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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 · COTTON 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.. Mo.st 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. fr.om 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 development ·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. · · ot L ·r v E ·s 'T 0 c K 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 ye.-.ir, '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. AGRICULTURAL NEWS OF THE VIBEK Number-78 __________W_~dn~sday, .. June 27, 1951 Page2 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. GRAINS 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. WOOL AND MOHAIR 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 USDA. Small lots of adult mohair were purchased at $1.35 and tl.40 per pound, f .o.b. Texas. POULTRY AND EGGS 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