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AGRICULTURAL NEWS OF THE WEEK __ u1~11a~.111~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~--FEDERAL RESERVE BANK OF DALLAS Number 175 Wednesday, May 6, 1953 C 0 T T 0 N Cotton prii57 advanced moderately during the past week, reaching 33.45 cents per pound for 16-inch Middling at Dallas on Monday, May 4. This was 60 points above the price a week earlier and the highest since early December 1952. Strength in the market stemmed from more active buying ~ ~' as they were reported to be stocking some of the higher quality grades of cotton from the 1952 crop to meet fall and winter needs. Export demand continued slow, with sales limited in volume. The advance in price is reported to have caused additional cotton to be offered for sale, and some large lots of growers' cotton were sold which had been headed for the 2.££~· Through April 24, CCC loans were outstanding on 1,919,500 bales. The parity price for cotton at mid-April is reported by the BAE at 34.22 cents per pound, 12 points above a month earlier and the same as mid-January 1953. Moderate to heavy rains during the past week delayed field operations in north and east Texas, while the Coastal Bend section and the Lower Rio Grande Valley were in urgent need of moisture. The crop is up to a stand in northcentral counties and is beginning to set a few bolls in early fields in the Lower Valley. Dry winds and sand storms were prevalent over the Plains, as normal planting dates were approached in that area. L I VE S T 0 CK Cattle prices moved upward during the past week, with fed steers and yearlings selling around $1 per cwt. higher than a week earlier. Stocker cattle prices also were higher, with gains as much as $1 per cwt. Hog prices continued steady to strong, with Choice butcher hogs selling around $24 per cwt. throughout the week. Prices for spring lambs advanced 50 cents to $1 per cwt. through Thursday last week but were off about SO cents per cwt. on Monday, May 4. Prices per cwt. on the Fort Worth market on Monday, May 4: Choice fed ~eers and-Yearlings $21 to $22, With one lot of prime heifers at $22.50; Utility cows $12 to $13.SO; Medium and Good stocker steers $14 to $19; Good and Choice Sia'Ughter calves $20 to $23; Choice stocker CiI'Ves $20 to $21.50; Choice and Prime !}?ring lambs $24 to $25.50; Good and Choice shorn slaughter lambs $20 to $22.15; shorn feeder lam~ $14 to $18.50; and Good butcher hogs 823.75 to !2"4:-- WOOL AND MOHAIR prices continued generally steady on the Boston wool market during the past week. Grease ~ prices in Texas ranged from 65 to 7621/2 cents per pound, with some 12-months Texas wool selling at $1.75 per pound, clean basis. Original bag mohair sold in Boston at $1.08 to $1.10 per pound, but there was little activity in Texas, inasmuch as most of this year's clip has been sold. The estimate by the BAE of cash receipts from the sale of mohair in 1952 in Texas is $11,330,(X)O, compared witil114,613,ooo in 1951. Nearly 260,ooo fewer goats were clipped in 19.52 than in 1951, and the average price received per pound •as 98 cents in 1952, compared with $1.19 in 1951. ~ GRAINS Prices of all grains except sorghums decl~ during the past week. Wheat was near the low for the season, and losses in corn prices amounted to more than 3 cents per bushel. Abundant supplies of most grains, plus continued ~ ex.port demand, were major factors in the market. Prices E!r bushel and changes from a week ago on the Fort Worth Grain and Cotton Exchange on :Monday;-May 4: No. 1 hard wheat $2.59, down~ents; No. 2 white oats $1.00-1/2, down 1 cent; No. 2 yellow corn $1.84-1/4, down 3-1/2 cents; No. 2 yel!ow sorghums $2.97 per cwt., up 4 cents:--during the past week failed to bring appreciable relief to the major whea~duci~ counti~ in northwest Texas. The crop is reported to be deteriorating rapid~ in that area but is holding its own in most other parts of the State. Heavy rains early this week in the Houston-Beaumont area caused some damage to levees in rice fields but were generally beneficial in most--00-IDITlUnities. --irarns POULTRY Prices for Texas broilers remained unchanged for the sixth consecutive week at 29 cents per pound in all areas. Supplies were barely adequate to meet a good demand in south Texas, but no price change occurred. ! year ago, _b roiler prices in Texas were about 18 cents per pound. Placements of chicks on Texas farms during the week ended April 25 were 3 percent below the previous week but 8 percent more than the corresponding week a year ago. FARM REAL ESTATE MARKET Farm real estate values declined 2 percent in the Nation from November 1952 to March 1953, according to the BAE. Compared with a year ago, prices were 1 percent lower. Percentage changes fro~ November 1952 to March 1953 for southwestern states: Texas - 6, New Mexico - 3, Oklahoma - 2, Arizona o, Louisiana +.l. MOSt wester-n states showed a decline in farm real estate values, while North Dakota, Kansas, Missouri, Wisconsin, Michigan, and the southeastern states showed increases ranging as high as 5 percent. The index of fann real estate values per acre is estimated at 228 percent of the 1910-14 average in Texas, 270 in Louisiana, rn-in Oklahoma, 235 in Arizona, and 218 in . New Mexico. -T~BAE reported that about two-thirds of the farms bought in the Nation during the year ended March 1953 were financed by mortgage or purchase contracts the highest proportion since these estimates were started in 1946. FARM PRICES The index of price~ received by the Nation's farmers declined 2 percent during the month ended April l;-; according to the BAE. At 259 percent of the 1910-14 average, the mid-April index compares with 264 in March 1953 and 290 in April of last year. The index of prices paid by farmers declined 1 percent during the same period. The parity ~ dropped 1 point to 93, the lowest since June 1941. Car1 H. Moore Agricultural Economist
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