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Number 261

Wednesday, December 29, 1954

Spot cotton prices advanced slightly last week, according to reports of
the U. s. Department of Agriculture. Trading was fairly active in most spot markets. Shipper demand continued good for many qualities of cotton.
The movement of cotton into the CCC loan program slackened as the holiday
period approached. Entries reported in the week ended December 17 were 124,600
bales, which brought the season's total through that date to 1,646,000 bales. Loan
repayments on 1954-crop cotton to mid-December totaled 103,400 bales, leaving loans
outstanding on 1,543,000 bales.
Agricultural Marketing Service reports that cotton harvesting in the Southwest was retarded last week by the coldest weather of the season. Light snow fell
in the northwest and northern sections of the area, while fairly good rains were reported in other sections. Scrapping was about complete in north Texas and Oklahoma.
In the Abilene area, not over 2% of the crop remains to be harvested. Harvest in
the Lubbock area was nearing completion, with many gins already closing for the
Reports from the Fort Worth livestock market last week indicate that prices
of many classes of livestock experienced some seasonal decline during the week, but
losses were not as much as might have been expected for the preholiday period.
Fed steers and yearlings were strong to 50¢ or more higher as compared with
the previous week. Butcher hogs rose $1 at the beginning of the week but declined
later to close at a top price of $18. Fat lambs advanced -.J,l to $2 per cwt., while
feeders also shared in the stronger market.
A USDA report covering livestock sales on the Fort Worth market on
Monday, December 27, shows that most Good and Choice beef steers-5'old at $20 to
.p24; Utility and Commercial, $13 to $18. Good heifers brought $18 to $21; Commercial, around $14 to $17. A few cows sold as high as $12; most Utility, around
9.50 to $10.50. Medium and Good stocker and feeder steers and yearlings brought
14 to $;19.
The calf trade in Fort Worth on Monday reflected a stronger demand, as
prices gained ~l or-more. Good and Choice slaughter offerings drew $16 to $20;
a few higher. Medium and Good stocker steer calves brought ~14 to $20.
Butcher hogs gained 50¢ to 75¢ on Monday. Choice barrows and gilts
averaging 190 to 2~ounds brought ~18 to $18.75, while Choice 270- to 300-pound
weights sold at $17.50 to $18.
Good and Choice wooled and shorn slaughter lambs moved at $18 to $19;
Cull and Utility offerings, ~.12 to $'17. Feeder lambs sold at .:12 to $16.
The 1954 u. s. pig crop totaled 92.5 million head - an increase of 13%
from 1953, according to USDA estimates released last week. The spring pig crop,
at 55.7 million head, was up 12%, and the fall crop, at 36.8 million head, was
16% larger.
The number of pigs saved in the states of the Eleventh Federal Reserve
District in 1954 and percentage changes from 1953: Louisiana, 604,000 - up 12%;
Oklahoma, 8L5,000 - up 29%; Texas, 1,576,ooo - up 33%; New Mexico, 83,000 - up
32%; and Arizona, 30,000 - down 3%.

Texas broiler markets opened about steady last week, grew steady to firm,
and closed firm, according to the Texas Department of Agriculture. Closing prices
last week: South Texas, too few to quote; East Texas, 18¢ to 19¢; Waco area, 18¢
to 19¢, mostly 18¢.
AMS reports that a substantial volume of mohair was purchased in Texas
last week at 60¢ for adult and yearling·and $1 for kid mohair, to the warehouse.
Rice markets in Texas and Louisiana during the past several weeks have
been very dull. Trading in rough rice has been practically at a standstill. Movement of rough rice into the CCC loan program has been heavy.
Harvesting of peanuts in Texas, Oklahoma, and New Mexico is practically
completed. Farmers 1 stock peanuts have been selling all the way from the support
level to C60 per ton above support.
The aggregate value of the principal crops grown in Texas in 1954 is 5%
above that in 1953, according to the Texas Annual Crop Summary-;-prepared by the
AI\f3 office in Austin. Crop production in the State is estimated at $1,306 million,
which is dl.:i 67 million above the total for 1953. A sharply increased production o:f
sorghum grain, with only a small decline in price, largely accounts for the increased valuation of 1954-crop production.
Acreage of principal crops harvested in Texas in 1954 totaled 25.6 million
acres, compared with 23.3 million-a-year earlier-and an average of about 27.0 milli
acres in the previous 10 years. A sharply increased sorghum grain acreage, moderatel
higher acreages of small grains, and slightly larger acreages of rice, commercial
vegetables, corn, and a few minor crops account for this increase. A reduction 0£'
1.2 million acres of cotton and small to moderate declines in flaxseed, sorghum fora
hay, some seeds, peanut, and potato acreages offset some of this increase.
Production in Texas in 1954 exceeded that of 1953 for each of the small
grains, rice, sorghum-grain anClsilage, alfalfa and sweet clover seed, and citrus.
Above-average crops of cotton, oats, barley, rye, rice, sorghum grain and silage,
alfalfa seed, and hairy vetch seed vere harvested. Production of deciduous fruits,
peanuts, flaxseed, and s1.r eet potatoes was very short this year.
W. M. Pritchett
Agricultural Economist