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-(I AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK Number 200 OF DALLAS Wednesday, October 28, 1953 RAIN 1 1 l Moderate to heavy rains f'ell over all but extreme southwestern Texas during the past week. In mar11' commnnities the showers that dropped as much as 7 inches were hailed as "drought-breakers." In the major wheat-producing sections of northwest Texas and western Oklahoma, the stand in ear'.cy' planted fields was revived, and seeding of remaining acreage is being rushed to completion. The moisture is generall;r too late to improve the late-fall and winter grazing prospects from range grasses, except in south Texas, but will give a substantial boost to the amount of pasturage available from small grains throughout the State. LIVESTOCK improved moisture situation had an immediate effect upon the cattle market, and the receipts at Fort Worth on Moru:tq, October 26, were oncy 5,800 head, canpared with 12 1 000 a week earlier and 13,800 a year ago. Prices were steactr to $2.00 higher compared with last week's close. Prices per cwt. on the Fort Worth market, Mond.q, October 26: Good and Choice fed steers ~yearlings $18.00 to $22.00; Canmon and Medium steers $10.00 to $16.00; Good and Choice slaughter calves $13.00 to $20•00; Common and Medium slaughter calves $10.00 to $13.00; fat cows $9.50 to $13.00; Good and Choice stocker calves $13.00 to $18.oo, a few at $20.00; stocker and feeder steers and zearl~r t10.oo to $16.00; stocker .£2!! $7.00 to $12.50; Good and Choice butcller hi!nb.2S; Good and Choice slaughter lambs $16.00 to $17.00; and stocker and feeder s $10.00 to $13.00. The USDA reported that its purchases of beet during the week ended October 24 totaled slightly more than 20 millioll"9pound8 - the highest point since the program was initiated last June. The COTTON Harvesting operations were at a standstill in most of the Southwest late last week and early this week. However, clearing skies on Tuesday indicated that pickers would be in the fields again in a few dqs. Some damage to the grade is almost certain to have occurred, but losses are not expected to be particular'.cy' heavy. Frost in much of north and west Texas the night ot October 26 mq be of some help in defoliation. Spot cotton prices fluctuated moderate]Jr during the past week, according to the USDA. Sales reported at the 10 markets increased substantially but were considerably below those ot a year earlier. A large portion of current cotton ginnings is being withheld from the :market, and in some localities, cotton is reported to be entering the loan program as fast as loan papers can be prepared. In Texas, loan agencies were swamped, and storage .facilities were taxed to capacity. CCC loan entries in the week ended October 16 were 406,700 bales, canpared with--ui,ooo during the preceding week. Total entries for the current season through that date were 1,380,700 bales. On Mondq, October 26, Middling lS/16-inch staple was quoted on the Dallas market at 32.10 cents per pound - up 10 points from a week earlier. GRAINS Grain prices strengthened moderately during the past week, largely on news from Washington indicating less opposition to continued high-level support prices. Improved export demand and reduced receipts at terminal markets also were factors giving strength to prices. Prices per bushel on the Fort Worth Grain and Cotton Exchange on Monday, October 26, and canparisons with a week earlier: No. l hard wheat $2.63 3/4 - up 5 1/2 cents; No. 2 yellow corn $1.79 3/4 - up 2 cents; No. 2 barley $1.47 -·up 3 cents, and No. 2 red oats ii:04. 1/4 - up 3/4 cent. Export allocations on rice were terminated by the USDA last week. Export controls on the crop had been in effect since September 1952, in order to assure ample supplies for military and other export needs. PRICE SUPPORTS On October 22, the USDA announced that, with the exception of wheat, a producer will be required to comply with all acreage allotments established on his fann for 1954 crops of wheat, cotton, corn, rice, and peanuts, in order to be eligible for price supports on ~ of these crops. A farmer who exceeds his acreage allotment but who does not have more than 15 acres of wheat on his f ann will be eligible for price supports on other basic camnodities if he observes the acreage allotments for those crops on his farm. However, he will be ineligible for wheat price supports. Price supports for 1954-crop oats, barley, and grain sorghums are being continued at 85 percent of parity for another year. Price supports per bushel are: oats 75 cents, barley $1.15, and grain sorghums $2.28 per cwt. The support level for 1954-crop flaxseed will be $3.14 per bushel, which is equivalent to 70 percent of the September 15, 1953, parity price. WOOL AND MOHAIR Twelve-months Texas wool was bought in Texas last week at from 62 cents to 76 cents per pound, in the grease; this wool was estimated to cost around $1.85 per pound, clean basis, delivered Boston. Some .fall wool was reported purchased in Texas at from 60 cents to 64 cents per pound iiid"WiSistimated to cost around $1.60, scoured basis, delivered Boston. About 200,000 pounds of mohair were sold in Texas last week at from 77 cents to 78 1/2 cents for adult and from $1.02 to $1.03 1/2 for kid mohair. It is estimated that approximate~ one-half of this year's total mohair clip of 6 million pounds has been sold. POULTRY The south Texas broiler market was weak last week; other Texas markets were steac,tr. Closing prices per pound on Monday, October 26, were: south Texas 28 cents, east Texas 27-28 cents, and Waco 27 cents. The Texas turkey market was steaqy to finn, with range tans selling at 28 cents per pound and hens at 33 cents. Well-finished, broad-breasted young hens sold at mostly 35 cents per pound and toms at 30 cents. Carl H. Moore .Agricultural Economist
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