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-9·-A_G_R_IC_U_LT_U_R_A_L_N_E_w_s_o_F_T_H_E_W_E_E_K_ _
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FEDERAL RESERVE

BANK OF DALLAS

Number 172

Wednesday, April 15, 1953

L I VE S T 0 CK
Receipts of cattle last week at the major markets were substantially
larger than during the comparable period a year ago. On Monday of this week the
12 markets had the largest supply of cattle for any day during the past 3 months,
and Chicago, with 29,000 head, had the largest run for any day since 1946 and the
largest for any day in April since 1926.
The heavy receipts forced cattle prices down slightly, despite a continued
strong demand for large quantities of beef at current prices. Cattle prices had
strengthened early last week, with some Choice yearling steers selling at Fort Worth
for $23 and one load at $23.25 per cwt. Price declines on Monday of this week ranged
up to $1 per cwt. and affected virtually all classes of cattle and calves.
Hog prices remained strong to slightly higher, with relatively light
receipts. ~keting of spring lambs increased and on Monday of this week, Fort Worth
received 7,300 head of sheep and lambs, about half of which were shorn, slaughter,
and feeder lambs and about 40 percent spring lambs. Trade was slow and prices
declined 25 to 50 cents per cwt.
Prices per .s!'!!· at the Fort Worth market on Monday, April 13: Good and
Choice steers and yearlings $18 to $21.50, with two lots of light weight yearlings at
$22.25; Utility and Commercial steers $13 to $18; beef cows $12 to $14; Medium and
Good stocker steers $15 to $18.50; Good and Choice slaughter calves $19 to $22;
Medium to Choice stocker calves $15 to $21, a few head t0122; Choice butcher hogs
$22.25; Good and Choice spring lambs $22.50 to $23.50, and Prime kinds $24.50; and
Utility to Choice shorn slaughter ~~ $18 to $19.25.
GRAINS
Winter wheat production in the United States is forecast at 714,154,000
bushels, compared-with 1952 production of 1,o52,8oi,OOO bushels and the 1942-51
average of 797,237,000. This forecast, based on conditions as of April! and issued
by the BAE, estimates wheat production in Texas at 30,126,000 bushels, compared with
34,626,000 in 1952 and the 1942-51 average--or-;9,088,000 bushels. The Oklahoma crop,
forecast at 63,118,000 bushels, is sharply lower than the 107,115,000 bushels produced
in 1952 and slightly lower than the 1942-51 average. Wheat production in New Mexico
in 1953 is estimated at 2,444,cx:>O bushels - about 4-times the 1952 crop but about
l,OOO,(X)O bushels less than the 1942-51 average.
During February considerable wheat acreage was lost in northwest Texas,
western Oklahoma, and Kansas because of high winds. However, since April 1 snow has
been received in western Kansas and light to moderately heavy rains in northwest
Texas and western Oklahoma; this probably will improve wheat prospects in those areas.
Wheat prices declined moderately on Monday of this week in response to the
Government's report of estimated wheat production,which was substantially higher than
the December 1 report. Price losses were small, however, as the trade apparently
had anticipated a f orecas~ of higher production.
Closing Erices per bushel on the Fort Worth Grain and Cotton Exchange on
Monday, April 13: No. 1 hard wheat $2.62; No. 2 white oats $1.02-1/4; No. 2 yellow
corn $1.85; and No. 2 yellow grain sorghums $2.94 per cwt.
--Planting of the 1953 rice crop is making satisfactory progress in the TexasLouisiana rice belt.

C 0 T T 0 N

Cotton prices fluctuated within narrow limits during the past week, and
on Monday, April 13, Middling 15/16-inch staple sold on the Dallas market at 32.50
cents per pound, the same as a week earlier. Trading was generally quiet, and demand
from both domestic and export buyers was limited. Trading in the cotton ~ goods
market also was in limited volume.
CCC loan entries during the week ended April 3 were only 21,500 bales, and
loan repayDleiitS'Were 10,BOO bales. Through April 3, loans were outstanding on about
1 1 915,000 bales. April JO !! the ~date !2.! placing 1952-crop ~~under ~
CCC loan.
The ~ supp]y ~ cotton (exclusive of communistic nations) in the 19.52.53 season is estimated at 41.6 million bales, a new postwar record high. In the 1951-52
season the total supply was 39.2 million bales and from 1947 to 1951 averaged 38.2
million. The carry-£!!! of world cotton at the end of the current season (August 1,
19.53) is forecast at about 15.6 million bales, 2-1/4 million bales larger than a year
earlier and about 2-1/2 million bales larger than the 1948-52 average.
The cotton crop is reported to be making fair to rapid growth in south Texas,
with insect damage light to date. Planting is becoming general in north central, east,
and north Texas.
WOOL AND MOHAIR
Trading in Texas wools and mO'iiiir was generally inactive during the past
week. One large lot of mohair was being held at $1.06-1/2 per pound.
The VSDA armounced last week that the support pri6Q ~~mohair during the
19.53-54 marketing year, which began April 1, 1953, will be
.7 cents per pound,
national average price. Last year's support price was 57.2 cents per pound.
POULTRY
Texas broiler markets were generally steady last week, with supplies
adequate to meet a good demand. Prices in all areas were quoted at 29 cents per
pound. The report for Monday of this week indicated no change in the market.
During the week ended April 4, 1,532,000 chicks ~ placed on Texas farms,
according to the BAE. This was 9 percent more than the previous week and the first
time in 15 weeks that placements were above-the corresponding week a year ago.
COMMERCIAL VEGETABLES
Commercial vegetable production in Texas in 1953 is expected to exceed that
of a year ago. Tomato harvest is in progress in the Lower Rio Grande Valley, and
early ~~ beans, cantaloupes, cucumbers, sweet ~' and watermelons are making
excellent growth in south Texas. The Rio Grande Valley expects to begin harvest
of watermelons in early May, and a light harvest of ~ ~ is now being marketed
from that area. Indications are that the Yoakum tomato crop will be harvested a
little earlier than usual this year. Transplanting of the east Texas tomato acreage
is making good progress.
MISCELLANEOUS
According to the USDA, prices received by the Nation's farmers in
3 months of 1953 averaged 9 percent below the comparable period in 1952 but
higher than the first half of 19.50. -prrces paid by farmers for commodities
used in production averaged 3 percent below the same quarter a year ago but
percent above the average for the first half of 1950.

the first
10 percent
and services
were 14

.Carl H. Moore

Agricultural Economist

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