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COTTON
The f i n a l f o r e c a s t o f th e 1952 c o t t o n c r o p b y t h e U SD A, r e l e a s e d M onday o f
t h i s w e e k , p la c e d o u t p u t a t 1 5 ,0 3 8 ,OftftH b a l e s • T h is was 1 3 3 ,0 0 0 b a l e s ab o v e th e
November 1 f o r e c a s t and com pares w it h l5 ,ll * l * ,0 0 0 b a le s i n 1 95 1.
The T e x a s c o t t o n c r o p was e s t im a t e d a t 3 ,7 5 0 ,0 0 0 b a l e s a s o f D ecem ber 1 ,
compared w it h 3 ,6 6 f t ,000 b a l e s on Novem ber 1 and p r o d u c t io n i n 1951 o f l* ,0 7 l* ,0 0 0
b a le s .
S p o t c o t t o n p r i c e s d u r in g th e p a s t week showed c o n s i d e r a b le w e a k n e ss and
on M onday, D ecem ber- 8 , 1 3 / 1 6 - i n c h M id d lin g was q u o te d a t D a l l a s a t 3 2 .7 5 c e n t s p e r
pound - o n l y 95 p o i n t s ab ove t h e lo a n r a t e .
The w ea k n ess i n c o t t o n p r i c e s i s g e n e r a l l y
a t t r i b u t e d t o a l a c k o f demand f o r c o t t o n .
M i l l s h a ve been r e l u c t a n t b u y e r s , an d e x p o r t
b u s in e s s h a s been v e r y s lo w .
C o t t o n p r i c e s r e a c t e d v e r y s lo w t o t h e U SD A 's f o r e c a s t o f c o t t o n p r o d u c t i o n ,
r e le a s e d M ond ay, in a sm u ch a s t h e e s t im a t e was a b o u t i n l i n e w it h t r a d e e x p e c t a t i o n s .
The CCC r e p o r te d t h a t c o t t o n lo a n s d u r in g th e week end ed Novem ber 28 w ere
8 1 ,3 0 1 b a l e s , com pared w it h 9 ii,h F 7 ~ b a T e s t h e p r e c e d in g w ee k .
The T h a n k s g iv in g H o l id a y
u n d o u b te d ly was a f a c t o r i n th e lo w e r f i g u r e .
H o w e ve r, fa r m e r s w ere g e n e r a l l y o f f e r ­
in g a s u b s t a n t i a l p r o p o r t io n o f c u r r e n t g in n in g s t o b u y e r s .

LI VESTOCK
C o n s id e r a b le w ea k n ess d e v e lo p e d i n p r i c e s o f c a t t l e l a s t w e e k , and m o st o f
the g a i n s o f t h e p r e v io u s 2 w eeks w ere l o s t .
S l a u g h t e r s t e e r s w ere o f f $2 t o $3 p e r
cw t .; s t o c k e r s and f e e d e r s w ere weak t o $2 lo w e r ; and cows w ere f u l l y $ 1 t o $3 lo w e r
than t h e p r e v io u s w e e k ’ s c l o s e .
H e a v y r e c e i p t s , p lu s some w eakn ess i n w h o le s a le m eat p r i c e s , w ere m a jo r
fa c t o r s i n th e p r ic e d e c l i n e s .
D u r in g th e f i r s t 3 d a y s o f l a s t w e e k , t h e 12 m a jo r
l i v e s t o c k m a r k e ts r e c e i v e d 87,1*00 more c a t t l e th a n th e p r e v io u s week and 56,1*00
more th a n t h e co m p a ra b le 1* d a y s a y e a r a g o .
T o t a l r e c e i p t s a t F o r t W o rth s i n c e
Ja n u a r y 1 a r e now mere th a n 8 1 ,0 0 0 h i g h e r th a n d u r in g th e same p e r io d i n 1 9 5 1 .
F u r t h e r d e c l i n e s w ere r e c o r d e d e a r l y t h i s week an d on M onday, Decem ber 8 ,
top p r i c e s p e r c w t . i n F o r t W orth w e r e :
Good t o C h o ic e s l a u g h t e r s t e e r s $21* t o
$ 2 8 .5 0 , Good t o C h o ic e s l a u g h t e r c a l v e s $18 t o $21*, F e e d e r and S t o c k e r s t e e r s $12
to $ 1 8 , s l a u g h t e r lam bs $19 t o $ 2 0 , and Good t o C h o ic e b u t c h e r h o g s $ 1 7 .2 5 .
The G rand Cham pion s t e e r a t th e I n t e r n a t i o n a l L i v e s t o c k E x p o s i t i o n a t
C h ic a g o s o l d l a s t week f o r $1*755 p e r p o u n d , th e lo w e s t p r i c e s i n c e 19l*l*.
The 1 ,1 0 0 pound s h o r th o r n was e x h i b i t e d b y O h io S t a t e U n i v e r s i t y .

GRAINS
G r a in p r i c e s on t h e F o r t W orth G r a in and C o t t o n E x c h a n g e w ere g e n e r a l l y
unchanged fr o m a week e a r l i e r .
C l o s i n g p r i c e s p e r b u s h e l on Monday o f t h i s week
w ere:
N o . 1 h a r d w h e a t $ 2 .7 2 -3 / 1 * , N o . 2 w h ite o a t s $ l . l l * - 3 / l * , N o . 2 y e l lo w c o r n
$ 1 .9 3 - 3 A , g r a i n so rg h u m s, N o . 2 y e l l o w , $3.1*0 p e r c w t .
The r e c e n t r a i n s h a v e p r o v id e d s u f f i c i e n t s u r f a c e m o is t u r e f o r g e r m in a t io n
and e a r l y g ro w th o f ’’ d u s te d i n ” w h e at and w i l l r e v i v e g ro w th o f many f i e l d s w h ich w ere
up t o a s t a n d p r i o r t o t h e r a i n s .
A d d i t i o n a l m o is tu r e w i l l be r e q u ir e d f o r c o n tin u e d g ro w th , in a sm u ch a s s u b s o i l m o is t u r e i s a lm o s t c o m p le t e ly l a c k i n g i n 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 .
A d d i t i o n a l s e e d in g o f in t e n d e d a c r e a g e w h ich had b e e n d e la y e d due
t o l a c k o f m o is t u r e i s b e in g r u s h e d t o c o m p le t io n .
W O O L
A N D
M O H A I R
The w o o l m a rk e t h a s re m a in e d r e l a t i v e l y q u i e t i n r e c e n t w e e k s , and th e
b u lk o f t h e T e xa s c l i p h a s a l r e a d y moved t o m a r k e t.
P r i c e s q u o te d on l a s t w e e k ’ s
m arket w ere g e n e r a l l y u n c h a n g e d .
T w e lv e -m o n th s T e x a s w o o l b r o u g h t $ 1 .7 0 p e r p o u n d ,
c le a n b a s i s .
Some T e x a s m o h a ir w as s o l d a t $ 1 .1 5 p e r pound f o r a d u l t an d $ 1 .7 8 f o r
k id .
, The USDA h a s s e t t h e m o h a ir s u p p o r t l e v e l a t 78 p e r c e n t o f p a r i t y .
No
s u p p o r t o p e r a t io n s a r e e x p e c t e d i n 1 9 5 3 , s i n c e m o h a ir m arket p r i c e s a r e w e l l above
e s t im a t e d s u p p o r t p r i c e s .

POULTRY
T e xas t u r k e y m a rk e ts w ere g e n e r a l l y s t e a d y l a s t week f o l l o w i n g th e
T h a n k s g iv in g H o l i d a y , w it h p r i c e s 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 on Monday
o f t h i s week q u o te d a t 31 t o 32 c e n t s p e r pound and h en s a t 35 t o 36 c e n t s .
T e xa s b r o i l e r m a rk e ts re m ain e d g e n e r a l l y s t e a d y , w it h c l o s i n g p r i c e s on
Monday o f t h i s week a s f o l l o w s !
e a s t T e x a s , 32 c e n t s p e r pound - down 1 c e n t fro m
t h e p r e v io u s w ee k ; s o u th T e x a s , 33 c e n t s - u n c h a n g e d ; an d th e Waco a r e a , 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 29
t o t a l e d 1 ,3 7 k , 000 - 1 p e r c e n t b e lo w t h e p r e v io u s week b u t o n e - f o u r t h more th a n d u r in g
t h e c o r r e s p o n d in g week i n 1951*
M I S C E L L A N E O U S
A b o u t 175 T e xas b a n k e r s a t t e n d e d t h e S e co n d A n n u a l Farm and R an ch C r e d i t
S c h o o l f o r C o m m e rcia l B a n k ers a t T e x a s A . and M. C o l l e g e t h i s w e e k .
The p rogram
f e a t u r e d d o w n - t o - e a r t h d i s c u s s i o n s o f many im p o r ta n t p ro b lem s i n t h e f i e l d o f
a g r ic u ltu r a l c r e d it.
C a r l H . Moore
A g r i c u l t u r a l E c o n o m is t