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W~dnesday,
AGRICULTURAL NEJS OF THE WEEK
NuriiL8r- 68
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Federal Reserve
Ban~
April 18, 1951
of Dallas
CO'l1TON
Spot cotton prices remain unchanged at ceiling levels. Distant futures
are still substa.ntiall~r below la.st month Ts levels; a1.though Tuesdayrs (Apr;il ii}
qi,.~otations were fractionally abov'e those of ·a week agoo
Reports continue to indicate that a- very large cotton crop will be planted
in tl:.e SouthFest this year> Planting is virtually completed in the Valley and the
r'.-;." ·•p _is in all stages of grovifh;-a~~c~ording to the PMA.
The acreage in · south Texas
w::._~:.J cxc eed €\.~.d."'; estiri·!ates ~
C01. t"n plantlng is unJe~ -r-ray in central Texas and R0!:18
h::.,,-; ·:1 een pla- . J~ :·, ri ~-:i norti1 Tox.s.s~ Vmd prepara+,ion in wester::1 sections of Texas ar:j
01~:.:~Eoma is --:" er~:-- g . 1od) c:-;:.ys thP. PH.:·~.9 but more noisture · is needed.
Planting se·e d is
s:-:ct:~· ;.;'3 in all sections and if much replanting becomes nec·es"Sa.ry, gi~ run seed will
have to be used.
G .R A I N S
Grain prices on the Fort W~rth Grain and Cottop Exchange continue to '
fluctuate Tifithin-r!arro;;, limits , All quotations this week ·yerc within a few cents
of l87els ma~_ntained ck.r:i_ng t .!12 past several months ., Weck·to-·week changes of a few
c~2rr'1s per buahel or hu:.1.d:.--ed~Hej_g.ht reflect changes :in the outlook for producticn of
grain~ in 19.51, in vra1· news, and in export developn.ents.
However, even these cause
only minor price chan~e s.
.
.
Grain stocks on Texas farms on April 1, 19Sl 'rnre s 11bstantially 'uelow a
year aGO, accorrffr:g t'o a USDA report. Farracrs held 12, 9 miilion bus!iels of corn, or
l..L. million le so than last year; 1 million uushels of w..ieat ~ dov.n 2 rrd.llion; 6. 2
million bt1.shels of oats, off half million; and . Jess tr.an hal.f million bushels of
barley an.J rye combined. Oklahoma- farmers held i.nore corn tl an last rear, but less
of other grains.
Proc:-pcr.ts for sr:i.a.11 grain prod ictj.on ·in . Te~as continue poor, according to
a BAE report .--n!-owin~ crops o.f ·wheat and oats made .. slow prog"!:'ess last week, due to
cool weather anri, drying -..vinds. Warm '\!·eather and .:cains are needed on all ren·aining
acreage.
A N D .·v E.. Cr-. E T A B . 1 E S
F R.U ITS
Texas peach crop pro-spects are fair to good, -::tcc::n·ding to the BAE. Cold
weather delayed blooming of early varieties and caused some d'.3.mage to trees.
Citrus trees in the Lower Rio Granc e Val1ey. are said to be niaking very
slow recover;("f":r-;'om thtJ damage inflicted by last winter ts freezes. . ood dar:age was
very severe. Removal of entire groves has been extensive. Prospects for 1951-52
production are poor.
De.fensc· Food Order No. 2, ectal."'lishing the amoun~ of ·cannPd vegeta le pa ck
to be set as:i.de for defense use, has bee;.1 announced. Ti.1e amo:mtofany ·specifie_d__
canned ve;:;etablo to be sot 3.side by each rroces'"'or is determined by applying a setaside percenta:e to that Processor's 11 base pack. 11 Percent of Lase pc...ck to be set
aside: asparagus 12, lirna ·beans 2.S , green and ·wax bec....ns 11+, carrots 27 , sreet c rn
15, creen peas 15, pTu!1pkin 17, fJYvect potJ.toes 22, tom.:.:.toes 20 , tonato cats p 16, and
tomato paste 17 percent .
.
The acrea re of early spring CUC .d uers in Texas t:1is year totals 2 ' ~00
acres - 1,000 less than last year; yields a1;e hj ~; ier. The south Texas early s r~ rin 0
onion crop is estiiuated .J.t 1. 9 million sad s, or l ~ ss than half last year 1 s c:-op.
AGRICULTURAIJ NEWS OF THE \liJEEK
NU11iller 68
Wednesday, April 18, 1951
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Page~
LIVESTOCK
Livestock prices on theFort Worth market have made few noteworthy changes
during the past 2 weeks. Slaughter steers dropped 50 cents, or to ~J6.)0 per cwt.,
while spring lambs reached 036.oo, a new high for the season.
The outlook for the eai·ly lamb crop in Texas declined further during the
past month, reports the BAE. Green feed diO-not aev'8Top during March as expected.
Mid-February rains started grass and clover, but the dry, windy weather depleted the
moisture supply, and the low temperatures checked the growth of grass before it coul<
furnish much feed. Most yearlings marketed before mid-May will carry only feeder
flesh; spring lambs have made only fair progress, and the market movement probably
will begin the last of r.{ay or in early June.
The early lamb situation in Arizona has continued favorable. Marketings
were under way April--r;-with the movemen·t g~ng mostly to midwestern and eastern
markets.
Commercial meat production in Texas during February totaled 53.7 million
pounds, which was about one-third less than in January and about 2 percent lower
than in February 1950, according to the BAE. The numbers of cattle, calves, sheep
and lambs slaughtered during February were smaller than a year ago, while the number
of hogs slaughtered was higher.
Livestock receipts on the Fort 1North market in March were substantially
below those of the same month in 1950:--Marketings of all classes were lighter.
Receipts of cattle were off 13 percent; calves down 39 percent; hogs off fractionall:
and sheep down 52 percent.
WOOL AND MOHAIR
There was no buslness in Texas wools or mohair last week., Meanwhile, ~
prices on the Boston market continued to decline; dealers estimated that the prices
of nohair were 20 percent below recent high levels.
The wool tops and grease wool futures exchange reopened on April 9 after
having been closed since January 26. Ceil:mg prices for wool top futures were set
at $1~. 265 and for grease wool futur~s at ~3 .535.
FARM EllPLOYliENT AND TIAGE RATES
A report relec.sed by the USDA last week shows that farm wage rates in the
U. s. rose 6 percent during the past 3 months and on April 1
13 percent hit;her
than a year ago. On the other hand, there were h percent fewer persons working on
U. S. farms than a year earlier. Farm v ages, says the report, continue to reflect ·
increases in prices received by farmers, the competition of higher industrial wages,
and the increased cost of living.
Farm employment in the Southwest in late March was some 4 percent under a
year ago ana-8 percent below the March average for the past S years.
Wage rates in Texas on April 1 were 12 percent above a year ago~ Texas
farmers paicran-average ~4.75 per day with room or $5040 per day without room or
board. Farmers ~N"ho employed laborers by the hour paid an average of 56 cents per
hour with room or 64 cents per hour v:ithout board or room.
were
" M. Pritchett
Agricultural Economist
@FedFRASER