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Number 47


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,,



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
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.


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,

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.. ·
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. 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.,

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