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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 206 Wednesdq, December 91 1953 LIVESTOCK The livestock market in Fort Worth was steaey- the past week after the abbreviated runs of the previousweek, due to the holidq interruption. On Mondq of this week, Good and Choice sl~ter steers sold from $16.00 to $23.00. Fat cows were sold from $9.50 to $ll. o, some up to $12.50. Good and Choice fat CiiiVes cleared at $14.00 to $19.00, some higher. Good and Choice stocker calves drew $14.00 to $19.00. Butcher hofs were up .50 cents fran Fridq's price and topped at $24.,50. Good and Choice tat ambs sold from $17.00 to $19.00. Canm.ercial cattle slaughter in Texas in the first 10 months of i9.53 totaled 1,367,000 head, compared with 954,ooo a year earlier, according to the USDA. Slaughter of calves totaled 1,061,000 head as against 683,000 in the comparable period of 1952. Sharp increases were reported also for Arizona, Louisiana, New Mexico, and Oklahoma. Livestock slaughter in the u. s. for the first 10 months gained over the same period in 1952, according-:ro-ihe USDA. Cattle slaughter was up 32 percent; calf slaughter increased 33 percentJ sheep and lamb slaughter was up 16 percent. Hog slaughter changed the pace, however, with a decrease of 13 percent from the same period a year earlier. ~ ~ production in camnercial plants in the u. s. in October this year was 8 percent more than in October 1952. Production during the 10-month period January through October was 9 percent more than during the corresponding period a year ago. Weekly reports to November 28 indicate that meat production continued above year-ago levelso In Texas, camnercial meat production totaled 126,466,000 pounds in October, up 21 percent f'ran a year ago. Mare cattle and calves, but fewer hogs, sheep, and lambs, were slaughtered during October than in the same month a year ago. The Texas Department of Agriculture reports that marketings of goats in San Antonio last week were 42 percent larger than the previous week. The demand was fair to good, and the available supply sold around stead;y. POULTRY Demand for turkeys in areas where the supp:Qr was short forced the price ot hens up to 38 cents last week. Broad-breasted well-finished young tans sold from 28 cents to 30 cents on Mondq of this week. The market was quiet on Mondq of this week, with demands light to fair. Texas broiler markets were relatively quiet last week. Prices on broilers and fryers remained at 27 cents through last week, as well as on Mond~ of this week. During the week ended November 28 1 there were 1,.542,000 chicks placed on Texas farms. This was 8 percent more than the previous week and 11 percent more than the corresponding week a year earlier. COTTON The Department or Agriculture reports indicated 19.53 cotton production would be the fourth largest on record. The December 1 forecast is 16,437,000 bales, 344,000 above the November 1 official forecast. The forecast was 161 093,000 bales a month ago and 15,139, 000 a year ago. The 10-year (1942-51) average production was 12,215,000 bales. Yield per acre in the U. s. as of December l was 322 pounds versus 325 pounds forecast last month and 281 in 19520 The Census Bureau announced that ginnings f!:!!!! the current U. S. cotton crop prior to December 1 totaled 14,323,045 bales, compared with 13,420,073 to the same date last year. Indicated production for Texas as of December l is 4,350,000 bales, compared with 4,150,000 as of November l and 3 1 808,000 in 1952. Arizona production is indicated at 998,000 bales versus 990,000 on November l and 948,ooo a year ago. Louisiana shows a production estimate of 815,000 bales, compared with 790,000 on the same date last month and 756,000 in 1952. New Mexico is indicated at 330,000 versus 335,000 on November 1 and 330,000 a year-earlier. Oklahoma production is indicated at 445,000 bales as against 440,000 on November 1 and 264,000 in 1952. Spot cotton prices held relative~ stead;}r during last week, according to the Department of Agriculture. Farmers were still withholding a good proportion of their current ginnings from the market. CCC loan entries reported in the week ended November 27 totaled 357,700 bales, compa:ra'd'"Wrth 418,700 in the previous week. Reports for loan entries for the season through November showed 4,168,000 bales. The 1948-49 period was the only comparable "loan year" in the postwar period, according to the AMS. Cottonseed prices in wagon ~ lots at gins in Texas averaged $53.10 per ton last week. Oklahoma prices averaged'l49:'4o per ton last week, compared with $49.20 a week earlier. Year-ago prices were $72.30 per ton in Texas and $70.40 in Oklahoma, according to the Department of Agriculture. Cottonseed oil ~ soybean oil market prices remained close to the announced CCC minimum domestic sales level during November. Demand for edible oils has been good, and conL~ercial supplies have been limited. The USDA 1 s quality report shows that cotton ginned!!! Texas through November 13 was lower in grade and longer in staple length than that ginned during the same period a year ago. Upland cotton ginned in Texas through November 13 was 2,772,382 bales, compared with 2,946,326 to the same date last year. Acreage allotments for extra long sta~le cotton have been proclaimed for the first time. The national allotment of I,2 1 acres was announced October 9. State allotment for Texas is 14,259 acres. Arizona has been allotted 16,271 acres and New Mexico, 7,144 acres. 4 MISCELLANEOUS Good French Canbing and 12-months Texas wools in original bags sold last week around 81.82, and Average-:rc;' Good French Combing sold at $1.77 to $1.80 1 clean basis, according to the USDA. Mohair sold last week at 73 cents for Adult and $1.10 for Kid. The Texas Department of Agriculture reported on Friday that the rough ~ market showed increased activity, with mills more competitive in the bidding for the remaining supply of the crop. Harvest was completed, although sane second cuttings are still in operation. The American Rice Growers Association quoted prices .2f rough ~ for the middle of November at $5.28 per cwt., which is 80 cents below a year ago but 40 cents above November 1951. The AMS reported that the index of prices received El_ farmers at 249 percent of its 1910-14 average on November 1,-Was 1 point lower than a month earlier. W. M. Pritchett Agricultural Economist
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