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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 203 Wednesdsa-, November 18, 1953 C 0 T T 0 N Spot cotton prices continue to fluctuate around support levels. Some low grades have been bringing $4.00 to $8.00 per bale above loan values in a few markets. Loan entries continue heavy. Cotton ginned !!! Texas through October 31 was slight]3 lower in grade and longer in staple length than that ginned during the same period a year ago, according to the USDA. Upland cotton ginned !!! Texas through October 31 amounted to 2,415,000 bales, compared with 2,590,000 last season, according to the Bureau of the Census. GRAINS The USDA sqs in its November l crop report that rice production in Tex.as this year .is estimated at 14,790,000 equivalent 100-pound bags (centals). Rice markets in Texas were finn during the week ended November 9, according to a report of the Texas Department of Agriculture. Trading in rough rice was limited to a few sales with most bids reported turned down. Sorghum grain production !!! Texas this year is estimated at 66.5 million bushels, compared with last year's crop of 48.2 million. Much of the late planted crop in the northwest part of the State failed to make grain and the small acreage that survived is being grazed or cut for forage. LIVESTOCK After dropping off for several weeks, receipts of cattle at Fort Worth rose last week, although receipts at the Nation's 12 leading markets were smaller than the previous week. Fed steers ~ yearlings brought strong to 50 cents higher prices during the week. Choice fed steers and yearlings drew $21.00 to $23.50 and a few Prime club yearlings reached $26.50. Good fed beeves bulked from $18.oo to $20.00. Demand last week was very good for all kinds of replacement cattle. Prices on the Fort Worth market advanced as much as 50 cents. Most Medilllll and Good stocker and feeder steers and yearlings sold at $12.00 to $16.50, several loads of Good and Choice yearlings $16.50 to $17.50, a few $18.50. Prices of slaughter calves declined late in the week. Good and Choice sold mainlJr from $13.00 to $16.06, some up to $18.00 earlier in the week. Butcher hogd sold as high as $21.50 in Fort Worth on Monday of last week, but later prices for hoice 190 to 250 pounds were $20.50 to $20.75. Receipts of slaughter lambs last week were limited. Last week's top on slaughter lambs was $19.$0. Most Utility to Choice slaughter lambs brought $18.oo to $19.00. POULTRY Texas broiler markets held steady last week as supplies gener~ were no more than adequate for demand. Prices at the farms were 25 cents to 26 cents for broilers or fryers weighing 2 1/2 to 3 pounds. Supplies of turkeys were general.l¥ adequate in Texas although offerings were light in some sections. It was reported by the Texas Department of .Agriculture that same processors were withdrawing fran the market. Prices at the fanns for well-finished broad-breasted young toms on Mondq of this week were 27 cents to 28 cents; young hens 35 cents. MISCELLANEOUS The Bureau of Agricultural Economics in Austin sqs in its November l General Crop Report that crop production in Texas for the 1953 season is turning out slightly better than indicated in October. Larger cotton, peanut, rice, and pecan crops are being harvested, but sweet potato outturn is slight]¥ below earlier expectations. Harvest of matured crops moved along rapi~ in open weather during the first two-thirds of the month. During the last 10 days of October, however, harvest and other field work was almost at a standstill because ot wet aoila. Peanut ~uction in Texas this year is estimated by the USDA at 174.8 million pounds.is is more-than double last year's short crop but tar below the average of the previous 10 years. An Oklahoma ~ ot llO.S million pounds is more than double the short crop in that State last ye--.rbut slightq below average. A New Mexico crop of 6.3 million pounds tops last year's harvest b.r less than 1 million pounds. Pecan production in Texas is estimated by the BAE at 38..5 million pounds, which is 18 percent below tiii large crop harvested last year but is 34 percent above the 1942-51 average. Production of improved varieties accounts for 15 percent of the total crop. OklahomaJroduction is estimated at 28 million pounds, versus last year's 3 million and a 19 -51 average of 19.l million. Louisiana harvest is placed at 21.6 million pounds as against lJ.5 million last year and an average of 11.8 million. The Texas Department of Agriculture reported last week that vezy few Paper Shell pecans of good quality were being marketed. Movement and demand for Natives was relatively light. Grower pri5es for pecans delivered to the door of the buyers or shellers were 14 cents to l cents, mostly 14 cents. The u. s. Department of Agriculture has published a book listing 1 1 027 trees of the United States and Alaska. This check list is designed as an aid to foresters, botanists, students, and other people interested in trees and is entitled Agricultural Handbook No. 41. A copy may be obtained from the Supt. of Documents, GPO, Washington 25, D.-C:,'for $2.00. The book gives the accepted scientific names, their etymology, current synoI\YDls, approved common names, other common names, range of native and naturalized American trees, and other information. It was reported last week that USDA officials either had completed or had under negotiation arrangements with 8 states for putting into effect cooperative · Federal-~ !'!!l. distribution programs. Agreements had been completed with several states and a fiiial. draft agreed upon with Texas. Under the general plan, the USDA makes funds available for transportation of hay for use by eligible tanners and ranchers in states with drought disaster areas. The states, in addition to providing funds where they are able to do so, are responsible for procuring and distributing the hay. The Department sets aside a definite sum of money for its participation with each state in the drought area. For Texas this sum is $704,000. ~ production in Texas in the first 10 months of 1953 totaled 2,351 million, compared with 2,503 million in the same months last year. Production is also oft in Louisiana and Oklahoma, while the 10-month total in New Mexico is the same as a year ago, and Arizona reports a slight increase. Mille production in Texas in October is estimated by the USDA at 253 million pounds, compared with 247 iiiI'llion a year ago. Oklahana ~roduction is placed at 136 million pounds for a gain of 10 million over October 19~. w. M. Pritchett Agricultural Econani.st
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