View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Number 28
·· .. ..
Federal Reserve Bank of Dallas.

Wednesday, July" 12,·1950

C ,0 .T T.. ,,Q·.N

The acreage of cotton in cultivati_on in .Texas '" on July_ 1 was estimated by
the BAE at 7.2 million acres - 3h percent below tha:t of the same date last y~ar, while
the u. s. cultivated cotton ~ge was estimated at slightly over 19 million acres 31 percent under a year earlier.
· ·
The BAE reports that the number of boll weevils emerging' this spring was
"the heaviest of record." Infestation of plants and early squar~s was very h~avy but
intensive and widespread poisoning was started earlier than ever.
Spot cotton EEices have .advanced sharply in.response to . the BAE report of a
smaller-than-expected· ac·reage of cott:on.· )fiddling 15/16 inch staple aver·aged 36. 86
cents per pound in the 10·ed markets on Tuesday, July 11, which compares with
31.i.18 cents on July 3. This represents an increase :of about ~p l3.40 per bale within
one week.

. . .. . _ . -·


The USDA now. predicts · that ;cotton. exports for this season 'Will exceed 5·. 5
million bales due to heavy EGA buying-•
. · Recent EGA- authorizations for purchase of u. s. cotton include $11. 7 ·million
to Germany,· $-800 thousand to Greece, and $li500 thous.a:r:id t9 Denmark.
. · .
Loan repayments for the week end~d June 2·.9 ·totaled 133., 300 bales, vs. 37, 700
bales the preVi'OUSW-eek-~ Repayments for the season through (.Tune 29 amounted to almost
2 million bales, leaving ~.2 million ba~es und~r C~C ioan on that date.
-W il ·E·A T
total 19~0 wheat prod~ctIOn - b9th winter and spring- crops - was ·
estimated by the USDA on July 1 at 95~tlllion . bushels - up over 12 million bushels

u. s.

from .the June forecast.
Stocks of old-crop wheat on u. s. farms .on July 1 were estimated at 64.7
million bushels, vs. 67.2 million bushels a year ago.
The USDA July 1 estimate of the Te~~ winter wheat cro_.E was placed at 21.6
million bushels - down more than 3 million bushela from a month earlier. "This is the
smallest crop since 1936 and compares with 102.8 million bushels harvested ' last year-.
Wheat· prices on the Fort Worth Grain and Cotton Exchange have made little
net change thepast week. On Tuesday, July 11, No. 1 hard wheat sold for a
top price of $2, 44 per qushel, ~r · 1/4 ceD:t be.low the top price on ~u~y . 3•.

0 'A T


Stocks of oats on U. s. farms on July 1 were estimated at 191 million
bushels, vs~ 271 million bushels a year ago. ·
Farm prices of 1950-crop oats will be supported at a national average of
71 cents per bus1;01, which compares with 69 cents for the 1949 crop.
Prices of oats in Fort Worth have made no change since the July h holiday.
No. 2 red oats.are holding at a top price .of 95 cents per bushel.
Stocks of corn ·on U. s. fanns on July 1 totaled 1.1 billion bushels, vs.
l. 3 billion bushels a year ago·.
It is reported officially that farmers largely ignored the USDA's corn
acreage allotment program and, according to July 1 conditions, will produce nearly··
half a-billion bushels more than the Federal goal for 1950.
The 1950 Texas~ ~E. is estimated by the BAE at 65.7 ~illion bushels
from 3.1 million acres, or 21 bushels per acre.
Corn prices on the Fort Worth market strengthened during the past ~~ek.

Number 28

_ _ _ _ _w_e_d_nesday, July 12, 195Q.
. Page 2

On Tuesday, July 11, No. 2 yellow ~ brought a top price of $1.80 per bushel, compared with $1.78-1/2 on July 3. No. 2 white~ sold as high as $2.38 per bushel,
vs. $2. 21 on Morn~ay of last week.
Barley pric~ in Fort Worth on Tuesday of this ·week ranged as high as $1. 35
per bushel, compared with a top price of $1.28 two weeks ago 0
· Farm prices of 1950-crop barley -will be supported at a national average of
$1.10 per bushel, vs. $1.09 per bushel for the 1949 crop.
Prices of grain sorghtuns on the Fort Worth Grain and Cotton Exchange are
strengthening gradually :-oil'Tuesday of this week, No. 2 yellow mile sold as high as
$2.25 per cwt., vs. $2.09 tvvo weeks earlier.
Farm Eri~ !or 1950-crop grai~ ~ghums will be supp~tod at a national
average of Jl:-8'7 per cwt,, vs. $2. 09 for the J.949Crop.

1 I VE S T 0 C K



Prices of hogs-rose sharply in Fort""Worth early this week, reaching $24.25
per c·wt. on Tuesday. This is the highest price paid since Nove;Inber 191..i.Bt.
Cattle. Eric~ in Fort Worth generally are holding strong, with top prices
this· week equal to the highest levels reported this year. Top prices: slaughter
steers, $31.00; heifers, $30.00; cows, $23.00; and calves, $30.00 per cwt.
Spring lambs on Tuesday brought a top price of $27. 50, 1'Vhich compares with
$2?. 00 two weeks ago:. ·
Receipts of cattle, calves, and hogs at Fort Worth during June were slightly
higher than in the same month last year; receipts of sheep and lambs were lower.
u. s. commercial meat production in the first half of 1950 ~~s slightly
larger than in the same period last year. Production in the third quarter is expected
to eqlial that for the corresponding period last year, but the fourth quarter may bring
a substantial increase in meat supplies over last year as more beef and pork are in
----Activity in the wool market was seasonally quiet the past week except for

contracting--Or-f~ -II

mohair and the purchase of a large volume of wool in Texas, according to the PlifiA.
Contracting of fall mohair was reported in the Del Rio Section at 84-1/2
cents per pound, f.o.b. The last sale of spring clipped mohair in Texas-a week earlier
brought 83 cents per pound for adult. and $1,08 for kid hair.
Purchases of a large volume of wool in Texas the past ~~ek were made at a
grease price of'"bbt'o 75 cents per pound, which is substantially above the CCC support

MI S C E L L A N E 0 U S


The total acreage of crops in the u. S. in 19)0. is about 13 million acres
less than in 1949 and--r-million acres below 19~ says the USDA. The Government this
year sought to withdraw 30 million acres from the principal farm crops.
The BAE reports that 90 percent or mor~ of the Nation's 1950 wheat and
rice crops, 75 percent of the barley, flaxseed a~d rye crops, and 60 percent of the
oat crop will be i1arvested with combines.
The current issue of Agricultural Finance Review says that the farm mortgage debt in the u. s. 0:1 January 1, 19)0, totaled ~5. 4 billion - 6 percent greater
than a year earlier and 16 percent above that at the begi.nning of 1946, when it was
at a 34-year low point.
W. M. Pritchett
Agricultural Economist