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Wednesday, October 3, ·1951.


NCTribe·r ·92



-Fedsral Reserve Bank of Dallas



·: . '. .

C0 TT0 N
Spot cotton prices advanced-rapidly last week but weakened slightlJZ" ;',;-·_;
·again this week-.-I'liicidllng lj/1.5~inch cotton in the 10 designated spot ma:rl\:ets·
averag9d above 37 cents per p~•u.c..d on Wednesday and Thu~·sday of la3t wE:ck b~1t wa.s ·.
down to 36 .. 73 on Tuesday, Cctobf: r 2, · The high prices f o:.:- cotton appear to be the
result o.f farmers holding -'::he:;..r cotton or placing it :b1 gr/'.ternment loan, rather· ~
than to any appreciable :Lnprove;:icn t in dsm3.".ld for cc t·~;cn,.
Cotton gil!r:.~cl ~n the 0nH.ed S-!:.CJ.tes throu6h Sep-c,ember 15 totaled 3,661,000
bales, or 32-per.cen·S- cI the ind:~.cated ~~op,. as compared with 17 percent of the
crop ginned during th:Ls period a yea.r c:go ..
· Weather Gr;ndi.tions over trie District last week favored harvestl:.1g of
c9tton al tholigh--labor-wa'svery scarce, esrecially in those sectior:.s when~ . mos~
of the crop has been harvested or crop condition~ are not too goodo
Wagon loti prices paid farmers for cottonseed in Texas during the.we~k
enP,ed. September 27 averc-{ged $680 20 per ton at the gin, which was an in9rease over
the previous week's average price of $66 . 70 per tunci A year ago the average pr.i ce
in· Texas was $90.10 per ton~
J .·

Cash gra~n pri~es advanced substantially during the first part of last
week · but then lost most. of the gains. The: price changes seem to have resulted '
.from the accumulative effects. of severa.l market factors rather than to any one .
particular condition. Worth noting) however, ·were reports of sales of grain to
-Eu:ropean countries, expectations of· frost.damage ·in the corn belt, and rain "and
snow in the spring wheat belto
Noo 1 hard whe·a t on the Fort Wo.rth· grain ~ exc{lange brought :;1>2 . . 6).- 1/2 per
bushel, top price, on Tuesday, ·October 2, or l-l/2·cents above a week earlier, ..
but fractionally under last week's high • .
Corn pric~~ on the Fort Worth market on Tuesday of this week v1ere
pra9tically the same as a week earlier, although as much as 5-1/2 cents per bushel
under last week's high. Tuesday's quotations show No. 2 yellow corn at e2.0l-3/4
and No. 2 white corn at $2.27 per bushel.
Sorghum grain prices on the Fort Worth market have followed a slightly
-µpward trend sI"nce July, making a net gain of 12 cents per cwt. Tuesday 1 s top
price was $2.64.
Southern rice markets strengthened . this week as demand for both rough
and milled rice improved, according to the PMA. In Texas, good milling qu~lity
No. 2 Patna brought ~4.80 to $5.0l per 100 pounds, and No. 2 Bluebonnet went at
$4.54 to ·~ 4.70. Improved domestic demand, moderate export inquiry and fairly
la~ge sales to the CCC are credited with the price advance.
United States exports of grain and grain products duri~g July and August
1951 are - estimated at 2.7 million long tons, compared with 1.7 million last year.
The USDA announced last week that through August 1951 ~armers put about
75 million bushels of 1951-crop wheat, barley, oats, rye, grain sorghum, and flaxseed under CCC price support. Wheat accounted for 68 million bushels, barley
3.6 million, oats 1.4 million, and grain sorghums 1.2 million bushels.

Scattered rains through cent'r°al and south Texas during the week ended
September 25 stopped all digging of peanuts. Most growers in these areas were

AGRICULTURAL NEW,S OF T_HE_'_V_lfE_E_K_._ _ _ _ _ _ _ _ _ _ _W_e_dn~sday, October 3,-:1951


Page 2

giving the crops time to mat' more; however, west Texas areas continued to need
moisture and the few peanuts dug in those sections were mostly baled for hay.
Shellers are paying growers support prices in all areas for quota peanuts •.. The crop in southeastern Oklahoma is averaging around 69 percent sound
mature kernels, which , with no deductions or additions in price for other factors,
would -return growers around $221.80 per ton for quota peanuts.
Shelled,Spanish No. _l new-crop peanuts for prompt shipment brought
19 cents per pound, with a few sales up to 19-1/2 cents, according to PMA.
Cattle prices on the Fort Worth market generally are holding steady at
prices that have prevailed for the past month. On Tuesday, October 2, Good &
Choice beef steers and heifers drew $32.00-35.00, Utility & Commercial ranged
from $23.00-31.00, according to the PMA. Iv.lost of the supply comprised Commercial
beeves selling from $28 .00-31.00. Medium & Good stockers & feeders turn from
~27.00-33 . 00, a few thin, lightweight; Choice yearlings to $36.oo, Common stockers
around ;>24 .00- 26~00 , Good & Choice slaughter calves cleared from $30. 00-JL..oo,
Common heavies on the year1ing order to $35.00.
Hog prices are showing slight advances rather than declining seasonally
as was expecteef;---Choice 180-280 pound weights brought $21 .50-21.75, Choice
145-175 pounds cleared from $20.00-21. 25.
The sheep and lamb trade has been slowing down ; some classes are 25 to
So cents under-aweekagO.--Good & Choice wool slaughter lambs brought $31. So
on Tuesday of this week . A few lots of feeder lambs moved out from $25. 00-28.oo.
Cormnercial slaughter of cattle in Texas during the.first 8 months of
1951 totaled ·624,000 head-vs~34,000 in the same period of 1950. Calf slaughter
totaled [+22,000 vs. 499,000 a year ago. Sheep and lamb slaughter in commercial
plants numbered 334,000 vs, 447,000 in the first 8 months of 1950. On the other
hand, hDg slaughter reached a total of 1,207,000 vs. 1,006,000 last year . Commercial meat production in the United States during the first 8 months of this
year was practically equal to that curing the same period of 1950, while beef was
down 7 percent, veal down 17 percent, and mutton and lamb lower by 16 percent.

WO 0 1



7fool prices jumped 20 percent in Australia this week vd th prices of some
lots up as-much as ho percent. The over-all price rise was described by wool men
as the sharpest in memory; however, reports failed to mention any specific reasons
for the sudden advance. American stockpiling of wool is considered a possible
There was some pickup in business activity in the Boston wool market
last week as odd sales of greasy worsted wools were made for civilian consumption.
However, sellers were unwilling in many instances to discuss prices obtained in
the local market.
Some mohair was sold in Texas last week in a range from 80-85 cents
for adult and $1.0S-1.10 for· kid mohair, according to the PMA.
W. M. Pritchett
Agricultural Economist