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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 204 Wednesday, November 25, 1953 C 0 T T 0 N The Secreta?Y ~ .Agriculture announced ~ week the acreage allotments assigned the various producing states for planting cotton in 1954. The allotments totaled 17.9 million acres compared with over 24.5 million in cultivation on July l of this year. Texas was allotted 7,376,858 acres for 1954, which can.pares with 9,572,&>o acres planted this year. The proposed 1954 allotment and the acreage in cultivation on July 1 this year, respectivel,y,for other southwestern states: Arizona, 288,223 and 741,000; Louisiana, 634,906 and 920,000; New Mexico, 167,243 and 301 1 000; and Oklahoma, 929,202 and 1,045,000. The Secretary has said that the proposed reduction in plantings is required by law, but he thinks the reduction !_! ~ sharp and, therefore, plans to ask Congress to authorize a "reasonable increasefi in the allotment before planting time. Cotton loan entries reported in the week ended November 13 were 418,600 bales, bringing the season's total to 3,392,400 bales. Domestic mill consumption of cotton per working dq in October was 35,200 bales, according to~ Bureau of the Census. This is slightly below the September rate and compares with 37,000 in October 1952. During the first 3 months of the current season about 2.3 million bales were consumed as against 2.4 million in the corresponding quarter a year ago. Cotton exports from the u.s. totaled 200 1 000 bales during September, up slightly from August but 41,000 bales less than in September 1952. IncidentallJ", the Export-l!nport Bank now offers shippers insurance against risk of loss fran war and expropriation on cotton shipped on consignment from the UcS. and stored abroad. PMA reports on the cotton situation in the Southwest last week as follows: Prices were steaey. Spot sales increased as harvest advanced. Merchant demand was moderate. Inquiries were more numerous. Purchases were smaller. Harvest made good progress with favorable weather. RICE Rice markets remained firm during the week ended November 16 with prices mostl3' unchanged, according to the Texas Depa.rt."llent of Agriculture. Trading in southern rough rice markets was limited due to the relatively small offerings. Exports of rough rice totaled 34,146 cwt. during September, the bulk of which was shipped to Canada. This is considerabl,y above the August shipment and about double exports during September 1952. Bankers and others who would like frequent rice price quotations mq receive without charge the Tri-WeekJ3 Rice Report published by the Texas Department of Agriculture, Austin 14, Texas. This report, which is mailed upon request, lists rice sales at Houston, El Campo, and other rice markets in the State. LIVESTOCK Market receipts of cattle and calves at Fort Worth and other markets ear~ last week were rather large and prices declined, but most of the loss was recovered before the end of the week. Hog prices advanced, while slaughter sheep and lambs drew steady prices. Prices of fed steers and yearlings were slight]¥ lower, probably because of some seasonal shift in consumer meat purchases to turkeys and other poultry. On Monday or this week Choice fed steers ~ yearlings brought $20.00 to $23.00 in Fort Worth, while Commercial and Good sold at $12.oo to $19.00. A few Commercial cows reached $12.00 to $13.00, most Utility $10.00 to $ll.OO. Medium and Good stocker and feeder steers and yearlings moved from $12.00 to $17.00. Good and Choice slaughter calves sold in Fort Worth Mond.ajy at $14.00 to $17.00, some Choice heavyweights to i18.oo. Medium and Good stocker steer calves turned from $13.00 to $17.00, Choice $18.oo to $18.50. ¥og E2~c2S picked up Monday. Choice 190 to 260 pounds sold at $22.00, one small t • • Choice slaughter lambs were scarce. Common to Good stocker and feeder lambs sold from $14.oo to $17.00. The number of cattle to be fed for market in Texas during the 1953-54 season is still very uncertain,saYS the BAE office in Austin. This uncertainty results largely from the complete reversal of prospects for wheat pasture that has occurred in the Plains since mid-October. The number on feed January 1 is not expected to be much below last year's level, although the November l estimate showed a substantial year-to-year decline. The cattle feeding situation in the U. s. to November 1 indicates that the volume of cattle placed on feed this feeding season will be smaller than a year earlier. The mmber of sheep ~ ~~ !:?.! fed in the U. s. for the winter and spring market is expected to be smaller than a year earlier, according to the USDA. In Texas the number of lambs on wheat pasture is expected to be larger than the low number last year. However, the number in Texas feed lots will be smaller than a year ago. POULTRY Texas broiler markets strengthened last week as demand was strong and supplies were about adequate to scarce. Prices increased 2 cents to 3 cents in leading markets. On Mond81' of this week markets continued strong with 2 1/2- to 3-pound broilers selling at 27 cents to JO cents. South Texas reported 29 to 30 cents, while east Texas and the Waco-Corsicana area reported 27 cents, at the f ann. Texas turkey markets were steac:tr last week. Supplies were adequate for the slow demand. Most processors were cleaning out previous purchases. Prices at the farm on Monday of this week for well-finished broad-breasted young tans were 27 to 29 cents, mostly 27 to 28 cents; young hens, 34 to 36 cents, mostly 35 cents. The number of chicks hatched in canmercial hatcheries in Texas during October was up 15 percent from the same month a year ago, reports the BAE. Broiler chicks canprised 88 percent of the 6.3 million chicks hatched. Prices received b7 U. s. farmers for !&S.! at mid-October averaged 53.3 cents per dozen, compared with 50.3 cents a year earlier, according to the BAE. Chicken prices (farm chickens and commercial broilers) averaged 23.3 cents per pound live weight, compared with 24.5 cents a year ago. Turkey prices averaged 33.3 cents per pound live weight, compared with last year's price of 32.9 cents. Turkeys tested in Texas for pullorum disease in October totaled 57,400, compared with 52,100 in October 1952 - an increase of 10 percent. Total turkeys tested during the months Jul3" through October reached almost 100,000, or 44 percent above the same months last year. w. M. Pritchett Agricultural Economist
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