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AGRICULTURAL NEW FEDERAL RESERVE BANK Number :33 OF THE WEEK OF DALLAS r,lednesday, June 16, 19.54 C 0 T T 0 The minor chanees that have occurred in spot cotton prices during the past week were pointed downward. Cn jwnday, June ~iii.ddJ.ing 15/16-inch cotton on the 10 spot markets averaged 3Li .14¢ per pound, a few points below a week ago. The Agricultural lfarketing S rvice office in Dallas reports that inquiries from dcmestic mills last week continued fairly numerous for both old-and new-c.cop cotton. l·ill buyinv of cotton for sununer delivery increased in volume. llost shippers "vere said to be offering less freelv at the basis mills were willing to f y for cotton for fall and winter delivery. Inquiries frcm foreign sources continued rather numerous. CCC loan repayments continue in substantial volume. In the week ended June 4, loan repayments covered 7.5,700 bales, bringing the season's total thus far to 1.4 million bales. Over 5.4 million bales of 1953-crop cotton remained under loan. The Secretary of Agriculture has announced that there will be no cottcn export subsidy on cotton during the 1954-55 marketing season. 11 Today, with forei~n cotton substantially in lin pric -wise with our own cotton," the oecretary said, 11 tt:cro would appear to be every reason to continue during the 1954-55 season the same export policy we adopted last year, and Je propose to do so." It was announced last week that the Foreign Operations dministration had issued a cotton purchase authorization of . 12 million to the United Kingdom, with the contracting period runnj_ng frcrn June 14 to November JO, 1954. GRAI1 S The USDA announced last week its June 1 esti111ates of winter wheat production this season. The Texas wheat crop is estimated at 31,224,000 bush~1s:; reflecting a sharp gain over earlier forecasts. This estimate compares with a crop oJ 23,035,000 bushels in 19.53 and a 1943-.52 average of .57,221,000 bushels. Yield per acre is 12.0 bushels, slightly above average. The Texas wheat crop made remarkable recovery during May, says the USDA; moisture generally was ample. As soils dried, wheat combining started in scattered areas during the latter part of lay and much acreage in the Low Plains, Cross Timbers, and north Texas was ready for ccmbining by the first week in June. Winter wheat production estimates for other states of this District are: Oklahoma, 66,o5~,0501)ushels; New Mexico, 410,000 bushels; and Arizona, S46,000 bushels. Each of these estimates is slightly below 19S3 harvests. The U. ~· winter wheat crop is forecast at about 740 million bushels, compared with ff78 million last year and a 10-year average of 833 million. Yield per acre is estimated at 19.6 bushels, the second highest on record. Rye production in Texas t 11is year is forecast at 2.55, 000 bushels, down 60,000 bushels frcm ast year but welJ above average. Oklahoma has a bumrer. cr_cp of 756,000 bushels. The USDA has announc ed t hat t hrough May 15 a t otal of 406.3 million bushels of 1953-crop ~ had been placed under CCC price support, which compares with 344.6 million for the previous crop. Texas and Louisiana rough r ice markets are virtually inactive. ileanwhile, the new rice crop is reported-rc;-be making good progress, with moisture conditions generally satisfactory. L I VE S T 0 CK The Agricultural Marketing Service office in Fort Worth, reporting on the local market, gives the following livestock price quotations ·for Monday, June 14: Good and Choice slaughter steers and yearlings $18.50 to ~23.00, Utility and Ccmmercial ~12.00 to ~17.50; Utility cows ~11.00 to ~12.50 , Commercial ~13.50 to ~)14.00; Medium and Good stockers and feeders , ,1 3.00 to ~18 . 50 ; Good and Choice slaughter calves ~16.50 to ~20.50, Medium and Good stocker steer calves ~13.00 to ~:>20.00; Choice 190-240-pound butcher hogs $24.50 and ~ 24.75, Choice 250 to JOO pounds $22.00 to ~i24.25; Good and Choice spring lambs ')21.00 and ~22.00, Utility and Good grades mixed :1~19.00 to ~ 20.00; Utility and Good shorn lambs and yearlings $13.50 to ~:a5.oo. The USDA reports that the Bluestem-Osage pastures of Kansas and Oklahoma received 26 percent less cattle during the 1954 spring season than in the spring of 1953. However, the pastures are well stocked with a near-record number of cattle and calves, reflecting the heavy receipts prior to the spring season. Cattle slaughter in commercial plants in Texas is running well ahead of a year ago. In the first 4 months of 1954 there were 515,000 head slaughtered~ compared with 438,000 a year earlier. Calf slaughter numbered 317,000 head, as against 266,000 last year. WOOL Average weekly consumption of apparel wools, shorn and pulled, by domestic mills in March was slightly above 4.9 million pounds, about the same as in February but far below the 7.5 million pounds of March 1953. It is reported by AMS that about 7 cars of original bag 12-months Texas wool, bulk Good French Combing and staple, sold last week at ~l.80~o $1.81, clean basis. A small quantity of greasy Texas fall wool brought 69¢ r;e r pc'l:.nd. A recent large sale of graded wool from Sonora, Texas, was estimated to have cost as follows: Fine staple, $1.90; Fine French, : ·1.80; and original bag 12 months, $1.80, delivered to Boston. P 0 U. L T R Y A N D E G G S Texas broiler markets firmed this week, after showing considerable weakness last week. On Monday, June 14, broilers or fryers weighing 2~ to 3 pounds brought 24¢ to 25¢ per pound, according to the Texas State Department of Agriculture• Egg production in Louisiana, Texas, New Mexico, and Arizona in May was above a year-ago, while Oklahoma reports a slight decline. For the first 5 months of 1954, egg production in Texas totaled 1,381 million eggs, up 63 million from last year. Five-month totals for other District states and changes from a year earlier (all in millions): Louisiana 197, up 12; Oklahoma 505, down 8; New Mexico 61, up 4; and Ari~ona 41, up 1. w. M. Pritchett Agricultural Economist
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