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Wednesdq, December 21 19~.3

Number 205

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,
~ 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.

u. s.

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.

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.
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.



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.

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