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AGRICULTURAL NE1NS OF THE WEEK Number 30 Federal Reserve Bank of Dallas Wednesday, Jull 26, 1950 C 0 T T o· N Cotton prices have fluctuatecr-the past week at very high levels although somewhat below theseason's peak reached 0!1July17. ·Middling 15/16 inch staple cotton averaged 38.34 cents per pound in the 10 designated markets on Tuesday of this week, which compares with JB.73 cents on the 17th and a postwar high of 39.35 cents reach~d in mid-July 1947. . -CCC loan repayments were reported on 215,700 bales for the week ended July 13. Total repayments reported to CCC through that date amounted to 2.4 million bales, or two-thirds of the 1949-crop cotton placed under loan. Offers to purchase 1948-crop E£.~led ~~ will now be accepted by the CCC on an every-other-day basis, according to the PMA. There are approJd.mately J.3 million bales of 1948-crop pooled cotton available for sale. Domestic mills consumed a total of 841,000 bales of cotton in the 5-week period ended July 1, 1950, according to the Bureau of Census. During the Aw~ust-June period this season, mills consumed almost 8.3· million bales as compared with 7.3 million in the same 11 months last season. Demand for cotton textiles continued strong last week, according to the PMA. Many mills re-entered the market the early part of the week, and goods were offered for sale at price levels considerably above the previous week's quotations. WHEAT The slow and irregular advance in wheat pric!§. on the Fort Worth Grain and Cotton Exchange continued the past week. On Tuesday, July 25, No, 1 hard wheat sold for a top price of $2 • .53-1/2 per bushel, compared with $2.48 per bushel a week earlier and $2.34 a month ago. July 1949-June 1950 expor~ of wheat and wheat products from the U. s. totaled 299 million bushels of grain equivalent - 202 million bushels below exports for the same period in 1948-49. Ace ording to the Chicago Board of Trade, the visible supply of \\heat in the U. s. as of July 22 was 183 million bushels, vs. 169 milIT'Orlayear ago. The President has recommended to the CCC that it sell its surplus stocks of wheat at the cur.rent support level to prevent undue speculative price advances. c 0 RN The sharp advance in corn pri~es in Fort Worth contin~ed last week and early this week. On Tuesday, July 25, No~ ~rte corn sold for a top price of ~2.70 per bushel, vs. $2.52 a week earlier and $2.21 a month ago. · No, 2 yell$w corn sold on Tuesday of this week .for a top price of $1.84-1/4 per bushel - up from · 1. 82 a week earlier and $1. 75 a month ago. ·· .. The visible supply of corn in the U. s. on July 22 was estimated at 37 million bushels, vs. 7 million on the same date last year. ' 0 THER GR A I N S Prices of other grains on the Fort Vorth market made fractional to moderate gains during the past week. On Tuesday, July 25, No. 2 barley brought a top price of $1.42 per · bushel, up 2 cents for the week and 15 ~ents for the previous month. No. 2 ~ ~ sold Tuesday as high as 94 cents per bushel - up 2 cents from a week earlier but the same as two weeks ago. Prices of gr, ~.n.sorghums have risen 5 cents during the past week, or to $2.35 per cv;t. top price. AGRICULTURAL Number 30 NE1.~s. .OF THE WEEK Wedn~sday, July 26, 1950 -------·~--------...-.----....--------------·--~;:;.;..~~~age 2 L I VE S T 0 C K Prices paid for livestock on the Fort Worth market have made only minor net changes during the p·a st vreek. Hogs sold on Tuesday, July 25, for a top price of $24. 00 per cwt., the same as a vreek earlier. · Top prices of sla~ghter.s~~~' ($30.50), heif~~' ($30.0Q), and feede~ and stocker st~, ($30.00), remained unchanged during the past week. Tuesday's top price for ~ was $23.00 per cwt. - off $il.OO from a week earlier. Slaughter calves, at .$30.5Q, were up 50 cents per cwt. Lamb prices advanced to ~~29,00 per cwt. - the ~ighest price since early June. · · . There v~re 3h percent more cattle on feed for market in the 11 Corn Belt States on July 1 this year than a year ago, according to tho BAE. While estimates of the number of cattle on feed had not been made for all states, indications point to an increase of nearly one-half million head. W 0 0 L. A N D M 0 H A I R Wool prices advanced"Chiring the past week in the Southwest range country and at Boston, accorcing to the PMA. Some 12-month wool sold in Texas at an estimated ·clean cost of $1.75 to $1.85 per pound, delivered to Boston. In Boston a good volume of all grade fleece, Texas and terri~ory wool sales, saw prices rise about 5 cents per clean pound. Stocks of mohair in the ·south·west and at Boston are practically sold out. Some for~ign _mohair has been imported and other purchases are due to arrive shortly. POULTRY AND EGGS Prices paid by Dallas wholesalers tofarmers and other producers for poultry and eggs have remained steady during the past week. . · Comm ·.: cial hatcheries in Texas produced 3. 8 million chicks during June 14 percent less than the June hatch ay.Gar ago. Broiler chick ·output was up 30 percent over a y~ar ago and accounted for nearly three-fourths of the total hatch. U. s. hatcheriAs reporting turkey operations during June showed 16 percent less _poults hatched than in June 1949.t Turkey hatcheries reporting for the 5 months February-June ha tchcd 3 perc~nt more poul ts than in those months hst year. 1 MI S C E 1 L A N E 0 U S U. s. consumers can have more sugar in !9":S0-than they have used in any s1ngle previous year; according to the U. s. Cuban Sugar Council. Sufficient reserve stocks are available in Cuba to raise the .total from all sources of supply to abcut 8. 3 millio.n tons, or considerably above last year's consumption, Supplies of food available to civilians in the U. S. are expected to continue at about the same high level as in the past tvo years, according to the BAE. Even if the Korean situation results . in. some increase in military procurement of food in the corning months, supplies avai'lable for civilians will not be, noticeably affected. Representative Pace of Georgia, an ad.ministration farm leader, said this week that the E!?_tato pr·.::£ suppo9}· prog~ will expire i'li th the 195? ~rop. Congress has authorized support for the 1 1 crop under the condition that rigid marketing controls are in effect, but Congress has not provided the Agriculture Department with authority to set up those controls. Mr. Pace indicated that nuch authority ·will not be authorized by Congress. w. M. Pritchett Agricultural Economist
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