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W~dn~sday, AGRICULTURAL NETTS OF THE WEEK Numter 90 September l~_,_1951 Federal Heserve Bank of Dallas C 0 T T 0 N Spot cotton prices made signif'ic·ant net gains during the past week. On Tuesday, SeptemberIB",-Middling 15/16-inch cotton in the 10 designated spot markets averaged 34.79 cents per pound, compared with 34~28 cents a week earlier and 34.10 cents 2 weeks agoc A heavy movement of cotton into the loan program is me~tioned as an important factor in the improved price situation~ Cotton ginned in Texas prior to September 1 totaled 1,157,000 bales, vs. 611,000 bales to the sa~e date in 1950 and 974,000 bales to September 1, 19490 Ginnings in the United States totaled over 2 rnillion bales, or more than double a year earlier.• Cotton harvesting in the Lower Rio Grande Valley and Coastal Bend sections is nearing-COmpletion, while 70 to 80 percent of the er.op in south and central Texas is harvested. Labor for cotton picking is scarce in all sections, and it is reported that picking and pulling prices are advancing. COTTONSEED . The first P:MA cottonseed report or-theseason states that the movement of cottonseed to crJ.shine mills has been normal this season in districts-~here ginning is in progress:-- - The grade of Texas cottonseed averaged 98o5 this season for the period ended Septemberl2. "The lower quality ·seed was due mainly to comparatively low oil content Wagon lot prices to farmers in Texas ranged from $65 to $70 per ton at the gins; the averagewas $66050 ,compared with $88000 for the same period last year. The price of crude cottonseed oil has declined and this week is quoted at 14-1/2 cents per pound, f.o.b. tank cars at Texas . common points. fl HEAT The 'USDA announced last week that because of widespread weather damage to wheat in the field, the 1951-crop price support program h3S been extended to cover 4, No. 5, and sample grade vrheat;)--irowever, the wheat.must be storable, and it must not be sour, musty, heating, or hot. Sarr:ple grade wheat must not contain more than 14 percent moisture. Cash wheat prices on the Fort orth Grain Exchange experienced a net loss for the past week. On Tuesdny, Septenber 18, the top price for No. 1 hard wheat was $2~59-1/2 per bushel, vs. $2.62-1/2 a vmek earlier. Prices at most central markets are below government support levelso Wheat seeding is active in the High Plains counties of Texas, and some early planted acreage-Zs up to a fair stand~ No. 0 THE R G R A I N S Corn prices on the Fort \ 1orth Market ·on Tuesday of this week were slightly above a week earli r, whereas, prices in Chicago were lowero No. 2 white corn brought a top price of $2.22-1/4 per bushel ~t Fort v·orth, vs ~ 2.20 a week ago . Oat prices in Fort Worth last week were higher than at any time since mid-July, reaching ~l~ 08 per bus el for No. 2 v1hi teo Sorghum grain at $2.60 per cwt. this week is up 1 cent. AGRICULTURAL NEWS OF THE WEEK Number ·90 ·N ed!lesday, Septerr.ber 19, 1951 Page 2 Southern rice markets tuok a finner position this week as demand improved, according.tothe PMAu. hains delayed thrGshing and farmers became less active sellers, especially where prices fell below government loan values. No. 2 Blue Bonnet is quoted in Houston at $4.10 to $4o32 per 100 pounds, r-0ugh rice basis. F L AXS E E D The USDA has announced that the nc.tional aver2ge support price for 1952crop flaxseed, grading No. 1, will be $3.77 per bushel, vs, $2?65-fo:r the 19.51 crop~ Support will be implemented by loans and purchase agreements in most areas, but only by direct purchases .in desie;nated Texas counties wnich produce winter flaxseed.,, Loans and purchase agreements will be avaiJable from time of. harvest through October 1952 in Arizona, and direct purcha.ses will be available in Texas through July 1952. WIN T ~ R C 0 VER CR 0 P S E E.D PR 0 DU C TI 0 N Production of hairy vetch-in Tex£s in 195'°1 is estimated by the BAE at 7.9 million pounds, vs.i 11 millionin 19)0:- The Oklahoma crop estimate is placed at 11.6 million pounds, vs. 13o3 million a year ago:- united States production is down 24 percent . . The Texas crop of Austrian Winter peas is so small this year that no estimate is even made. The lYh0-49c:.verage production was 750, 000 pounds, The United States crop is only 14 percent as la.rge as the 1950 crop .. - - - --The total United States production of four kinds of Vc;;tch, Austrian ~'inter peas, and two kinds of ryegr:iss is the smallest in 7 :fears and is only one-third as large as last year's record harvest. L I VES Tu CK Livestock prices on the Fort ·:.-orth- market h.eld. firm lr.:.st week and .early this week, despite heavy ma:r·ketings. Some classes advanced slightly, Cattle prices in Chicago were as much as 7.5 cents per cvrt, higher this week than a week ago, while prices of hogs were slightly lower, Goat pricLs in San Antonio last w0ek were steady to strongo P 0 UL TRY AND E GGS Prices of poultry and eggs on the Dallas.wholesale market rose seasonnllY during the past v:t:.ek. Hens gained 2 to 4 c~nts per pound,- while eg s rose 5 to 8 cents per dozen. Fryers held steady. Placement of broiler chicks on Texas f arrns is declining seasonally and tJtaled only 744jOOO in the week ended September 8, the smallest number in any week since September 1950, v·eekly placements exceeded 1 i 'llion i'rom Jtlnuary to Au ust. The BAE reports that 11. 7 r:?illion pl ople were employ ~d on Uri ted States farms in late August, or 2 p1.:;rcent less than a Yt::ar earlier, - - - - --·-Fe> rm operate s in Texas, r porting to the BA1 on its farm employn nt survey, indicated that they w. . re working u.n avera .., of 10 .. 3 h our~ per day, vs. llc 0 hours last vear. Hired· wo ,kers on T xas farms ·: er' wor it1g 9:I hours per day, vs. 9.9 hours in Au ust 1950~ ·¥, .• Pritchett Agricultur~l Economist
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