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AGRICULTURAL 'NE?rs OF THE Number 47 w~EK Wednesday, N.ovem'be:r . 22, 19~.Q. Federal Reserve Bank of Dallas C 0 T'T 0 N Spot cotton prices continue to reach -ne·w record-high levels. On Monday, November 20, Middling 1::5/16-inch cotton averaged hJt-87 cents per pound in the 10 designated markets, compared with 42.35 cents a week earlier and 39.00 cents a month ago. The markets on Tuesday ·averai:.;ed 25 points lm•.rer. Trading in the South1estern spot cotton markets was fairly brisk during the past vreek, according to the PMA. Inquiries .from domestic and export users continued moderately numerous. There · 1.~as a good ·demand for the lower· vvhi te ·£Srades, offerings of 1Nhich were very small in volume. V,reather conditions in the Southwest the past week generally were ideal for harvest of cotton. The cotton crop in the I.ow Rolling Plains was about 80 percent harvested at the close of last wee~c, while the erop on the southern· section of the High Plains area was only about 35 percent · harvested. St0cks of cotton in mills increased durj ng Octobe-" and at the end of the month totaled about 1. 5 miliion bales, vs. 1. 3 mil.lion a month earlier and 1.1 million a year ago, l~nd-of-October stocks were the. eauivc;i1ent .of over 1-1/2 months' supply at the Octohe~· rate of consumption. During the first three nonths of the current season, August-October, mill consumption of cotton in the U.S. totaled 2. 6 millio.n bales, vs. 2 .1 million in the same three months of 19h9. The three months' consumption was at an annual rate of 10.1+ million bales, vs·. less than 9 million consumed during the 12 months ended July 31, 19.SO. Wagon lot prices of cottonseed in Texas and Oklahoma, f~o~b. gins, averaged a.bout ~>97. 70 per-ton in Oklahoma and ~~100 .90 per ton in Texas. Cottonseed meal i•1as quoted in the Dallas Hholesale market last week at $78 .oo per ton,, ·s. R I CE Rice T'l.arketc in Texas and Louisiana have been shm~:ing little change in prices during the past severa.l weeks . Milled rice prices reported in these States last week: Zenith, .)10 .50; Blue Bonnet, ~µll .50; and Patna, ~~12 .00 per cvrt. Harvesting in the southern belt is practically completed and most rice has been sold or placed-in private or public storage. Export trade is limited and shipments to Territories j s also light. There were no losses of rice this year due to storms, irrigation water supplies were adequate, and more fertilizer v~·as used on reduced acreage. Rice production in Texas in 1950 is esUmated at 11,35?,000 100-pound bars (about 7 million barrels), compared vvith 10,178,000 bags in 1949. Louisiana will harvest an estimated 10,722,000 bags, vs. 11,0)1,000 last year GRAINS 0 T H E R Grain prices on tLe Fo!'t '"orth Grain and Cotton Exchan~e made only minor changes durj_ng the past vreek . On Tuesda~r, NovPmbcr 21, No. 1 ha1'.'d 'rheat sold for a. top price of rlt2 . JJ7 -.1/4 per bushel--down 1 cent from a week earlier but 2 cents over a month ago and 7 cents above the same date last year. No. 2 barley brought a top price of $1. 52 per bushel--2 ~ents below .a vmek earlier. No. 2 vrhite oats sold as high as ~a .12 per ushel on Tuesday, virtually unchanged from a week earlier.. No. 2 W loi.~ ~ at ~a. 75-1/4 per bushel i; as off about 2 cents, whiJ.e No. 2 yhitc corn at ~~2.02-·l/2 vms np .;_n the same amount. ~ednesday, AGRICULTURAL NEWS OF THE .1EEK Number 47 November 22, 1950 Page 2 No. 2 yello~.r milo brought a top price of ~ 2.31 per cwt.--off 2 cents from a week earlier but~cents over a month ago. The Texas crop of sorghum grain is estimated at 129 million bushels--an all-time record.--and cornpa:res with 9J-million bushels produced last year. Yield per acre is 24 bushels--the sane as in 1949. Corn production in Texas in 1950 totaled 65. 7 mi.llion bushels, vs. 58. 2 m...i.llion in--r949. Yields averat;ed 21 bushels per acre-..-much above most recent years, L I VE S T 0 CK Livestock prices in the Fort 1.\Jorth market last week made relatively little changes. Hogs sold on Tuesday of this week at a t:)p price of ~ 19.00 per cwt.-- the same as a week ago. Tuesday's top cattle prices, v~th changes from a week ago: slaughter steers, ~ 31. 00; heifers, »i'30:5°0; and cm•s, $ 22. 50, all up 50 cents~ Slaughter calves at 8'301100 per cwt. were unchanged. Medium and Good ·slaughter wooled lambs brought as high as .?28. 75, unchanged from a·week ago. The cattle feeding situation to the end of October continued to indicate a high volume of cattle feeding in the U.S. this season, according to the RAE. Shipments of stocker anc1. fe eder cattle into the Corn Belt States during July-October, totaling L6 ni l:..i on he~· d 5 were larger ~han in most recent years, although below the 2 milli r·.n !'rno.::i shipy 0d during the same months last year. F\J.-:vl:-:):· .·... nd s t· 1::.-:e:r cattle continue to bring very high prices, selling this week il1 --i ,_,_::.-Y, 'ft,'.._'r t!-i ·.:t:;- h:.~h as ~i31. 00 per crrt., V3. ~:>23>) 50 a year ago. De\'~~lc~·,r.i~mts t i1 "ouc;h October indicate that a smaller number of sheep and larobs will be fed in the U.S, this season for the winter and spring market. A reduced supply of lambs and continued demand for breeding stock are the primary reasons for the reduction. Feeder lambs are selling at Fort Worth for ·~ 23.00 to !l';27 .OO per cv.rt.. · FARM INCO M E U.S. farmers' cash r0 ~eipts from marketings in November are estimated by the BAE· at ~~ 3 .1-b1·1lion-·=I4"°percent leSStllan in the same m0ntli. in 1949. Cash receipts in the first 11 months of 19~0 ~rill be about ~ 25.2 billion, or 2 percent less than in the saITle months last year. Cssh receipts from farm marketings in Texas for the January-September period totaled . ~ l, 184 rn~ llion, compared wi. th ~ l, 226 r:iillion for the same months in 1949. PracticaJ.ly all of the decline ·ras in sales .of crops, V!i th only a minor decline in sales of livestock and livestock products. Cash receipts from farm marketings in the five states of the Eleventh Federal Reserve District (Arizona, Louisiana, Nev i'iiexico, Oklahoma, and Texas) in the first 9 months of 195u totaled ,~ l,929 million, vsc ,) 2,066 million in the same period a year ago., MISCELLANEOUS The Texas pecan crop is forecast at 30 million pounds, v~. 29 million pounds last year. Yields am spotted, with the better crops generally in central counties, including the Ed vards Plateau. ·r. 1. Pr· tchett Agricultural Economist