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W_e_dn_e_s_~a.y, Februa.ry 21, 19.51

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Federal Reserve Bank of Dallas
Trading in spot cotton remained at~near standstill last week, according
to·; the USDX-:--Cotton futures markets were closed for the third consecutive week~
Price inforrnat:j_on for spot cotton was me.a ger . a? only a very small volume of cotton
changed hands during the week. There were some reports that prices rang9d from
abo~1t 50 to 150 points above the January 26· level when Middling 15/16·-inch cotton
averaged 44f l.i9 cents per pound in the 10 spot markets. There have been no spot
quotations posted by' the principal Cotton Exchanges since cotton futures markets
suspended trading on January 27c
The Secretary of Agriculture anr10unced last week that loan rates for 1951crop upland cotton were expected to average above JO cents per pound, with normal
grade distributiono The guaranteed minimum loan rate for 1951-crop Middling 7/8inch cotton will average not less t"lan 29 .. 68 cents per pound, compared with an
average loan rate of 27090 cents per pound for the 1950 crop. The increase is the
result of the rise in parity prices9 The guaranteed loan rate for Middling 15/16inch cotton, the base quality, will be announced at the time the schedule of premiums and discounts for other grades and staple lengths is announced.


Prices of most grains on the Fort ~'! orth Grain and Cotton Exchange last vveek
reached new high levels for tbe season, but vreakened early this vreek.. The sharp
advances of past weeks have been attrituted to the general inflationary situation
while the decline in prices from Jast week 1 s highs is said to have been due to improved moisture conditions in many grain-producing areas and to an uncertain export
On Tuesday, February 20, No. 1 hard wheat sold in Fort VTorth for a top
price of ~>2,,68-J/4 per bushel, which Compo.res with last Vveekis high of $2 .. 76-1/4 per
bushel. No~ 2 ·w hite oats at «~1. 21-1/2 per bushel vie re off about 1 cent from the top
level reached last week-. No. 2 ye1lov.r corn brought $2 .. 01 per bushel -- off 2-3/4
cents; No. 2 white corn at ~2.23 per bushel was off by the same amount.,
No. 2 yellOW"Iliilo sold Tuesday for $2.60 per cwt. -- 7 cents under last
week's top price~
Price support for 1951-crop corn at 90 percent of parity as of the beginning
of the marketing--s3'8SO"n, 1·ri th--an assured minimum national average support of $1. 54
per bushel, and specified rates for oats, rye, barley, and grain sorghums were
announced last wee~< by the Secretary of Agriculture. These gra~ns ll be supported
at the same percc v.-1 tage of parity as in 1950, but the dollars and cents rates have
inc:::-eased because of re-V-~.stons in the parity formula provided ih the Agricultural
Act of 1949 and because _of increases in.parity prices. The average loan rate for
1951-crop grains:. oats, 72 cents per bushel; rye, $1~30 per bushel; barley, $1.11
per bushel; and g~ain sorghums, $1088 per cwto
Rice m~·. :::r nts became less active d'llring the week ended February 12 lf,ri th
millers and.distrl.butors a-v:ai ting clarific·ation of price regulations, according to
the USDAo Very lit~le rough rice was marketed because of small stocks remaining in
growers hands and unfavorable weather conditions over most of the southern belt.,
Little new business was done in milled rice, but considerable quantities moved from
mills to distributors on previous orders. Milled rice quotations in Houston: No. 1
Rexoro and Patna, $11.50 to - ~~12,,00; and No. 1 Blue Bonnet, $11.00 to $11..50 per cwt.

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Number oO

Livestock prices on the Fort Worth market reached new record-high levels
this week. SlaughteI'"""cattle: ste~rs, ~37.00; heifers, $36.00; ~' $28.00; and
calves, $J6.00 per cwt.
---The strong demand for cattle for breeding herds is reflected in the price
of feeder and stocker cattle • Feeder and stocker steers on the Fort Worth market
reached :)i;)fO. 00 per cwt. this v~'eek -- $6:-uo o::~er a month. earlier and $14. GO over a
year ago. Stocker calves sold as high as $!.iL.00 per cwt.
TuesdayTs lamb prices: wooled s1aughter lambs, ~~37. 50, with a few Choice
80-pound milk-fed lambs at $38~ 50; wooled feeder lambs sold as high as :;)37. 50 per
CV'rt •

Hog prices have made littJe net change during the past week, holding generally between~23.oo and $23075 per cw·t., top price. Hog prices are acout $2.00
above a month ago •
.Strong to 50·-cent higher prices pr.cvailed last week in the goat division
of the Sm1 Antonio livestock market. Some Medium and a few Good Angoras-in the
hair, all freshly shorn, reached $19.00 per cwt.

Prices of poultry in the Da.llas wholesale market have made no significant
changes for more t:nan 10 days. Hens weighing l-1- pounds and over are bringing 26 cents;
3 to 4 pound hens are selling at 22 cents por pound. Local fryers are quoted at 27
to 28 cents per pound vrhile Arkansas fryers are commanding 29 cents.
Egg prices on the Dallas market rose this week after having decljned for
more than 2 months. No. 1 infertile eggs sold Tuesday for 48 cents per dozen, vs.
40 cents a week ago and the December high of 65 ~ents.
A total of 1,059,000 broiler chicks were pJ.aced on Texas farms during the
week ended February 10. This was the -third consecutive week in which pl?cements
exceeded all previous records. Placements for the first 6 weeks of 1951 totaled
5,713,000 chicks, vs .. 3,?20,000 in the same period last yearo
Broiler prices in Texas during the week ended February 10 a.veraged 27.4
cents per pound, or atout the same as a year ago.
MI S C E L 1 A N E 0 U S
There was no business in wool and mohair in 'rexas last week to report;
also, activity on the Boston market was slow. Sales were limited largely to filling
Government orders.
Price support for 1951-crop dry edible beans at levels which will reflect
to farmers-ar.laverage~of $6.b'9""Per cwt:-:-On a thresher-run basis has been announced
by the USDA. This is approximately 75 percent of parity. Support for 1950-crop
beans averaged $6.JO per cwt. No acreage allotments are in effect for the 1951 crop.
The 1951 strawberry acreage in Louisiana is estimated .to be 9 percent more
than last year's and 2.3 percent above the average of the previous 10 years, according to the USDA. It is estimated that 24,000 acres were pJ.:mted this season -- 2,000
more than in 1950. Early spring strawberry acreage in Texas, on the.other hand, is
estimated at 600 aeres -- 100 below last year and 460 acres below average~

w. M. Pritchett
Agricultural Economist