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Number 77--··-------

--.--.... . June

20, 19Sl


Federal Reserve Bank o'f Dallas
C 0 T J' 0 _N_
The Secretary of Agricul tureannounc-ed last vreek an initial ~x-e~!_ alJocai:ion-of 2,Soo,ooo bales of cotton to be licensed for expo.ct dm:·ing the period from
August 1 through November 30, 1951. The Secretary stated tnat -She total quantity
of cotton to be allocated from the 1951 crop cannot be deterE1ined at this tj_me and
that the initial allocation is being made n~w so that domestic E.-:xporters and foreign
mills may make their customary fore'vra'rd commi tmr:mts and thus bring about a normal
movement of cotton into export channels during the first months of the ner season.
It was stated further that it will be the policy of the Departiaent to allocate for
export all cotton produced in 1951 that is in excess of domestic consumption requirements for the 1951-52 :narlrnting season.
Spot c )tton prices are h-:>lding generally unchanged at near ceiling levels.
Prices for Middling ·y571'bilcotton this vV'eek averaged h5. 25 cents per pound in the
ten spot markets, compared with 4) .. 18 cents· h~o weeks ago and 33. 48 cents a year

Prices for new crop contracts continue to drift dovmward; October futures
on the New Orleans Excha.nge-close"C:i Tuesday, June 19, at 37" 21 cents compared with
37.26 cents a week earlier and 39.37 cents a month ago.
Exports of cotton from the United totaled 480,000 bales in April,
according to the -Bureau of Census. This compares with 35l.1, 000 bales in March and
and 471, 000 in April a year ago. the nine rncmths, August 1950 through April
19Sl, exports totaled 3.4 milJion bales, against h. 2 milli:m a year earlier. Estimates of the New· York Cotton Exchanf_:'.,e se1..vice place exports in l\=ay at approximately
475,000 bales. Total exports fur this season m2y be about 4o2 million bale s.
Cotton insect infestation continues to be very light in most sections of
the Eleventh District, -w:Fth-tEe~excE;ption of a fevr small areas.


Prices of all grains declincd~the Fort Worth Grain and Cotton Exchange
during the p.:-ist -week. Excellent crcp prospects in most sections Ji' the co:mt:ry,
lack of exports, and the maritime strike are counted c.inong the factors contributing
to the decline.
No. 1 hard wheat sold Tuecday, June 19, at a top price of $2~56-1/2 per
bushel - off 4-1/2 cents from a week.earlier, although near the level of' a month
ago. No. 2 white oats at $1. 02-1/2 per bushel were down 7 cents and lower than at
any time since November.
No. 2 yellow corn sold as high as ~; l. 95 per bushel, or 5 cents under a
week earlier, while No. -2 v~hi te c 0 r~ brought $2. 21-3/4 per bushel - off about 2


No. 2 yellow milo (sorghum grain) closed at 1P2. 60 per C¥.rt., or 1 cent
I-Is. ~rever; little net change has o .~curred in sorghum grain prices
since the first of the ye&r.
Tho USDA annou11ced last week that sales of U.S. wheat and i,;heat flour rno..y
now be made C:t.E~ainst 1951-52 International Wheat Af;reement quotas. F !A quotas for
all im5Jorting cou:::-rtries r0main .. 1m.c h' Yl '~edfrorn thOG-eapplfc2bl8to the 1950-51

below a week ago.



CR 0 P S
Production of Texas 0n-L0n~ from the-late -spring acreage is estimated at

Wednesday, June 20, 1951
---------·Page 2-

- · -·--- ------~--Number 77

1. 3 million sacks (50 lb"), or 2-1/2 times the small harvest last year and 19 percent above aver2ge.
The Texas Panhandle Irish potato.crop is forecast at 1.1 million bushels,
or slightly more than the 19)0crop·.. "---- - ·
Texas late spring to.iaato productinn is estimated at 2.h million bushe1:s,
vs. 1.6 million last year. - - - - - - - - 'I'hc early spring wat,ermelon crop in Texns, f'orecnst at 9,5 miJlion, is
1.1 million above last year;s-·crop:-~-Lou~siana e~-:pects toharvest abuut i/2 mil.lion,
while Arizona has a crop of so21e 3 c 5 milli·J n m8 lons.


Livestock prices on the Fort v·iorGh mar.~rnt have taken divergent trends
during the past week:----cfnTu€sday, June 19, hops sold for a top price of :$22. 75
_per cwt., 1.rhich c Jrnpares irith :~ 21.00 ·on the first of the month, and is the highest .
level reached since Februaryg
Prj_ces of most cla.sses af slaughter cattle rose So cents· during the
past week. Tuesday! s top prices: steors-;Jb.oo-; heifers ·w35.,SO; cows $27 .OO; and
calves $36.~0 per cwt, Feeder and Stocker steers held et $37.'00.
Lamb prices are showing signs of weakness. Tuesday' 's top price for Good
& Choice spring-lambs was $33.50, vs. ~34-SO 2 i;eeks ago.,
Most goats sold a l i ttlr3 higher on the San Antonio market last week, with
some sales up as much as :fpl. 00. Slm:.ghter goats br::mght $16. 00- ..'17. )0; stocker
Angoras reached ~18.00 per cwt. Kids sold at $6.00 - $8.00 per head.

A fair weight offall wool was contracted in Texas last vreek at $L 01-1/2
per pound, grease basis... Trading-ill mohair was extremely quiet.
Spot vwol prices in New York continue to decline sharply. Certificated
wool spJts-closed.Tuesd.ey, June 19, at J2.13 per pound, compared with $2.Jl a week
earlier and ~2.92 a month ago. Demand for wool is generally dull; supplies are
adequnte for current needs.

P 0 U1 T R Y



Prices of some classes···of poultry on the--naTias v.rh~lesale market
sirength2ne(f lc::st week; orices of eg .)s remained unchangLd. He=1vy hens adv2nc0d
1 cent, or to 25 cents per pound, Local buyers paid 29 cents per-Pound for
Arkansas fr;;rers, or 1 cent more than a week earlier.
-Ungraded eggs held at 33-1/3 cents per dozen, while No. 1 infertile eggs
commanded 41 cents.--Ep;g pr duction on mexas farms during the first S montho of 1951 totaled
1,432 milliuns-, compared vri th 1, 508 millions a year earli ~r. Production was
lower also in OklahJma, Ne: uexico, and Louisiana, but up slightly in .Arizona.

MI 3 C E 1 1 A

E 0 US

The 1951 Tex;:is peac\ crop J.s foreca'"'t c.:. t -1. ~ million bushels, or .:i.lmost
double last y ar 1 S GmalJ. harvest, although 1 Iaillion .beloi r the 19li9 Crop.
Pear production in Tex~ s this year is ex~ected to total 380,000 bushels,
v s . 270,000 last year and 484,000 in 1949,


, , Pritchett
gricultural Economist