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,_.. _Yv_F_;E_K_______________y~ctnesday' Februa.ry 28' 1951




Federal Reserve BarJr of Dallas
Trends in grain prices on the Fort Viorth Grain and Cotton Exchange during
the p8st week were mixed. No . 1 hard wheat sold on Tuesday, February 27, at a top
price of ~p 2. 61- J/)4 per bushel -- 7 cents under a week earlier and 13 cents under
2 weeks ago. No. 2 vvhite oats brought a top price of $1. 20 per bushel, or 1-1/2
cents less tha.n a week ea~t·lier. No. 2 yellow ~ at $1. 97-3/Li per bushel vras off
3 cents for the week.
On the other hand, No. 2 white corn rea ched ~~2 .. 24-1/4 per bushel, compared
with ~) 2.23 a week earlier. No. 2 yellmv milo (sorghums) sold as high as ~)2 .62 per ·
hundred pounds, up 2 cents. No. 2 barley-at $1.81 per bushel vras 1-1/2 cents above
the same date last week .
Rice markets were less active during the week ended February ·19 with
millers and distrj.butors c-~wai ting clarification of price rer,ulations. Hilled rice
markets were generalJ.y steady, but demand apparently was le s s urgPr1t than .in other
recent weeks~ No. 1 Patna and Blue Bonnet wa.s quoted on the Houston market at
$11.. 75 to ~12 . 00 per hundred pounds.
U.S. exports of grains and grain products during the 7-month period, JulyJ anuary' 1950-51, toi~iled approximately 6. 9 million long tons ( 269 million bushels
of grain equivalent) as compared with 8. 2 mi11ion J0ng tons (324 million bushels of
grain e quiva1ent) in the correspondj ng period of 19L~9-50. · About J8>b of the JulyJ anuar~- total went to ECA countries.

C0 TT0 N
Spot cotton markets continue to remain generally inactive while cotton
futures markets· have not reopened. Trading is at a virtual standstill as the
industry awaits further developments relating t9 price regulations for cotton and
cotton te:ctiles.
U.S. mill consumption of cotton per 1·.rorking day in January v,'as h2,50C
bales, vs. 37 ,J..iOO per;;;-1:i.:i11.~~ day 5.n January 1950. During the past t) months of the
currt;nt season about ~~, !+ti5, 00:-1 bales were consumed, vs. L(, 3.33, 000 j_n the corTesponding period a year earlier..
Prices paid to Texas cotton producers for cottonseed 12st i:.reek rang.e d from
~95. 00 to Cnl). 00 per ton at the gin, according to the PMA.
The Secretary of Agriculture aimounct.: d last vveek that the CCC vrill develop a program to purchase up to
5,000 tons of registered and certified cottonseed from 1951-crop of Amsak and Pima
32 varieties of American-Egyptian cotton. This program :i.s being undertaken in
accordance 1irith a request by the Munitions Board to assure production of sufficient
extra cotton in an emergency to fill military anQ. essential civilian
Livestock price~ on the Fort '!forth market generally have made only minor
changes during the past neek . The principal change was the decline of ~11. )0 in top
prices paid for hogs. Tuesday' q top p .ice was ;~ 21. 75 per C Nt., vs .. $23 .2[) a week
ago and ~~23 .. )O twoweeks ago.
The USD.r'\ has invited comments or propos2ls to change standards for grades
of lamb, yearling mutton~ and mutton carcasses, ,'.:lnd
grades ·o f slaughter (live)
lambs and sheep. Comments should be sent to Wcishington before March 22, 1951.
Livestock numbers 22~ Texa.~ f.~ increased substantio.lly 19SO,
according to January 1, 19Sl estimates by the l'').JA. Nu111bers on farms LTanuary 1, 1951



Ni.lill"ber-61------------ - - - - - - -

_ _1."_"fedn~~?aLJ... Fepruary 28, 1951
Page 2

and percentage changes from a year earlier: stock sheep, 7,036,0GO, up 6%; cattle,
9,260,000, up 8 %; goats, 2,)~33,000, up 6%; i;oP,;s, 1, 786,000, up 55b; chickens,
2.5,881.1,000, d01m 5~b; turkeys, 77),ono, unchariged; and horses a.nd muJes down 8% and
lh,~ respectively.
The estimated inventory vaJ uc of al1 li vcstock and poultry on
Texas far 1s on January 1 was a record !1igh and 4h% above· a year earlier.
Some early shorn grci.ded iTnegood Fl.~1ch combing a11d staple 12-months Texas
vool \ft as reported sold last week at a grease price of $1. l~O, and g~"aded 58s staple
at$1~50 per pound, grease basis, delivered to Boston.
Graded No. 1 adult mohatr i;r.9.s reported sold in transit last ·week for
$1. 95, ·'1l1ile graded No. 2 brought $1. 80 ·and No. 3 was reported old at \pl. 70 per
pound, delivered.
ri'otal vrool production in the U.S. in J 950, shorn and pulled, amounted to
2)2, 535, 000 pounas,-accorchnis to the BAE. This is slif'.;htly higher than in 1949 and
the first increase i;1 wool production since 1914.2. The annual average price received
by g'l'.'owers for shorn wool in 195u was 57.3 cents per pound, vs., 49.h cents in 19W.
Cash receipts from sale of wool by farmers and ranchers in 1950 vvere estj_mated at .
$126 million -- about ·~19 million over 19)!9. Production of shorn and pu1led .vool
in the U.S. this year is expected to be about 260 million pounds, grease basis.
This i·:ould be substantially above the 1950 production, although still hJ;b less than
the record proouction of Li55 r.1illion pounds, grease basis, in 19!+2.
P 0 U L T H Y



~rices paid for hens and turfreyson the Dallas uholesale market increased
last i:reok 'Lile prices of egf._s c eclined,. Quota .ions on Tuesday, February '27: ~
l!•eighing 4 pounds and over, 28 cents; 3-4 pound hens, 20 to 24 cents; local fryers,
27 to 28 cents; and No. 1 turkey hens, 30 to 3S cents per pound. No. 1 infertile
e~gs brought 40 cents, vs. 48 cents a week ago~
Comr.1ercial hatchery- production ir: rrexas during January totaled 5 million
clicks, according to t:1c BAE. -This ~more than one-third greater than a year
ago and the largest January o tput 0n record. Hatchery pro<iuction for farm-flock
replacement chicks wr..s about 7% less than January last year, vrhile ~railerchick
pr.·oduction up more than one-third.
-~~,.~ prod lcti n on Texas fd.rms during January totaled 188 mi lion,, vs.
201 ilillion in the came mr nth last year. T )i. drop in e b produ~tion was due to a
2% decline i.. th~ :!'lumber of layers on farms an a 5;b reduction in the rate of
production per layer.
A total of 1, 13.3, 000 broiler chicks \Ycre place on Texas :1 arms during the
week encled Fe 'Uary 17, according to tl e AE.° rr his wac thefourtli consecutive week
in v:hich placements hit a new high.
Broiler prices .:.n Tc.~as during the ·week ended February 17 aver2.ged 29.2
cents per pound , vs. 2'1.4 cents in the previous week and 29 cents a year ago.

,; • n~ . Pritchett
A ricultural Economist