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~A_m~rr~c_U_L~T~~~A_L_N_E_m_s~O_i~T_H_E_~_~_E_·K~·~~~~~~-~-~-~·-~-~·~·-w~~ne~rt~; Se~temb~r 26, 1951 Number 91 Federal Reserve Bank of Dallas· Spot cotton prices. have made.- considerable recovery from the low level reached aboutthe firs't of ·s eptembero On Tuesday, September 25;, Middling 15/16-inch cotton in .the 10 designated spot markets averaged 36.,19 cents per pound, compared with 34r79 cents a week earlier and 34~10 cents 3 weeks agoo Farmers ar8 reported withholding a large portion of their cotton froln the market . in the expectation that this action will ca.use a rise in cotton prices·CI . Cotton exports under the export allocation system for the 1950·-51 season (August - July) was-4:1 .million bales) or 29 percent less i:,han in the previous seas.on\) Cotton exported to Japan accounted for 21 percent of the total, followed by Italy with 13 percent, France and Germany each· received about 11 percent, and · · Canada, 10 percent. Weather condi±ons over the Eleventh Federal Reserve District for the · past week generally have been favorable for the harvesting of cotton. The crop in central and southcentral Texas is from 70 to 80 percent harvested while harvest .in north and east Texas, is we J 1 past · the .~o percent · mark in rriost ·places o Texas cotton ginned through September 15 ·averaged· lower in grade and · .over a thirty-second shorter -in staple length than that ginned for the same period last year, accordin~ to the PW.IA. The grade index through September 15 this year was 98o2 (Middling iriiite = 100) compared to 100.0 last yearQ Ginnings in Texas through September 15 totaied 1,458,000 bales, compared wi tQ. 790·,000 bales last year, according to the Bureau of the Censuse C0 T T0 NS E E D lot prices received by Texas farmers for cottonseed during the week ended September-19 averaged $66~70 per ton,compared to $66.50 the previous week and $82~50 for the same period last yearo The output of cottonseed this year, based on the expected production of cotton lint-;-is estim~ted by ~he BAE P~ about ?,000,000 tons compa~ed with 4.1 million tons in 19500 Domestic disappearance "of mar~arine in 1950 is likely to reach or exceed i,000,000,000 pounds for the first time-.-consumption of margarine per per.son may be over 6.5 pounds, 001npared·with 6.1 pounds in 1950 and 2.7 pounds in 1937·~41. Butter .consumption in 1951, on the· other hand, may drop below the previous record low of. lOoO pounds in. 1948. l~agon G TI A I N S Prices of most grains on the Fo~t Worth. grain market strengthened last week amidst reports that 1951 production of wheat· and corn may .fall below earlier forecasts. On Tuesday, September 25, No. 1 hard wJ:eat sold for· a top price of C2o62 per bushel, or 2-1/2 cents above a week earlier. No. 2 rhite oats reached $1. 09 per bushel this week for a net gain of 4 cents as compa-red with a we~k earlier. No. 2 yellor corn c:t $2.02-1/2 per bushel was up about 3 cents, while No. 2 whi tecorn at ~f2o 26-3/4 per bushel was up 4-1/2 cents. Sorgl"n~m arain brought ....,. 2 o 61 pGr cwt. for a gain of 1 cent., Thu .Atl"l-::r)_ca11 -Ric Growers Cooperative As~ociation reports th~t there are signs beginning to show up at different places vvhich indicate th~t the sharp dncline in rice prices may be reach..:. ..1g botto:l and t~ at a more st· ble ilarket m y e xp ct d. This is particula.rly true 01 the m~dium t:>rain varieties which have Jhovn some AGRICULT~RAt NEWS OF THE WEEK Wednesday, September 26, 1951 Page 2 Number 91 slight price advanceso One strengthening factor in th( rice picture is the reported intention of the CCC to purchase 200,000 bags of rice for ECA and to make additional purchases in each month through December. R,ice growers are not selling much rice, particularly while prices are materially below loan valueso The Secretary of Agriculture has urged them to make maximum use of the price support E!:ogram so as to help stabilize the market for this commodity. Around Houston this week, No. 2 Blue Bonnet of good milling quality brought $4,10 to $4.hO per 100 pounds. The same quality and grade of Texas Patna went at $4.58 to $4073~ Price support for 1951-crop rice has been broadened by the USDA so that rice showing ahead yield of less than 25 pounds per 100 pounds of rough rice will be eligible for support at the rate for broken rice., This action has been taken because an unusually large proportion of the 1951 rice crop will not meet the normal eligibility requirements, PEANUTS . Harvesting of peanuts in Texa?made little progress last week as growers were waiting to see if the rains that fell the previous week .would benefit their crops by increasi~g the yieldsq The aver~ge yield per acre is very low, amounting to only 400 pounds compared with 660 pounds in 1950~ The movement of peanuts to market in Texas and Oklahoma thus far this season has been relatively light~ Demand for the small supplies is good, Old crop Spanish No., 1 sold last week at 18 cents to 18·-l/4 cents (shelled, f. o. b~ shipping point, per pound) compared with 18-3/4 cents t0 19-1/14 cents for new crop offerings,, Tho Texas peanut crop is estimated at 186,000,000 pounds vs. 323,000,000 pounds a year ago. The Oklahoma crop estimate is placed at 126,000,000 pounds, or about the same as the 1950 crop,, L I V E S T 0 C. K Prices of some classes-Of liv-:estock have strengthened during the past week, as the demand for slaughter and stocker animals continued strong, according to· PMA reportso . On Tuesday, September 25, Good & Choice fed steers and yearlings and heifers sold in Fort forth for '$32;)00-36000 , while beef cows cashed at $2200028.00, and Medium & Good stocker & feeder steers and yearlings sold for $28 .0034.00.. Good & Choice slaughter calves cleared at $30~00-34.-50 , while Good & Choice stocker calves cashed at $33 .00-39.00o Hogs held steady on the Fort Worth market, with Choice 180·-280 pound · weights bringing $21.00 and $21.250 Prices of available lambs were steady. Good & Choice wooled,slaughter spring lambs brought $)1,50 , Spring feeder lambs moved out at from ~28.00-30 .00. Goat prices on the San Antonio market showed considerable fluctuation the past weeiebut made a net advance of 25 to 50 cents. W. M. Pritchett Agricultural Economist