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Wednesday, December 15, 1954

The U. s. Department of Agriculture now estimates the 1954 cotton crop at
13,569,000 bales - up 363,000 bales from the November 1 forecast:--The larger<;rop
now expected reflects increased production in the Central States, Texas, New Mexico,
and Ariz ona .
Acreage for harvest this year in the u. s. is placed at 19,187,000 acres,
compared with 2L,34I";OOO acres last year. Yield per harvested acre at 339 pounds is
15 pounds above the previous record-high yield harvested in 1953.
December 1 cotton production estimates for states of the Eleventh Federal
Res erve District (in bales): Louisiana, 570,000; Oklahoma, 295,000; Texas, 3,920,000;
New Mexico, 310,000; and Arizona, 850,000.
Estimates of production of American-Egyptian cotton, which are included in
the f i gures above, (in bales): Texas, 10,000; New Mexico, 6,000; and Arizona, 20,000.
Each of th ese figures is around one-half last year's production.
On the basis of the December 1 estimate of cotton production, the 1954-55
suppl y of cotton (carry-over plus production) in the U.S. is nearly 23.l million
bales , the-Yargest since the 1942-43 season.
CCC cotton loan entries continue to rise weekly. Net loan entries reported
in the week ended December 3 were 201,400 bales, bringing total entries for the season
through t hat date to 1,365,200 bales.
Cotton ginned in both Texas and Oklahoma through November 30, 1954, averaged
higher in grade but shorter in staple length than that ginned during the corresponding
per iod a year ago, according to Agricultural Marketing Service reports. The grade
index of cotton ginned in Texas through November 30 was 96.9 (Middling White = 100)
and compares with 93.9 a year ago. In Oklahoma, the figure this year is 96.3 vs.
92 .7 a y ear earlier.
The average staple lengths of cotton ginned in Texas and Oklahoma through
November 30 were 30.4 thirty-seconds and 28.9 thirty-seconds, respectively. The
respective year-earlier figures were 30.8 and 29.9 thirty-seconds.
Cottonseed prices in wagon lots at gins in Texas and Oklahoma last week
averaged $58.50 and $56.50 per ton, respectively, off about 10¢ from the previous
Livestock prices on the Fort Worth market last week showed some weakness
whi ch may b e attributed to the""""'a.Pproach of the Christmas holiday period, in which
turkey and other poultry replaced red meats to some degree. The higher-quality
animals hel d fairly steady, while most of the losses were among the lower grades.
Butcher hogs closed steady; slaughter lambs were steady to 50¢ higher.
Fort Worth livestock market quotations on December 13, as reported by
A¥B : Choice slaughter steers, $22 to $23; Good, $19 to $21; COmmercial, $15 to
18 ; Utility, $12 to tl4; and Cutter grade, $10; Commercial cows, $11 to $11.50;
Medium and Good stocker and feeder steers and yearlings, $13 to $18.50; Good and
Choice slaughter calves, $15 to $20; Utility and Commercial, $10 to $14; Choice
slaughter hogs averaging 190 to 240 pounds, $18 to $18.50, mostly $18.25; Good and
Choice wooled and shorn slaughter lambs, $16 to $18; and feeder lambs, $16.

Texas broiler markets held about steady last week, although there were
periods when prices were irregular. Closing prices generally were 1¢ to 2¢ below
the previous week's close. Closing prices for broilers or fryers weighing
3 pounds: South Texas, 19¢ to 20¢; East Texas, 18¢ to 19¢; Waco-Corsicana Area,
18¢ to 19¢, mostly 19¢. These prices compare with 27¢ in all areas a year ago.
The low level of broiler prices is causing a reduction in numbers of
chicks placed on farms. The number placed on farms in Texas in the week ended
December Lwas--Y,~00 chicks, down 13% from a year earlier.
Egg production in Texas in the first 11 months of 1954 totaled 2,726
million, compared with 2,~? million in the comparable months of 1953. Increases
are reported also for Louisiana, New Mexico, and Arizona, while production in Oklahoma was off slightly.
January has been designated as 11 egg month" in the hope that this will
encourage consumers to purchase more eggs:·-Witllthe large numbers of poultry expected on farms during January, the USDA has predicted that egg supplies will reach
new record heights for the month - probably 5% larger than a year ago. Poultrymen
have planned an aggressive merchandising drive during the month to move the expected
liberal supplies of eggs into use by consumers through regular trade channels.


AMS reports that a substantial quantity of mohair was purchased in Texas
last week at 60¢ for Adult, $1 for Kid mohair, and $1.2S for surplus Kid mohair.
Bulk good French combing and staple 12-months wool sold in Texas in
original bags at a clean price estimated at $1.65, delivered to Boston.
The Texas Department of Agriculture reports that pecan prices in the
State held steady or advanced last week. Prices per pound paid to the grower
for pecans delivered to the door of buyers or shellers on Friday, December 10:
Natives, 27¢ to 30¢; Improved, 30¢ to LO¢.
Rough rice markets in Texas and Louisiana have been very quiet during
the past se"Veral weeks. Most bids on good-quality rice have ranged sharply below
the loan values, with the result that rice has moved into the loan program in
large volume.
Peanut producers in Texas and Oklahoma last week were receiving prices
varying from $20 to $80 per ton above support. General paying prices in some areas
varied from $250 to $305 per ton, according to quality, mostly around $265 to $290.
Producers of Valencia type peanuts in New Mexico received an average of around $250
per ton.
Milk production in Texas in November is estimated by the USDA at 243 million
pounds, compared with 228 million pounds a year earlier. The November output in
Oklahoma was 131 million pounds, up 2 million from a year ago. November milk production in the U. s. is estimated at a record 8.4 billion pounds, which is only a little
above the previous record for November established last year but is nearly 10% above
the 1943-52 November average.
Orange production in Texas is estimated at 2,300,000 boxes, compared with
900,000 last season. The State's grapefruit crop is placed at 3,700,000 boxes, up
from 1,200,000 a year earlier. Sharp gains i'i1Citrus production are reported also
for Arizona.
W. M. Pritchett
Agricultural Economist