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AGRICULTURAL NEWS OF THE WEEK
FEDERAL

RESERVE

BANK OF DALLAS
Wednesday, April l, 1953

Number 170

COTTON
Cotton prices drifted lower on limited trading last week, following a
substantial rise on Tuesday. Middling 15/16-inch staple on the Dallas market
closed at 32.35 cents per pound on Monday, March 23, rose to 32.75 on Tuesday, and
was quoted on Monday, March 30, at 32.50 cents per pound.
The Volume of tradi~ was sharply lower than a week earlier, and both
domestic mill and export deman was slow. Reports f'rom the textile markets indicate a limited demand for textile goods.
CCC loan entries for the week ended March 20 exceeded repayments by a
small margin. Lo'"'9ans outstanding remained on about 1,900,000 bales. The final
acceptance date for loans on 1952-crop cotton is April 30, 1953. Current stocks
or free cotton (not under the loan) are generally considered to be ample to keep
domestic mills running at their current consumption rate and to provide for estimated
export requirements during the balance of the season.
The final report on the 1952 cotton crop shows 14,949,000 bales gimed, compared with 15,072,000 last season and 9,908,000· two years ago.
Generally ideal cotton-growing weather prevailed in the Southwest last
with rains reported throughout most of the area. In the Lower Rio Grande
Valley, rains were generally light, and there is very little reserve supply of
moisture. Some cotton has been planted in central Texas.

•eek,

LIVESTOCK
LiTestoclc prices ruled general~ steady to slightly higher during the past
•eek, with receipts of cattle at Fort Worth somewhat smaller than during earlier weeks
but still substantially above those of a year ago. A substantial portion of cattle
received at Fort Worth is still of doubtful health as a result of the outbreak of'
ttX" disease. These cattle are selling at a substantial discount, with some very thin
cows selling under $ 7. 50 per cwt.
On Monday, March 30, trading on all classes of cattle was active and
generally steady, with receipts the smallest for any Monday in nearly a year. The
demand for stocker cattle is increasing, but the number or these kind free from disease
is extremely limited.
Prices per cwt. on the Fort Worth market on Monday, Jlar<fu 30: Good and
Choice fed steers and heifers $18.50 to $22, with a load of 751-pound yearlings at
$22.50 and a few up to $23; Medium and Good stocker steers $16 to $21; Good and Choice
!_laughter calves $19 to $22.50, with a few head of Choice to $23; Mediwa and Good
~ocker calves $16 to $22.50; Common and Kediwa stocker cows $12 to $15.50; Choice
butcher hogs $21.75; Good and Choice spring lambs $23 to-i23.50; and Good and Choice
,!!lorn sl!Ugh'ter lambs $19 to $20.

W 0 0 L A N D II 0 H A I R
Sales of greasy domestic worsted wools improved considerab:cy- last week, as
P!_ices held very strong with an upward tendency during the week. A large volume of
..roar-was either purchased or contracted in western states. Approximately 75 percent of
all ~months ~ in Texas is estimated to have been contracted, as well as a substantial amount of 12-months wool.

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In Texas, some 12-months wool, grading good French combing and staple,
sold at around $1.75 per pound, clean basis, and some fine, fed-lambs' wool brought
$1.50 per pound, clean basis. Twelve-months wool is being contracted in Texas from
60 to 70 cents in the grease, estimated to cost $1.70 to $1.75, clean basis, delivered
Boston. Contracting of 8-months wool was at prices up to 67-1/2 cents per pound,
grease basis.
About 150,000 pounds of Texas mohair were purchased recently at 92-1/2
cents per pound for adult and $1.16-1/2 for kid mohair, delivered to the warehouse.

POULTRY

Texas broiler prices o,pened 1 cent lower last week in south Texas and the
Waco area. Other markets were generally steady.
On Monday, llarch 30, Texas broiler markets were quoted steady to firm, with
a good demand and wi~ supplies short in south Texas and adequate in other areas.
Prices per pound on Monday of this week: south Texas 29 cents, east Texas
28 to 29 cents, Waco 28 cents, and Corsicana 29-1/2 centS (delivered to plant'S):---Chick P!iC'ements on Texas farms for the week ended March 21 were 1,521,000,
5 percent more than the previous week bit 5 percent fewer than the corresponding week
a year ago. Chicle placements on Texas farms since JanuaH' ! total 16,117,000, compared with 18,597 1 000 during the comparable period in l9 2.
GRAINS
All grain prices dropped sharplY on Monday of this week, as the market
reacted to the change in the Korean situation. Abundant supplies of most grains
also added to the downward pressure on prices.
Closing prices per bushel on the Fort Worth Grain and Cotton Exchange on
Monday, March 30, and changes from a week earlier: No. 1 hard wheat $2.63, down
3-3/4 cents; No. 2 white oats 98 cents, down 4 cents; No. 2 yellow corn $1.81-3/4,
down 3-3/4 cents; No. 2 yi!!Ow min sorghums $2.97 per cwt., down O'Cents.
Exports or rice from
s country continue to exceed those of a year
earlier, and rice pricesremain firm. Limited planting is under wa:y in Texas and
Louisiana, although wet fields have delayed seeding operations.
1l

I S CE L L ANE 0 US

Secretary or Agriculture Benson has announced that there will be no price
support on 1953-crop ~ and pasture seeds. The Secretary stated that supplI'es
appear to be adequate to meet requirements this fall and next spring.
Price supports had been announced previously tor several winter cover
crops, including hairy vetch at 12 cents per pound, rough ~ 6 cents, crimson
clover 16-1/2 cents, certrfied reseeding crimson clover l9 cents, and common !l!
grass 6-1/2 cents (prices are national averages, and local support levels will vary
with the location and grade). Common and Willamette vetch are not included in the
program for 1953.
Carl H. Moore
Agricultural Economist