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. . . AGRICULTlffiAL NEWS OF THE WEEK Number-53--·-··--·--------- - - - Federal Reserve Bank of Dallas .C 0 T ,T .O.N Trading was resumed on the cottOrl.exchanges last T~1ursday, Harcp 8, following ~ an earlier announceme.nt of ceiling pr.icesonrm'.r cotton. Average prices for spot cotton and old-crop futures the ·10 designated markets im..rnediatel;>~ rose. tQ the . cei~ing of 45.14 and h.5. 39, respectively (15/16-inch Mi0dling). Thes-e ·prices compare with l.il+oh9 for · spot cotton and 44.18 for March 1 )1 futures on January 26., the last day of trading prior to March Bo · Trading ·in spot cotton has been relatively quiet as tr.aders have .expe.ri..;. enced some diffic ultyill-oper'a t ing under the new ceilings~ However, ·tl;'ading. in. .futures has been quite act·ive, and · on Tuesday of this week new-crop futures reversea . dovh1ward trend that had been evident since t .he opening of the market last T.hursda:y~ Continued reports from the Lower Rio Grande Valley that . planting was being delayed because of dry weather were a factor in. strengthe~ing the market. . . Secretary of Agriculture Brannan has announced an ext.e ns ion of 1 month in the period covered by previou?lY. announced interim cotton export allocations. Originally, export licenses Qovering tqese allocations· of 3,49b,OOO ·ba1eSCould not be issued after March Ji. The e'x tension moves the dead line to April 30a ' . Planting of cotton is .still being delayed .in 'southern areas by lack of moisture. Most or the irrigated sectfon of the Lower Rio Grande Valley has. been planted,"with some cotton up as much as 6 inches. Howeve.r , planting of dry-1?-.n~ cotton is being delayed, awaiting rain. A few ;fields are . being .qry planted' in the . . Coastal Bend section. on a. .G RA IN S Grain prices on the. fort Wo:i;-,t h Grain_and Cotton- Exchange · continued 'to show ·some weakness during the p~st week, although .price changes wBre relatively small. Uncertainty over Korean situation and .oth'e:r national a..11d international · events · appears to be the major factors causing unsettled market. Tuesday's top grain prices on the Fort Worth market and changes from a week ago: No. 1 hard wheat, ~2~65-3/4 per bushel; up 5 cents; No. 2 barley, ~1.75 per bushel, off 4 cents; No. 2 white oats, ~)1.20 per bushel, uncl'~angea;-No. 2 yellow corn, $1.96-1/4 per bushel, unchangedT No. 2 white corn, $2.23-1/4 per bushel, off 3 cents; No. 2 yellow milo (so'rghums),. ~2.56 per cvit.~off 1 cent. Wheat is reported to be making fair .to cood groV1rth . over the High Plains an? northwest areas .of Te~cas, although .additional moisture and warm weather are generally needed to assure continued growth and development. ·cutworms and greenbugs are still prevalent, although damage to date has ·not beeri partiCularly severe. In north .anq central Texas, both' wheat and oats are making good ·progress under g·e nerally favorable moisture conditions. · . Corn planting is active in central Texas and underway a.long the· Red: River. In the Coastal BendCoUnties and extreme south Texa.s .seeding of both corn"and sorghums is being delayed by the continued drought. Rice markets continued quiet during the week ended March 5, according to the USDA. -Very little rough rice remained to be marketed, while marketings of milled rice were small since· both millers and distributor.s v.i:ere awaiting announcement of more definite price ceilings. Growers are busy making preparations for seeding the new crop. LIVESTOCK Prices of livestock on the Fort Worth market made only small changes dur-- fu-uffiter--63 -----·· ··-- ·------- -·----- -- --------- - - - - ____}Ye~-~.~q~LJ. }J~r:_~~-14_,__19-$_1 Page 2. AGRICULTURAii NEW.s OF THE WREK ing the past week, but the tone of the market was definitely stronger t~an a week earlier. Tuesday ts top prices and comparisons vri th a week ago: hog~, ~22. 25 per cwt., up 5 cents; slau.g hter-steers) $35>)00 per · cwt., off $1.00; slaughter heifers, $36.oo per cwt., up $LOO; slau-giiter cows, $ 28 , 00 per cwt., up $LOOj slaugfrter-·calves, ;,;36.00 per cvrt .. , up $L·oo; feeder and stocker steers, ~iL.oooo · per cwt" J off $2.00; wooled lambs, ~p38oOO per cwt., · unchanged; shorn lambs, ~35.00 per cwt., up · · $2,00. -- -- The demand for replacement cattle and sheep continues strong, despite the lack of green feed in southernand_s_outhweste~n sections>l The U,. S. 1951 early lamb crop ··is reported to · be 2% larger than a year ag0, according to the USDA;- Th'is iDCreasecontinues the upswing which began a year ago, and largely reflects the increase in the number of breed:Lng ewes., Early lambs have made excellent progress in Western states, but the cold, severe winter weather has slowed their · development in th.e southeastern early lambing states o However, with the large~ early crop, marketings of lambs before July 1 are also expected to be larger~ · In Texa~ ~~y lam~ prosp~~ts are onl.Y fa~.r· and. generous rains are urgently needed to start green feed in the major sheep-producing areas\) However, loss$s in Texas have been light so faro The USDA points·out that marketings of grass-fat lambs in Texas probabJ.y will start about mid-May with . t0e spring movement of yearlings beginning about April 1 -- the usual time, While inventories of old-crop lam~s were somenhat larger on January 1 than a year ear1rer;-the te'ndency to increase sheep numbers is expected to hoJ.d down marketings somewhat. Range conditions in Texas as of March 1 are repocted at 69% of ·normal, compared ·with 83 a year ago and 10-·year average of 76,. The condition of cattle is reported at 77% of normal, compared with 84 a year ago and 10--yea:r-average Of:78 .· Revisions . in carcass and slaughter grades for bqth veal and calves became effe.ctive March 10 .. Changes inC"arcassgracTes-i.re: (1) previous · "Choice" and 11 Prime" gradeE; are GOrribined under the name "Prime, 11 (2) 11 Choice" grade is renamed "Good,11 ()) established a new grade called ''Good," which includes meat .from the top ·half· ~f previous 11 Comme~cial'! grade, arid (4) continues the lower half of the .former "Commercial" grade as "Commercial. 11 0 · WOOL AND · MOHAIR Business . was dull in the Boston wool mc.rket ·as dealers continue to mark time whtle awaiting a clarification of the general price control regulation. There was some contracting of 8-month Texas wool for spring delivery at $1.50 per pound, grease basis~ A small volume of eariyshorn Medium fleece wools from native states was . purd~ased during the week at $1. 20 to $1... 25 per pou~d, grease basis o Wool a-.ic·::ions were held last week in Australia with reports indicating a very' firm maJ:'k.et-.-A few cars of spring mohair contracted late last year were shorn and shipped from Texas. P 0 UL TRY AND E GGS Prices of poultry and eggs on the Dalla$ market remain generally unchanged from a week ago with hens L. pounds and over selling at 30 to 32 cents per pound; hens, 3 to 4 pounds, 26 to 2e cents per pound, and fryers, 27 to JO cents per pound, Eggs: curre~i.t receipts, 37 cents per dozen· anci No.. 1 ini~rtiles at 38 cents per dozen" Carl H. Moore Economist A~ricultural 0
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