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AGRICULTURAL NEWS OF THE WEEK N"Uffiber· 6·2 ----- · - --· - --- --·----'·-'·-- --------=--= ·=c-:- ·--= ~- ··=-=-- =-------=-=- - ~ ~ -~~ Wednesday 7___, ... 1951 _.-. ... .J. March - -. -- . ~ -~- Federal Reser"{e Ban..l.c of Dallas C 0 T T 0 N· It was annO'Uilced this weel<:.. tliatthe"Cotton exchanges will reopen on Thursday, March 8. Trade spokesmen_ have. indicated that they are resuming trade with re1uctance as ·they are st:ill doubtful that f!ontrols on raw cotton p:ric~s · can be applied successfully. The lates.t control order affecting cotton prices places control on prices at ~vhich individual cotton grades a~e to be sold by all members of the trade, vdth dtfferentials for location~ and differs from the original order which placed limits on prices at whieh individual cotton traders could sell. The PM.A reported a lj ght volw:te of t,rading in cott(jn in the Southwest last week i:J'i th prices ranging as high as 150 poim~aoove · those prevailing on January 26, the la.s t date cotton excrLanges yre1·e open. . The parity price fo:r cotton at mid-February was 33.11 cents per pound, compared with ,;2.98 a month earlier and 29,88 a year ago. The rise 1n parity price is signif'ica.nt because of its relationship to support prices. Hmv-ever, with market prices of cotton so fa ·r above parity, the real importance of suppo~~ prices in 19)1 is somewhat in doubt. , Cotton :el~1~~ng is underway in the Rio Grande Valley, principally :Ln the irrigated· section. Yost of the dry-land acreage needs moisture before planting can be done. In the Abilene and Lubbock sections preparations for the 1951 crop are making good progress and, according to reports, the acreae;e vrill be increased substantially. 1 GR A I NS Prices of e;rains on the Fort Worth Grain and Cotton Exchange declined during the "pa'°S'rweek. Trade reports indtcate that the weakening of grain prices on t."~is and other markets reflects an uneasiness re1ative to pPnding developments in th ~· Big FoLLr meeting iri Paris. It is said that if the V!est crn Powers and Russia sl-~0uld reach some· accord., grain prices may slump further. On the local level the market influence of the impl'·oved moisture situation in t}le vrinter wheat belt was offset by reports of green bng and cutworm damage t o the wh e::i.t crop in Oklahoma.• Tuesday's top g:--ain pri6es on the Fort n orth r:ia:cke .J. , : No. 1 hard wheat, ~ 2.G0-1/4; No. 2 £§1-rlez, l':.i. 79; No. 2 white 9ats, c? l.19 ·~~/L~. ; ~J o. 2 y;;llow ~~L 96-1/4 per bushel; and No. 2 yellow mi1o ( sorghurns), c1'!.2 . 57 per c ~rt. These prices al''c from 1 to 5 cents under a week earJ.Ier:° No. 2 white corn sold Tuesday for a top price of $2.26-3/h per bushel, or 2-1/2 cents over a week ago. The USDA announced that the maturity date of CCC price support loans on certain 1950-crop grains will not be extended beyond theannour1cedffiaturi ty dates, 'ivbich are March Jl, 19Sl f or gro.in sorghum and April 30, 1951 for wheat, oats, barley, and rye. Rice marJ.rets were quiet cluring the week ended Februa .~J ?6, accor ,~ ing to the USDA, ri tri mi1Jers a'1d dis -l~ ri bu tors av;ai ting the announcement of definite price ceilings before mat ing i.nportant a dditional commitments. P12:2._~ held at about the level of recent weeks. corn;- 1 L I VE S T 0 C K Prices of hogs and J RmbS"ci1 the Fort Worth market made little net chanbe duri.ng t he pc:rnt week, wh-i le p r ·l. ccs of co.ttle declj ned. There have be e n rPports that hcmsewive3 are rebellin.P' ci gaj_ns t ldgh b ef!f pri~es and that this resist t.l nce is being felt at the livestock markets. Tuesdayr s top price for hogs was $21. 75, 11nchanr.:ed from a week ago. Wooled lambs brought ~~38. 00, likewise unchanged. Slaughter cattle prices: steers, ~~ 36~00; heifers, 4US.OO; and cows, $27.00 per cwt~, off $1. 00 each. Slaughte1'."-calves at 5$35 .. OO"Were-riovm 50 cents, while f~] de2:, 9-nd stock~.!. _?te~ at ~;; 38. 00 were-dovm $3 .. 00 from la3t weekt s top pricee Prices of g o~ts on the San Antonio market were steady to strong last week, Some Medium and Good Angoras in the hair brought '. ~20.00 per cwt, A few f)panish and Angora kids sold as high as $7.75 per head. V! 0 0 L A N D M0 H A I R Bus:i.ness in the B'OSt'Onv.fool rna_r_-ke-t-1ast ·neek was generally in scoured woolen wools of domestic and foreign orfgin .for r.:overnment orders. Dealers continued to wait for some clarification of the price control orders which would allow trading in civilian ~ools. A ver>J small auanti ty of Ord:i.nary 12-months ':Cexas wool was reported contracted in a range of f;rease prices from ~n. 25 to ~L J..i.Sper· pound_, Business in m0hair remained stagnant~ i!foo1 production in Texas la.st yea.r totaled 52, 686,000 po11nds, or 1% ·more than in 19~according to···the BAE, There were 6,886,coo sheep shorn with an average weight of 7~7 pounds per fleece .. Farmers and ranchers of the State received ~33, 7J 9,000 from the sale of vrnol in 1950, O"'.' more than in any year since 19h3 .. Pounds of wool produced in other Southwestern sta.tes in 1950 with percentage changes from 19h~Louisiana, 40~000, - up 7%; Oklihoma, ~927 )ooo, up 20%; Arizona, 2,651,000, down 1%; and N0w Mexico, 10,626,000, off slightly. Mohair p·~oduct.ion in the 7 leadj_ng st;:i.tes in 1950 is estimated at 14,561,ooopouncts~-the-s:TiaJ:1est clip s :Cnce-I927~but only sli;Yhtly less than that produced in 1%9.. Ariz(,:na, Oregon, anri Utah were the only states showing an increased production in 19.SO., ·-pi:'vdiJ-ction Texas, the leading mohair state, was the smallest since 1937. F'ewer goats were clippsd in· Texas, al t hough the weight of mohair per goat at 5(:h pounds was the highest on record .for the State. In New Mexico and California the 1950 clip was the smallest on rec·ord, starting with 1909 .. - - - --The valt·te of moha.ir produ c~ed in the U. S ~ in 19~)0 arno1mted to t;~ll, 01.i9, 000, an increase of 6.::>·%-over-Is~9·; - Priceper pound moved up sharply in 1950 and averaged 75.9 cents, which is the highest on record and compares with 46.J cents in 191.i9. in FARM P HI CE I NDE XE S The BAE index-of farm price8 in Texas on February 15 vms 392 percent (August 1909 - July 1914 = 100), compared with a 1935-39 average of 103 percent. This means that Texas farm prices, as a r:,roup, are almost 4 times as high as before World 1::.rar II; they are U+ percent a bove a year ago .. The hi ~te st indexes are for wool, 702; meat animals, 573; truck crops, 471; oil bearing.crops, l_i68; cotton, 337; and dairy products, 27.5. By way of contrast the index of fruit prices, mostly citrus, is only Li7, and the index of potato prices is 1790 The index of pric2s paid by U.S. farmers, including interest, taxes, and farm wage rates' ·- :e.o seto-27 6 as- of f'E:"bruary·l5.-H'ip;her prices for food, fe P. der livestock, feed, and .building materials were primarily responsible for this risee W. M. Pritchett Agricultural Econcmist rtf