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AGRICULTURAL Hooilier-65 l\lE,~TS OF THE WEEK --~ Federal Reserve Bank of Dallas P R 0 S P E C T I VE P ·L A N T I N G S Much small8r°acreage~spring-sown crops, excli°ding cotton, is indicated for Texas this year as compared with 1950 .s ace ording to a report of the BAE. · Fall seedings of oats, barley, and flaxseed, curtai1ed by draughty conditions, are below last year 1 s levels. Larger acreages of wheat and rice will only partially offset reductions indicated for all other crops included in the report o ·Acreage planted to these crops may be about 16 per0ent belovv the acreage planted for harvest in 1950. Should pla:-itings of cotton e;-il~l tile increased acreagG I'ecently requested by the Secretary of Agriculture· in announcing production guides for 19)1; however, the total planted acreage of all crops in the State for this year will likely exceed last year'~ total by 4 or S percent. Crops in Texas showing an increase in acreage: winter wheat, 6,416)000 acres - up 7 percent; and rice, ShL~,ooo acres - up 13· percent. . Crops in Texas showing a decrease in acreage: corn, 2 ,!i 73, 000 acres down 22 percent; oats) 1,)72,000 acres - off 15 percent; all grain sorghums, 5,166,000 acres - down 44 percent; and peanuts, ~.5!.i.,000 acres - lower by 13 percent. The BAE expects u. S. farmers this year to plant about 275.5 million acres of the 17 spring-pla:ited crops riow estimated (cotton excluded), compared with 280 million acres of these crops in 19)0. All principal crops planted in 1951 may total 366 million acres, including cotton at the guide acreage. This would be about 8 million acres more than in 1950. COTTON Spot cotton prices continue tohold at or near ceiling levels. The Dallas market reports Middling 1.5716-inch cotton at an average price of 1.~4. 77 cents per pound, unchanged since the market reopened. Cotton futures prices have vteakened during the last few trading days. Trade reports indicate that the rains received over :ouch of Texas last week end contributed to the decline. There are reports that the market for cotton fabrics has weakened very noticeably, vri th buyers holding off and converters trying founload large stocks of finished goods below mill costs. Some manufacturers say that unless converters' stocks can be reduced quickly> the market for raw cotton may be affected adverselyo The cold wave received in the Lower Rio Grande Valley about mid-March caused some damage to'"""8arly planted cotton, and it is reported that a considerable · acreage will have to be replanted. The planting date in the Valley has been ex-tended to April 15'., Ginnings of all kinds of cotton from the 1950 crop totaled 9 .. 9 million bales, compared with 15" 9 mill.ion, in 1950, according to the Bureau of the Census. The 1950 crop consisted of 9,842,138 bales of upland cotton.and 57,279 bales of Arnerican-Egypti~n cotton. GRAINS Wheat prices on the Fort Worth Grain and Cotton Exchange strengthened during the past vieek, while prices of other grains made little change or declined. Unfavorable reports from the Panhandle wheat area and annou.ricements of the grain export program for March and April gave strength to the whee.t market. On Tuesday, March 27, No. 1 hard wheat on the Fort Worth market brought a top price of ~2 .66-3/4 per bushel, compared with $2.6h a-week earlier. AG"R:ICULTURAL lr-81.'!S OF THE WEEK Number ·6 )"'-·- - - - - - - - - - ·--·---· V!ednesday, liarch 28, 1951 - - - -·- -- - - - -·-··--Page ""7 No. 2 barley at $L 69 per bushel on Tuesday was off 2 cents from a week ago and lower than at any time since December. No. 2 white oats sold for $L20-l/4 per bushel' near the level of last vveek e No'. 2 ·yellow corn at $L 94 per b11shel was off 1 cent from a week earlier, while No. 2 white corn at ~~2 .18 was off 3-1/2 cents., Sorgh~: graiE_ brought a · top price of $2.51 per cwt. - 3 cents under . a· week agoo · Rice ·m arkets held steady duri.ng the· week ended March 19, according to a report of the American Rice Growers Cooperative Association. Quotations on milled rice at Houston are n:ear ceiling levels, with lfo~ 1 Patna and Rexoro at $1L 75 to · $12.00 per · hlindred pounds. · LIVESTOCK Prices of livestock on tne Fort Worth market . have made only minor changes during the- pastweeka Tuesday's top prices-:-"11os.s , · ~?22. 00 _; · slaugbter steers J $3-7. 00; slaughter calves, ~J6.,)0; ·f eeder and stocker ste:~rs, -~h0.,00; and sprjng lambs, ~35»50 per cwt. · On the San ·Antonio market, ~tedium and Good · Angora goats carrying around 4 pounds of . mohairsoid -last week as high as $2L50 per cwt . .. The bulk of Co:rmnon and Medium shorn Angoras and: Spanish type went at ~16.00 to 1.?17 .OO, with a few at $18.00~ - FARM INCOME The BAE's report on cash receipts from farm marketings for the year 1950, issued last week, shows that Texas farmers received $1,993 million, compared with C2,0)7 million in 19Li9. Heceipts · from sale of' l.ivectock arid livestock products totaled ·$ 806 million - - UJ) ~20 million. Recei;.;ts from ·sa1e of .crops amou.."1ted to Cl, 187 million - dovm. :$83 million. ·Cash receipts from farm marketings · in other southwestern states in 1950 and changes from 1949: I.1ouisiana, $332 million - down $5 . m.iitiori; Oklahoma, ~~527 million - off $76 million; NewMexico, ~?190 million - down $3 million; and Arizona, $256 million - up ~10 milliO'Yi':· Farmers in the United States realized 8 'p ercent less net incbme from farming operations in 1950 than they d1Cfln 19!+9. The total. was $13 billion, vs.. $1L~. l billion a year ·earlier and ~~17 8 billion in 194 7 o Texan farmers in January 1951 received ~158 million from sale of crops and livestbck,compared with $197 million in January 1950.·.· .3 MISCELLANEOUS Good 12-months · wool was contracfOO in Texas-1a·s t week at an estimated clean ·price of $3. 75 per pound· delivered to Boston. Other contrac.ts were estimated up to $3.30, clean basis, delivered. ' Small lots of 8-months Texas wool were sold at $L50 per pound, grease basis, to the grower. The USDA has announced a price support program for 1951-crop hay, pasture, and range grass seed, designed to encourage production to meet requirements for soilconserving crops-during· the next' few years. The program is substantially the same as the 19)0 program. · The USDA also announced suppor:t of honey prices in 195l;most flavors will be sup~orted at· 10 cents p8r po~nd· to the beekeeper; other flavors at 9 cents. ·w. M. Pritchett Agricultural Economist
