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AGRICUtTui~L--NEWS ·: oF THE YJEEK Wednes.~ay, JUI1~. 27, 1951
Num'ber. . 78 -- - - -·- - - - - - - - - - - - - - - - · - - . ...


Federal Reserve.. Bank of Dall.a s ·
Spot cotton prices continuefoholcf generally steady at or near ceiling
levels, · alth-oughsorfie weakness developed in the market Monday as a resu). t of peace
rumors.. of these losses were regained Tues:la:y-. The volw~1e of' tr.ading for the
week ended .J1me 22 was greater than the previous week but only about one-ti11rd as
large .as in the corresponding week a year ago.,
Prices for nGw-crop futures . continue the downward trend ev:i.C:ent for the
past several vweks andon'fuesd.a y·, -:iune 26, wel"e f~om 8 to 78 points below a week
earlier. Even the tTu1y contract ..sharec1 in tl'-..e decline this week, but the largest
drop occurred in Octo~Jer 1951 fut"J.res. Major ractors behind these declines are
prospects for a large 19.51 crop an·O. in re.cent weeks a weakening of · the cotton gray
goods market, where trading nas ·been ' dull ai:.d prices. .softening;) .
. . ·Daily m?-li c.onshmption. i!1 May was ? :;)ercent above the.. April rate. This
cont~ase.asonal incr eas-eapparently was t:1e result:_ of lovr ccmsumptj:on _in .April re-sulting. strikes .. . ConS1unption is e:>0_Jected to decline in June, but f'Or the
1950-51_. s'easqn .(jtligust-.J11ly), t 'o tal mill c 011sumption i.s now expected to be
lo,7·5 0,000 ba-les, compared Tfith 8,900,000 b~les in the 191~9-50 season.
Stocks of cotton in mills decreased dur-i ng 1iay· bnt on June 2 were substantially~it;her than a year ago • . Combj_ned s·~,od:s held by mills and in public ·
.storage and compresses, however, at tt:e end of May. .tota~ed about .3, 70,0,000 bales,
compared with rnor~ e t 'han 8,000,001 a year ago.· Abou.t L:.,000,000 ba.l es of 'these stocks
were held by the CCC. ·
Weather conditions · over the Cotton Belt continue to favor· grovtth and
·tl}e- crop·;aill. hot' dry·; open v1eather during the past vve8k has µermitted farmers to catch up with cultivation and insect cqntrol. Only the Corpv.s
Christi area remains dry, al-t;,hough_ adqi tional showers woul~ be beneficial in most
south Texas countieso Som~' cotton acreage "in west Texas which vva,s damaged by severe
storms is being replanted t 'o sorghums.



·r v



'T 0



Receipts of cattle at majormarkets--inG"r-eased somewhat during t:ie ".7eek
ended June 22 but declined again on Monday o.nd Tuesday of this week$ Offerings continue to run well below the comparable periosi a year ago. The s~asonal decline in
receipts of hogs has begun. Prices .of a~l classes remain _generally steady to
slightly vveaker.
Top prices on t!"ie Fort Worth market on ~uesday, Ju.rie 26: ·hogs, $22. 50
per c-....Jt.; slaughler-steors and heifers, $35.00; covrs, ' $28000; calves, $36.00;
feeder and stocker steers, ~36. 00; sp1·ing lambs, $33;, 50 ~
Marketi11gs of goats at San Antonio during the week ended June 22 Yvere 400
fewer than the· previous vv-eek but abo it 300 more. than the comparable period a year
ago. Prices remain ge~erally unchanged, with slaughter goats selli:r.,.1 at tl6 to
$17 per cwt., 1·?-th a top of $13.2S.-: l':ids. l?ulkcd at e7 .oo to ~8.50 p~r head, with .
a few at $9 " 00 and above.
Tl1e 19Sl sprin;:: pig cro:!J totaled 63 ,GH3,000 head - an in8rease of 7 percent from a yeai;ago-;-acc.orc1ing to the BAE. The inJrc:tse resulted from a L;-rercent
increase in the nw:i.be_r oS: sows· farrff:ring a~ ld a 2··-pe:::cent increase in the munber of
pigs saved n er 1.itter. The estimate for t:1e .fall pi :~ crop tl1is, 'based on
breeding intentions, iil'.hc!ltes an increa'""e of 1: percc·nt over J.9SO. rr:1j.s '::ou2-d :produce a total 1?51 pig crop of at.out 1C6,000,000 head - the second largest on record.


__________W_~dn~sday, .. June 27, 1951

The B.AE's report also indicates that this year's spring pig crop was farrowed earlier
than last year•s, which suggests that the fall movement of spring pigs to market
may be earlier than usual.
Prices of all grains declinea:-for the second consecutive week on the
Fort Worth Grain and Cotton Exchange. The do~vnward trend was accelerated on Monday
of this week as a result of Russia's peace proposal. Prices on the Chicago market
reached new lows for the year but recovered somewhat during the last half hour of
trading. Tuesday's market was generally steady, although news that the wheat harvest
had been resumed in Kansas and uncertainty over the cease··f'ire proposal continued
to exert downward pressure on prices.
Top prices on Tuesday, June 26, at the Fort Worth Grain and Cotton Exchange
and comparisons with a week earlier: No. 1 hard wheat, ~2.54 per bushel - off
2-1/2 cents; No. 2 barley, $1.59 - off l; Noo 2 white oats, 99-1/2 cents - off 3;
No. 2 yellow corn, $1.94 - off 3/4; No. 2 white corn, $2:17-1/4 - off 4-1/2; No. 2
yellow milo, $~.~2 per cwt. - off 8.
---The Texas rice crop continues to make good-to-excellent progress, but
recent showers in Louisiana have been insufficient to break the drought and relieve
the threat of salt water damage in that area.

Trading in the Boston wool market last week was virtually at a standstill.
Some greasy domestic fleece wools moved at prices lower than a week ago, but sales
were insufficient to test the market. Business in most western states continued
dormant, with growers holding at prices well above what buyers were willing to pay.
A few small lots of Texas 12-monthswool were purchased at a clean price estimated
to cost from $2.70 to $2.?~elivered in Boston.
World wool production in 1951 is estimated at 4,100,000,000 pounds, grease
basis - an increase-or 120,000,000 pounds over 1950, according to a report of the
Small lots of adult mohair were purchased at $1.35 and tl.40 per pound,
f .o.b. Texas.
Prices of poultry and eggs on the Dallas wholesale market were unchanged
from a week earlier. Tuesday's quotations: hens, 4 pounds and over - 25 cents
per pound; hens, 3 to 4 pounds - 20 cents; roosters - 12 cents; Arkansas fryers JO cents; local fryers - 27 cents; baby beef turkey hens - 35 cents; ungraded eggs 33-1/3 cents per dozen; and No. 1 infertile eggs - L~lcents.

MI S C E L L A N E 0 U S
The 1950-51 Yearbook of Agriculture, a 968-page volume entitled Crops
in Peace and War, has been published by the USDA. Main distribution of the book
iS being made-oy members of the Senate and House of Representatives.
Carl H. Moore
Agricultural Economist