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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Wednesdq, December 21 19~.3 Number 205 FARM INCOME Department of AgricUiture released last week its estimates of ~ ~ income by states in September. .2!!!! receipts ~tam marketings in the five states of the Eleventh Federal Reserve District - Arizona, New Mexico, LOuisiana, Texas, allci Okiahoma - in September totaled #350 million, compared with $451 million a year earlier. During the first 9 months of 1953, fann.ers in these states received $2,145 million from sale of fanu commodities, or 15 percent less than during the same months last year. Receipts from sale of livestock and livestock products and from sale of crops were down 14 percent and 16 percent, respective:cy. ~ receipts from _!!!!! marketings in Texas in September totaled $209 million, versus $259 million a year earlier. During the first 9 months of 1953 Texas fanners received $1,166 million fran sale of farm camnodities, or 18 percent less than in the first three quarters of 1952. Cash receipts frm farm marketings in other states ,!?!: :!!!!!. District in the first three quarters of lm-and percentage changes from a year earlier: Louisiana $199 million, down 20 percent; Oklahana $417 million, down 16 percent; New Mexico $106 million, off l percent; and Arizona $258 million, up 3 percent. u. s. farmers received slight~ under $25 billion from marketings in the first 10 months of 1953, or 5 percent less than in the same period ot 1952. Lower prices this year are on:cy- part].y offset by increased marketings. Actual fann production this year is not expected to quite equal last year's production, but liquidation of livestock and large cariy-over or farm camnodities on farms last January 1 for sale this year are expected to result in an increase in sales of !arm camnodities in 1953. The u. s. COTTON Prices ~ Middling 15/16-fuch cotton in the ten spot markets advanced slight'.4r last week but still average below loan levels. CCC loan entries continue at near-record volume. Entries reported for the season through November 20 totaled more than 3.8 million bales. Cotton ginned in the u. s. through November 14 totaled 12.4 million bales, or 78 percent of theestimated crop• G!nn1 ngs in Texas to November J.4 were 2.8 million bales, which is well below the almost).o million bales to the same date last year, despite a larger crop in 1953. Ginnings in New Mexico and Louisiana also are well behind year-earlier figures, while ginnings in Arizona and Oklahana show substantial gains fran a year ago. The proportion of Strict Middling in u. s. ginnings to mid-November this sea.eon was larger than for 8.tJT corresponding period in the postwar years, according to Agricultural Marketing Service (former'.cy- PMA)o Middling and Strict Lov Middling comprised slight~ smaller proportions of the total than a year ago, but the proportion of Low Middling and lower White grades was relative'.q' larger than a year earlier. The average staple le~ of up~ cotton ginned prior to November 14 was the longest for this period since 19 o. AMS reports that cottonseed J?rices ~ wagon ~ ~ at the gins in Texas last week averaged $5J.10 per ton, unchanged fran the previous week. The year-ago average was $72.50 per ton. GRAINS Speculation and rumor concerning .!':!!! !!!.! farm program being prepared for presentation to Congress next year caused grain markets to weaken last week and earq this week. In Chicago, wheat, corn., and oats suffered losses. On the Fort Worth grain market No. 1 hard wheat closed Monday at a top price ot $2.66 3/4'i)er bushel., carload basis, erasing gains of 3 cents to 4 cents made earlier last month. No. 2 White oats sold at a top price of $1.02 1/2 per bushel, while No. 2 Yellow com brought $1.82 per bushel. Sorghum grain sold at $2. 70 to $2. 75 per cwt., 6 cents under a month ago. Trading in southern rice markets has been slow with very little rice offered tor sale. LIVESTOCK The Thanksgiving holid8'Y caused a decline in livestock marketings last week and prices or m.ost classes either held steady or advanced. Slaughter calves advanced $1.00 to $1.50. Stockers and feeders were active with prices up 50 cents to $1.00. Cows were most'.cy' 50 cents higher, while fed steers and yearlings were mostl3 steaqy. The continued improvement in grazing conditions in the Southwest, plus the strong demand for meat, is credited with these gains. Butcher hogs gained $1.00 in Fort Worth and closed at a top of $22.75. Slaughter lambs drew strong to $0 cents higher prices, while breeding sheep were in good demand. WOOL AND MOHAIR AMS reports that business in the Boston wool market last week was ~ractici!!t at a standstill dUe part~ tothe 'l'hinksgIVing hol!Qii but prliiiari:cy- ue to of &lsiness. '.Rarket prices remained unchanged. Original bag 12-months Texas wool Average to Good French Caubing length was reported sold last week at $1.80 per pound, while Good French Combing and Staple 12 months in original bags brought around $1.85. About a quarter million pounds of mohair was sold last week in Texas at 73 cents tor Adult and $1.10 for Kid mohair, which included the third shearing. Surplus Kid brought $1.75 F.O.B. c POULTRY Texas broiler markets were sanewhat quiet last week as turkeys held the spotlight around Thanksgiving. Trading was light and prices about held steaey. The week's closing prices were mostly 27 cents to 28 cents per pound. As most of the b'lJ1'ing in connection with the Thanksgiving holiday had been made previousq, the !,!:!! market f2!: turkeys was also quiet last week. The Texas Department of Agriculture reported that there was s<lll9 blJ1'1ng of turkeys for future deliver.r at undetermined prices. WeekJ¥ placements of broiler chicks on Texas tarms have been rising steadiq since September In i)reparation tor the post-Christmas markets. In the week ended November 21 broiler chicle placements on farms in this state were 1 1 429,0001 the largest since June. W. M. Pritchett Agricultural Econanist
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