 2 7 ,7 0 0 a c r e s be p l a n t e d t o s w e e t p o t a t o e s o r 29 p e r c e n t more t h a n was p l a n t e d i n 1992 . The a c r e a g e g o a l f o r w h it e p o t a t o e s i s 1 ,U U 3 ,0 0 0 a c r e s , 9000 a c r e s more th a n was p la n t e d i n 1 9 9 2 . The p r o d u c t io n g o a l f o r w h it e p o t a t o e s i s 3 9 9 ,0 0 0 ,0 0 0 b u s h e l s , an i n c r e a s e o f 3 p e r c e n t o v e r 1992 . P r i c e s r e c e i v e d b y t h e N a t i o n 's fa r m e r s a s o f Novem ber 1 9 , 1992 w as 2 p e r c e n t b e lo w a month e a r l i e r , a c c o r d i n g t o t h e USDA. Low er p r i c e s w ere r e c o r d e d f o r m eat a n i m a l s , c o t t o n , f r u i t , and c o r n . D u r in g t h e same p e r i o d , t h e in d e x o f p r i c e s p a id b y fa r m e r s d rop p ed o n e - t h i r d o f one p e r c e n t . As a r e s u lt o f th e se c h a n g e s , t h e p a r i t y r a t i o d rop p ed t o 9 9 . T h is i s t h e f i r s t month s i n c e Ju n e o f 1990 t h a t t h e p a r i t y r a t i o h a s b e e n b e lo w 100 . C a r l H. Moore Agricultural Economist
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