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___ _____ ., AGRICULTURAL NEWS OF THE WEEK Number · 29 Wednesday, July 19, 1950 Federal Reserve Bank of Dallas C0 TT0 N On Monday of this week, spot cotton priCes reached the highest level since 1947. Middling 15/16 inch staple averaged 38.73 cents per pound in the 10 designated markets, 1~1ich compares with 36.18 cents a week earlier. Prices were off 135 points on Tuesday, however,. declining in response to a report that the Government wa·s framing a new sales program for cotton it holds under the price support program. The PMA announced this week that CCC loans on 1949-crop cotton will be carried until Septe~ber 30, instead of being closed on July 1. This 'Will give farmers 2 more ~months Tn--which.. to redeem their loans and sell their . cotton in the open market, or to dispose of their equities. · Cotton textiles of practically every description were withdrawn .from sale on Monday of this week, according to the PMA~ · ~ost man~acturers and distributors of cotton goods were out of the market and·awaiting stabilization in cotton prices. The acreage of American Egyptian cotton in cultivation in the u. s. on July l is estimated at 110, 500 acres, near1y 20 times larger i;.ha.n last year's 5, 600 acres and practically double the recent 10-year ·average. ,Continued showers in some local areas' of Texas have. been favorable for the increase of cotton pests, according to a survey of the Texas .Agricultural Experiment StC3:tion. The agency reports that there are no substantial stocks of insecticides av:ailable anywhere in the cotton belt.· Shortage's are likely· to deyelop in ·many areas in the near future, it was predicted. . ·v't H E A T ·wheat prices on the Fort Worth Grain and Cotton Exchange have been rising irregularly since mid-June. On Tuesdc;iy~ July ~8, No. ·l . hard wheat sold for a top price Qf $2.48 per bushel - 5· cents over ·a week earlier ~nd 14 cents above a month ago. The USDA has announced 1951 acreage allotments totaling 72.8 million acres, the same as . the final allotment forl9SO. The Department 'said the new allotment should produce a crop of 1,150 million bushels, wl1ich compares Yvith the 1950 crop of 957 million bushels. · ·· The U. s. Department of Commerce has ·~uthorized a shipment of 100,000 metric tons of wheat from the ~T. s. to Brazil. The action was taken to tide Brazil over a temporary shortage caused by delaySin wheat shipments from Argentina, ·which are the result of strikes at Argentine ports. C 0 R N Corn prices on the Fort Worth market rose Tuesday to a level above V\heat prices. The top price paid for No. 2 white corn .was ~2.52 per bushel, which compares with $2.48 for wheat. This same grade of corn brought a top price of only t'.p2. 21 per bushel a month ago and ~1.62 in early February. On the same date, No. 2 yellow corn brought a top price of ~1.82 per bushel. After steadily declining since 1942 and falling to the lowest J.evel since 1879, corn acreage in Texas this year is estimated at 3,130,000 acres - 21 percent above last year's acrc1.8e• Production is estimated at 65.7 million bushels, or 13 percent above last year's crop. A total of 65.million acres of corn, or 77 percent of the total 1950 u. s. acreage, was planted vvith ~ybrid ~ed. The use of hybrid seed began in 1933. GRAINS of oats on the Fort Worth market have made only minor changes for 0 T H E R ~~~ Wednesday, July 19, 1950 ~Page 2 AGRICULTUHAL NEWS OF THE WEEK Number 29 several weeks. On Tuesday of this week, the top price for No. 2 red oats was 92 cents per bushel, compared with 94 cents a week earlier. Oat production in Texas in 1950 is estimated at 31 million bushels - 9 percent under last year's crop, despite a larger acreage harvested. Barley prices advanced 5 cents this week - to a top price of Cl.40 per bushel for No.-2 grain~ Barley production in Texas this year is estimated at almost 1.8 million bushels - much below last year 1 crop. Fort Worth prices for grain sorghums have been rising since late June and are . now hjeher than they-Were a yea;-ago. For the past several marketing . days, No. 2 yellow milo has brought a top price of $2. 30 per cwt. - 16 cents above a month earlier. The acreage of £ain sorghums in Texas is estimated at almost 7 million acres ... 41 percent over last year:The Texas rice crop is estimated at over 9.8 million bags (100 pounds), which compares with lastYear's large crop of 10.2 million bags. s L I VE S T 0 C K Livestock prices on the F'ort Yiorth markethave made only minor changes during the past week. On Tuesday, July 18, hogs brought a top price of $24.00 per cwt. 25 cents under a week earlier. Prices of slaughter cattle remained virtually unchanged during the past week, except for an advance of°"ll:OO per cwt. for cows. Top priQes: steers, $31.00; cows, $24,00; heifers, $30.00; and calves, $30.00. Spring lambs brought ~28.oo per cwt. on Tuesday of this ~~ek - 50 cents above . a week earlier:--shorn ~ aro bringi;ng from $10.50 to $12~50 per cwt. WOOL AND MOHAIR Only a small arnount of business is reported in the Boston v:ool market but potential demand is considered large. Expansion in the armed forces willcause an additional drain on wool supplies. Wool growers and dealers who still hold wool are not very anxious to sell as they expect higher prices later, The USDA has announced a 1950 mohair price support prog~am at an average price of 49.1 cents per pound, vvhich is 74 percent of the March 15 parity price. The Agricultural Act of 1949 requires price support for mohair at 60 to 90.pcrccnt of parity, P 0 U L T R. Y A N D E G G S After remaining more""""O'r-re5S' steady for several weeks, prices paid by Dallas wholesalers to farmers and other producers for poultry and eggs have made some advances during the past few days. On Tuesday, July 18, fryers brought ~rom 28 to 30 cents per pound - up 3 cents from a week ago. Hens weighing 3 to 4 pounds brought 15 cents per pound - up 2 cents, Prices paid for eggs rose Tuesday for the first time this month. Candled No. 1 mixed eggs brought 33-173-cents per dozen, vs. JO cents per dozen a week earlier. Candled No, 2 mixed eggs remained unchanged at 20 cents, but No. l white infertile eggs rose to 36-2/3 cents per dozen - up from 35 cents a week ago. MI S C E L L A N E 0 U S The USDA a.nnounccd a price support program for 1950-crop hay, pasture, and range grass seed, designed to-encourage increased production to meet expanding requirements for soil conservi11g crops during the next few years. Rates of pay for h~red farm workers in the u. S. on July 1 averaged about the same asayear-earlier, the BAE reported. .... w. M. Pritchett Agricultural Economist
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