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AG RI CULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Wednesday, July 1, 1953 Number 183 LIVESTOCK Cattle receipts at the 12 major livestock markets last week were only slightly smaller than a week earl1er aiii were nearly double the supply received during the comparable period last year. At Fort Worth, receitts of mature cattle were very large, with arrivals the first 2 days or list week otalirig 19,,oo head - the largest 2-day run in more than 20 years. On Monday, June 29, cattle receipts at Fort Worth and other livestock markets were considerably below last Monday's large numbers. Improvement in activity and price was noted over last week•s general trade. Cows comprised over half of the run, with slaughter and stocker yearlings making up most of the remainder. Prices per cwt. on the Fort Worth livestock market, Monday, June 29: Good and Choice slaughter steers and yearlings $17.00 to $21 •.50, a few yearlings to $22.00; utility arid Commercia1COws $9.oo to $13.00, a few head of Connnercial over $13.00; Medium and Good stocker-i'nd feeder steers and yearlings $10.00 to $1.5 .oo; Good and Choice slaughter calves $14 .06 to $18 .00, a few Choice to $18 •.50; utility and Connnercial grade caIVes $9 .oo to $14 .oo; Good and Choice spring lambs $20 .oo to $22 .00; and Choic·e butcher hogs $2.5. 7.5 to $26 .oo. The 19.53 u.s. spring pig cr"Oj)Ts estimated at .50,726,000 head - 10 percent below a year ago and 12 percen:csiiialler than the 10-year (1942-Sl) average. This is the smallest spring pig crop in the Nation since 1948. The number of spring pigs saved per litter is 6.81 - the highest on record. The combined 19.5'3 spring and fall pig crop is expected to be about 84 million head, which would be 8 percent below 1952 and 11 percent below the 10-year average. The Texas spring pig ~ for 1953, placed at .566,000 head, is 39 percent below last year and is es'SlJian one-half of the 10-year average. It is the smallest since records were begun in 1924. During the pa.st 2 years, hog production in the State has been curtailed drastically, due to the reduced grain crops as a result of the drought. COTTON lfigci5/16-inch declined mOderately during the past week, and on staple sold on the Dallas market at 32.80 Sp~ cotton Monday, Jun 9, Middl cents per pound - 5 points below last week's high but unchanged from the previous Monday. October futures on the New Orleans market on Monday of this week were quoted at 33 .Bo cents per pound, which is six points above that of a week earlier but two points below Friday's close. CCC loan entries on 1952-crop cotton through June 19, 1953, totaled 2,308,270 oa!eS:--Loan repayments were 410,193 bales, leaving loans outstanding on 1,898,077 bales. WOOL AND MOHAIR Good French combing arid staple 12-months Texas wool in original bags sold in Boston last week at $1.80 per pound, clean basis.The mohair market was dormant during the week ended Friday, June 26. GRAINS Grain prices at Fort Worth fluctuated during the past week, with wheat registering the greatest changes. On Monday of this week, prices were mostly lower. Closin~ prices per bushel on the Fort Worth Grain and Cotton Exchange on June 29 arid c anges rrom a week earlier (f .o.b. Gulf Ports): No. 1 hard wheat $2.27-1/4, down 2-3/4 cents; No. 2 white oats 98 cents, down 3/4 cent; No. 2 yellow corn $1.86-1/2, unchanged; No. 2 white corn $2.88-1/4, down 1/4 cent; and No. 2 yilIOw- grain sorghums $2 .85 per cwt., up-nJ"'cents • The House approved legislation last week raising the minimum national wheat allotment from 55,ooo,ooo to 66,000,000 acres. The Senate was due to consider similar action this week. Pl.anted acreage for the 1953 crop ·was 72,000,000 acres (spring and winter wheat). On June 22 the USDA announced that PMA offices had been instructed to discontinue domestic or export sales of storable wheat from CCC stocks until further notice. Officials say the action was taken in view of the great increase in the regular connnercial supplies of wheat resulting from the 1953 wheat harvest now under wa:y. The rice crop continued to make good progress over most of the southern belt. However, moisture is needed in some areas to germinate the late-planted seed. In Texas, harvesting of the new crop is expected to begin the latter part of July. In Louisiana a few contracts for green Zenith rice were reported at $4.32 per 100 pounds and at $4.63 for Century Patna. The USDA announced on June 22 that export allocations on rice will be continued after June 30, 19.53. The primary reason for allocations I'S't'o assure adequate supplies of rice for the requirements of the Defense Department. POULTRY AND EGGS Texas broiler markets were generally steady last week, with prices unchanged from a we~k earlier. Broiler prices on Monday, June 29, were 28 cents per pound in south Texas, east Texas, and the Waco-Corsicana area. Connnercial broiler chick placements on Texas farms during the week ended June 20 were 1,40.5,000 chicks, compared with 1,472,000 a week earlier and 1,279,000 during the comparable week in 19.52. FARM INCOME Cash receipts from farm marketings in Texas during the first 4 months of this year are-reported by the-us.DA to be about 12 percent below the comparable period a year ago. Receipts from the sale of livestock and livestock products declined 2 percent, while receipts from the sale ol' Uf.tPS were about 27 percent lower. The decline in receipts from livestock is a res of the sharply lower prices, partly offset by increased marketings, while the decline in receipts from crops is the result of a smaller volume of marketings at lower prices. In the Nation, cash receipts from farm marketings in the first 5 months of 1953 totaled $1b.5 billion - 3 percent less than in the corresponding period last year. A .5-percent increase in the volume of marketings was more than offset by lower average prices. Carl H. Moore Agricultural Economist
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