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?ederal Reserve Bank of Dallas
Trading remained suspended'fuesday-;'"January 30, in the leading cotton
markets. Trading was suspended last Saturday, pending clarification of the price
control measures announced by the Director of Price Stabilizat:ion.
Cotton ginned in the U.-S& through January 15 this season totaled 9,678,000
bales, or 99 percent of the indicated 1950 crop, according to the Bureau of the
Licenses for cotton exports issued through January 21, 1951 covered
2,l-i.24,000 bales. The interim export allocation for the period Ai1gust 1, 1950 through
March 31, 1951 is 3,1+96,ooo bales, .

Wheat, corn and oats prices on the Fort Worth Grain and Cotton.Exchange
advanced during the past week, whileprices of most · other grains made only minor
changeso No .l hard wheat sold Tuesday for a top price of $2068-1/2 per bushel,
vs. $2.63 a . week earller7
No. 2 yellow corn at $1.. 91-1/2 per bushel was up fractionally, while No. 2
white corn at $2.16·-l/2 per bushel was up 1-3/4 cents. No. 2 white oats bro lght
$1.17 per bushel -- up about 1 cent. Prices of No. 2 barley and No. 2-yellow milo
remained unchan6ed at $1.75 pe~ bushel and $2965 pe~ c~~respectively.
Stocks of wheat in off faru1 positions -- mills, elevators anci warehouses
in Texas on January 1, 19)1 totaled 4S. 7 million bushels, vs 58. 9 Million a year
earlier. Total stocks of wheat in all positions 'in the state -- off farm stocks
plus farm stocks -- totaled 47. 7 r.:il. lio~ bushels, vs. 70 million bushels a year ago.
Stocks of sorghUt-n grain in off farm positions in Texas on Janua:cy 1 were
estimated a:r-9-Z:-4miTIIOOOusfiGls, vs. l+fr.2 million a year earlier. Off farm stocks
of shelled and ear corn amounted to 3. 3 million bushels, vs. ·2. 5 million in 19:5°0~o-­
Rice markets were firm durlng the week ended January 22 with a more active
inquiry from theCuban and domestic trade. Prices, however, sho·ved. no important
change since many distributors still held considerable quantities of . rice bought
earlier in the season at · lower pricec. In the.Houston market No. 1 Patna and Rexoro
were generally quoted · at $11. 75 and No. 2 at 11 ~1L50 per cvvi_o_
All reports indicate that the c.creage to be planted to rice this year may
well be the largest on record, provided seed rice-iS-available-,-says the American
Rice Growers Cooperative Association.
Informal public hearings to consider proposals by the USDA to issue revised
U.S, standards for rough rice, brown rice, and milled rice will be held in early
March at Crow1eY,-Louisiana:- The proposed revisions, if adopted, will be effective
with :marketing of 1951 crops •.


Cattle prices on the Fort Worth narket reached new high levels this week.
Tuesday's top prices: slaubhter steers, $36.00; heifers, $35.00; ~' $27.00; and
calves, ~;J4.00 per cwt.
--.-Feeder anc~ stocker steers sold as hi;;h as ~35. 00, while Good and Choice
feeder calves reached~[0.00 per cvrt.
Woolect l[lJJlbs sold Tuesday for top price of ~\3). 50, while shorn lambs sold
as high as $3lo50~
The hog market in Fo:-t Worth has remained relatively unchanged for the
past month, altFiOu5h Tuesday's top p~:·ice of ~21. 75 i:fas 50 cents above a week ~go and


Wednesday, January 31, 1951


was the highest price paid since October.
Angora goats in the hair sold on the San Antonio market last week at
~~16.00 to #l~.55 per-Cwt. One load ~f 60-pound Angoras in the hair reached $20:00.
Prices of kids rancod up to $8.oo each.
Continue~ severe droueht conditions and an eminent nation-wide price freeze
were dominant factors in the very he.§ivy ~_r:~~tings of l i vestocl~. in Texas last week.
Reeeipts of all classes of livestock on the Fort Yiorth market and most classes on the
San Antoni.a market were much larger last week than in the same week a year ago.

w 0 0 1 AND MOHAIR
There was furtherstrongdel!land-for all classes of wool last week in the
Boston wool market, while prices continued upward. Dealers holding contracts for
spring wools continued to sell forward to top-r:1akers and manufD.cturers. All foreign
markets were very active, according to cable reports received by the USDA earlier
in the week.
Heavy shrinking 12-months wools were reported contrn.cted j_n Texas last
week at around $L05 per pound, grease oasis, f.o.b., while prices as fiighas $1.45
per pound, grease basis, vrere paid for Good 12-months clips. The quantities of unsold wool in Texas remained uncertain, but best estimates p1aced the figure upto5 million pounds, says the PMA,
About a car of mohair was contracted last week in Texas at $L 70 for adult
and ~2 20 per pound for kid mohair, with offers of $1. 80 and ~2. 30 for adult and kid
mohair, respectivelya



P 0 U1 T R Y



Prices paid for poultry and eggs in the Dallas wholesale market during the
past week remained virtually unchanged.
Commercial hatcheries in Texas produced J.9 million chicks during the month
of December. This wt1s about 40 percent more than in December of l .9h9 and nearly
twice the 5-year (19h4-48) December average, according to the BAE. This increase is
due to the expanded broiler production 11.rh ich accounts for a')out . 90 percent of the
December output.
Total production of chicks in con~ercial hatcheries in Texas during 1950
was about 9 percent above-1949. An increase of 40 percent in broiler chick production in 1950 was partly offset by a decline of lL~ percent in nonbroiler chick output.
Egg production on Texas farms durin~ December totaled 13h million compared
with 159 million in the same month of 1949. Total egg production during 1950 is
estimated at 2,867 million eggs, about 1.5 percent above 1949a
Placement of 922,000 broiler chicks on Texas farms during the week ended
January 20 was 7 percent rnore than the number placed a week earlier, and compares
with 59l.i,OOO placed durjng the comparable week of 1950.
The turkey crop in Texas during the coming year will be 4,478,000 birds,
if growers carry out their-Plans as indicated in reports to the BAE early this year.
This year's crop would be the same as the number pr0duced in 19)0. The BAE points
out, however, that the actual number of turkeys raised in Texc.s this year may vary
from the January 1 intentions, the difference depending up0n such fact~rs as feed
prices, supply and price of hatching eggs and poults, as well as alternative use and
supply of labor.
V. A. Fri tchett