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Number 59

Wednesday, February. 14, 1?51

Federal Reserve Bank of Dallas
C 0 T T· 0 N

Trading in most spot cotton· marketS.was at a virtual standstill last week,
according to tlwFMA. Cotton futures markets ;remained closed. Most branches of the
cotton industry are awaiting further information on prfoe ceilings.
A national cotton acreage goal of 28.~ million acres for the 1951 crop has
been annom1ced by the Secretary of Agriculture. This goal includes 2i3.4 million
acres for Urland cotton and 135,000 acres fo:- specified varieties of AmericanEgyptian cotton. The 19.51 ac:c.e age goal is 52 percent larger than the acreage in
cultivation on July 1, 1950, but is only 3 percent larger than the 191.+9 acreage.
CCC purchase rates for 1951-crop Amsak and Pima-32 varieties of AmericanEgyptian cotton vvere announced on February ).-The pu!'chase..-r.ate for Grade No . 2,
2-1/2 inches lonz will be )1.038 per pound in Ar~zona and f;~l.042 per pound in the
New Mexico-west Texas area.
It is reported that an · estimated 100 ,OOO acres of cotton planted in the
Lower Rio Grande V.;3,lley prior to the recent .freeze will have to be replanted. IW:oremoisture- is-badly needed in that area.
All federal plant quarantine regulations and orders affecting the i.rnportation of cotton and f!otton pro1ucts wi111:)'E3revlev;8d at a hea:cing in Washington on
March 28, according to an announcement by the Secretary of Agriculture. It is the
Department's intention, the Secretary stated, to consider currently lmown facts regarding the risk of introducing plant pests on cotton imports.


Prices of wheat and corn on the Fort Worth Cotton and Grain Exchange continue to rise slowly, while prices of other grains are holding steady or fluctuat'ing
within narrow ranges. On Tuesday, February 13, No. 1 hard wheat · sold for a top
price of $2.76-1/2 per bushel, or 6 cents over a week earliei°·-and· 16 cents over a
month ago.
No. 2 yellow corn sold Tuesday for a top price of $1.99 per bushel -- up
2-1/2 cents fromaWeek earlier and 9 cents al1ove the same date in January. No. 2
white corn brought $2.20 per bushel, likewise up 2-1/2 cents from a week earlier.
- - -No. 2 barley and No. 2 yellmv milo held steady at ~~l. 75 per bushel and
$2.63 per cwt., res~ectively. No:-2 white oats at $1.19-3/4 vvere slightly over a
week earlier but have made little net-chan£;e· for the past mor th.
The wheat futures markets have risen sharply during the past several
months. On Tuesday OT this week, M:arcl-i wheat sold in Chica30 for $2. 60-J/l.i per
bushel, coPlpared with C)2o43-l/8 a montl1 ago and )2 .L)-3/8 on the same c.ay- in
Southern rough rice Plarkets were at a standstill and milled rice markets
held fiI'm durinc the weel~nciedFebruary 5, acco1":lins to a report of the American
Rice GrovJers Coo 1Jerativc Association. At Houston Ho. 1 Rexoro was generally q·,10tcd
at $12.00 and No. 2 at e1i.75 per 100 pounds . No. 1 Zenith brought ~10.25 to ~10.)0 .
Livestock prices on the Fort Worth market during the past week held firm
or advanced·. Hogs ·sold on Tuesday of this week e..t a top price of ~.23. 50 per c vt. ,
the hj_ghest price paid since September. Ho5 prices normally dee line during the last
four or five months of the year and begin rising again in January and Feuruary. The
seasonal peak on the Fort Worth mar 1,: et in 1950 was ~~2Li . 75 per c'\\rt ., paid in August;
the seasonal low was ~.18 . SO, paid in December.








--- Wednesday,



Pat_:e 2

Tuesday's top slaughter cattle pr:.ceG: steers, ~36.00; heifers, $3).00;
cows, $28.00; and calves, $Jl.OO. -::Ffiet"op µrice for feeder and stocker steers WQS
e.J6.00, Vvhile feeder calves v.,rent for ~'.;40.00 per cwt.
Wooled lr1.mbs brouc;ht as high as )Jo.UO; shorn lambs moved at u. top price
of (:34.00. FeederJ.arnbs reached a record ~37 .00 per cwt.
Goat sales on the San Antonj o r'larket last vreek were steady to strong. Most
animals inthe Common and Medi\..lI'.l grad~s sect red :'.,,J 6. 00 to Cl3. 00, wj_th a load. of
Ilii"edium &nd a few Good 79 lb. Anc_:oras in the hair at ~;18.50 per cwt. Kids comma~1ded
e1.oo to ~o.oo each.
Total meat ~ro':luc+,ion in the US in Jan mry was below December
·hut above January of last
according to the BAE. January production of beef
and pork was larger than last year; production of veal and of lanb and mutton was
Fork and beef supplies may be up en01 1 gh in 1951 to fill military needs and
provide 3 pounds morellieat per person than the 1)+5 pounds in 1950, says the USDA.
The condition of ran,~es in Texas on February 1 was graded by the BAE at
69 percent, compared with 7r-percent a month earlier and 82 percent a year ago.
The condition of cattle was 77 percent, vs .. 84 a year earlier; while the condition
of sheep, placed rit 79 percent, was well below the estimate of 85 on February 1,


W 0 0 L



Business in the Boston wool "md"rketren1ained stagnant during the past week
vvhile awaiting some action which ·would clarify the r0cent price control order, accord~
ing to a PN.tA report.
Offers last week of aronnd $1 4-1-1/2 per pound for 12-months rnol in Texas
were rejected by the i?;rov:ers. Some clippi~gs were purchased in the Sta'feat 75
cents, grease basis, f .o.b. This was the equivalent of around C2.40 to )2.60 per
pound, clean b:tsis, delivered to Boston.
There was no business in nohair week.

P 0 UL T R Y



Prices paid for poultry on the Dallas nholesale market have risen during
the past several weekfi, while prices of e:.>~s have declined. Tuesday's price for
hens vrei~hint?; h pounds and ove:c ·ms 26 cents per pound, v.hich vvas higher than at
any time in 19SO. Hens weit;h-i ng 3 to h poun:ls er ought 22 cents per pound.
Arkansas fryers are quoted at 29 cents per pound, vs. 28 cents a month ago.
Local fryers are brill;1ng 27 to 28 cents per pound, vs. 25 to 27 cents at thio time month. No. 1 turke~r hens have been brinf;ing 32 cents per pound since midDecember.
Er.g nrices, declining sea3onally, are reported at 37 cents per dozen for
current receipts and 40 cents for No. 1 infertile eggs. The latter sold as high as
6~ cents in December.
Commercial broiler chick placoi.ents on Texas farms during the veek ended
February 3 1rnre 993 ,OOO ~ percent more than in the previous v1eek and nearly )0
percent more than in the same week last year. Placements for the first .five weeks
of 1951 totaled a 1_most 1.i~6 mj.:1._lion clicks, vs. 3.1 laillion in the same period in 1950,
Egg pr,- 8.uctio~1 in Texas in January is e ~timated at 183 million, vs. 201
million in the-s~me!lOnfh lact year, according to the BAE .
V.• 1f. Pritchett
Agr i cultural ~c nomist