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AGRICULTURAL NE\!-TS OF THE W~EK. _ _. -----~·-·----yr~dne~da.y, Ju_ly 1~__1951




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Bank of Dallas

C Q. T T o· N

The sharp drop in spot cotton-p1:'ices, which began after the first of
the month, continues. On Tuesday, ,July 17, Middling 15/16-inch cotton averaged
38.3) cents per pound in the 10 designated spot markets. This compares with
42.89 cents a week earlier and 44.95 cents 2 weeks ago. Spot prices average
about 7 cents per pound lm•rnr than on the first of July; some of the lower
grades are off more than 9 cents per pound.
Cotton futures prices, which began declining before the drop in the
spot market, experienced additional losses during the past week.. October futures
closed on the New Orleans Exchange on Tuesday of this ··week at 34.61 cents, compared with 35~23 cents a week earlier and 37.10 cents a month ago~
One highly recognized bureau predicted last week that spot
cotton prices will fall to the support J.avel when the peak of marketing begins.
This prediction is supported by several factors, including (1) the generally
favorable outlook for large production this year and ( 2) relatively s~nall mill
demand for cotton. However, other factors may arise to offset these conditions.
The Secretary of· Agric 11l tnre announced last week an increase of 1
million bales in t~e 1951-52 preliminary cotton export allocation, An initial
allocation of 2~ million bales was ar1nounced on June 12. The addition of 1
million bales brings the preliminary allocation to a total of J~ million bales.
As previously announced, additional quantities of cotton will be made availabl1J
for export as the developing sitnation warrants, in order to provide for the shipment of all cotton not genuinely required by our own economy.
Hot and dry weather contir.,ues to prevail over the District, and it is
reported that there are thousands of acres of cotton now in the critical stage
and must have rain soon to mature fully. Cotton harvesting in the Valley is
gaining momentum despite a scarcity of labor. In the Coastal Bond area the crop
is opening prematurely due to the extendad drought in Nueces and San Patricio
counties. In the Lubbock area the condition of the crop ranges from poor to excellent. There are some 100, 000 acres in LY!m, Garza, and Dawson counties which
need rain to survive.

Grain prices on the Fortv rorthGrain cmd Cotton Exchange on Tuesday,
July 17, were near the levels r eported during t:1e past 2 weeks. Tuesday ts top
prices: No. 1 hard wheat, $2.55-3/4; No. 2 barley, $1.51; No. 2 white oats,
$1. 07-,1 /2; No. 2 yellow corn, $2. 02; and No. 2 white corn, $2. 24-1/2 per bushel.
No. 2 yellow milo (sorghum grain) is holding at $2.50 per cwt.
The Secretary of Agriculture has called on winter grain producers to
increase their acreage this fall. The uheat goal for the Nation is set at almost
79 million acres, or a little above the big acreage planted for harv2st this year. normal yields, this goal acreage v:ould produce nearly 100 million bushels
above this year's estimated production. For oats the USDA is suggP.sting that the
10 southern states, where winter oa ts are grown, seed more than 6 rJillion acr1.:: s an increase of 5 percent.
The acreage of corn planted v1i th hybrid seed in Texas this year totals
1, 546, 000 acres, or 65 percent of the total corr.. acreoge, compared vii th 57 percent
in 19SO. Oklahoma farmers have 894,000 acres, or 72 percent, of their corn acreage in hybrids, compared .ith 65 percent last year. Louisiana grorers, vith


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292,000 acres of corn, have J3 p2rcent of their acreage planted to hybrids, compared with 31 percent in 1950,
Sorghum harvest is active in south Tex2s this week and the crop is
maturing in central and northern counties. Much of the south Texas crop was hurt
by drought, particularly in the Coastal Bend vrhe1'e a considera.ble acreage was
harvested as forage. The crop is m ~king good growth in northwest ·rexas and the
High Plains areas.

1 I VE S T0 CK
Livestock prices on t~18 Fort- North marY.e t generally are holding within
narrow ranges. Day-to-day fluctuations refle ct 1wre the varia.tions in ty
of animals marketed than the'i in derua.nd.
The principal areas of we~kness in livestock prices appear to ·be in
feeder and stocker cattle and in laubs, the prices of which have declined about
~l per cwt. in the past week.
Prices of goats and kids on the San Antonio market were mostly $1 lower
last "'Neek. A f'e-.1 goats sold as high as $17, al tr.Lough rnost sales were ·be·Lv·een $15
and $16 . Prices of kids ranged up to .9.25 each .
Stocker and feeder cattle and calves received in 8 Corn Belt states
during January-June, inclusive, total(;d 820, 000 head, or 2 percent more thc:'n in the
same period yt:ar . Receipts of feeder sheep and lc.rnbs totaled over 900,000,
or 20 percent more than a ye::.r earlier. Th se figures support the forecast made
several weeks a o that more ineat will be available th::i s fall than in tho same
seaGon in 1950.
Reports on livestock slaughter under Federal meat inspection in the
United States durinc; t!'ie 12 munths ended June '30, 1951, show sla11g11ter of cattle
down 4 percent, calves off 14 percent, hogs up 7 percent, sheep do~n 12 percent,
goats off 36 percent, and horses up 33 percent.
Poultry prices-ontte._Datlas wholesale mo.rket fell thjs vreek.
off 2 cents per pound; those weighing 4 pounas and over are ~uoted at 22
those weighing 3 to 4 pounds are bringing 13 cents per pound.
Local fr ers are sellinP at 27 cents per pound, while Arkansas
the Dallas market are quoted at 29 cents per pounci Jn farms.
Baby beef turkey hens are quoted at 35 cents p r pound, having
this level f0r 2 m nths.
Egg price quotations shov; 1ro. 1 infertile e gs at 45 cent;;; per
compared wit.h 41 cents a week ago.

Hens are
fryers on
held at

Wage rates paid hire~ f~:rri i.·orkers in T8xas on July 1 were up 11 percent
from a year ago, accordin~ to BAE estimates. 're.,rns farrrers paid an aver2p;e of
~5. SO per day ri thuut board or room; the ho irly r .tc on the basis wa.3 63
cents per hour .
. l.s comp red rith a year ag~, farm ra -.:;-, re ues in Louisiai a :-ire up 17 perc nt, Okl hor.e. 9 pe ·cent, Jc·; . ex · co 28 percent, an Ariz na lJ p re nt.
Farm emp:.oy. ent in the '"'outh rv st · n late June v as 3 IJt!r'Cent nd ow a year
arlier and 9 p rcent be lo ·r th 1945-L9 Ju1 e w2rag •


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