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--~-W_e_dnesday L...October 17, 1951
AGRICULTURAL NE1NS OF THE WEEK
NUmber 94
Federal R.eserve Bank of Dallas
C 0 T T 0 N
The spot cotton market roseniOre--than 50 points early this week due to the
holding movement -bi cotton-farmel'S and to the hope that support prices for cotton
will be higher next year. Representatives of the cotton producers have requested a
higher support rate in 1952 but the Department of Agricultue has not indicated much
enthusiasm for this proposal. On Tuesday, October 16 Middling 15/16-inch cotton
in the 10 markets averaged 3?., 00 cents per pound compa.red with last weel{ ts close of
36c42. The comparable price on the Dallas market on Tuesday was 36 .. 80 cents6
Reported sales in the 10 spot markets have picked up i.n the past 2 weeks
as farmers in some sections began selling more freely than in previous weeks out
they are still holding more cotton than usuale The CCC reported only 370,000 bales
had entered the loan as of October 4, as against more than 5,00G,000 bales ginned 0
Cotton harvest continues active under favorable conditions in the later
producing areasof the District, except in th$ Northern High Plains of Texas where
snapping and pul1ing have just gotten starteds The tempo is increasing in Southern
High Plains and Low Rolling Plains counties where possibly one-fifth of the crop is
gathered, and in the Cross Timbers, with about one-third harvested, according to
BAE estimates~ Northern Black Lands and northeastern counties along the Red River
are near the two-thirds mark with harvest_,
Wagon lot prices for cottonseed to producers in Texas ranged last week
from $70 to ~pBO per ton at the gin, and averaged $73 per ton compared with $7LJO
per ton the previous week, $90.40 per ton a year earlier and $38~30 per ton 2 years
ago.
R I CE
Rough and milled rice advanced~to 50 cents per cwt. in Texas and Louisiana this week despite prospects fora-record crop, ace ording to FM.A reports. Good
domestic and export demand and the holding tendency of farmers, who put larger
amounts of rice into government loan, wel''e strengthening factors.
In Houston good milling quality No. 2 Patna sold at $5~55 to $5.80 per
cwt., Blue Bonnet at $4.77 to .;p).18, and Magnolia and Zenith at 4i)4,87o
The Texas rice crop is estimated at 12,128,000 bags, up 600,000 bags as
compared with 1950. The Louisiana crop estimate is placed at 11,858,000 bags, up
l,J67,000 bags~
WHEAT
.Vb.eat prices made sharp advances this week, influenced by reports of good
prospects
increased export sales of UoS• grains; adverse crop and weather news
from Argentina, Australia, and Can.::i.da; the heavy :novement of new grains into t~1e
government loan; a rnarked pickup in domestic flour business; and unfavorable crop
notes from the grain producing areas of North Africa and France.
On the Fort Worth market No. 1 hard wheat sold on Tuesday of this week at
$2.69-3/4 per bushel - up 6 cents from a eek earlier and higher than at any time
since the .first of ApriL No~ 1 hard wheat at Kansas City brought ~2,45-1/2 per
bushel - up about 8 cents since the first of October.
Seeding of w11eat in the important \lheat Belt of Texas, New N·exico, and
Oklahoma is at a virtub:l sta11: till owing to the lack of sufficient moi ture.,
Fields that are up to a good stand are maling little growth and some crops are
dying.
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AGRICULTURAL Nmvs OF THE WEEK
Number 94
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Vfednesd.ay, October 17, 1951 :
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GRAINS
0 TH ER
Prices of most other grains-haveresponded to the advances in wheat
prices during the past week~ On Tuesday, Octoberl6 No. 2 yellow corn sold on the
Fort ;~:orth market at $211 05-1/4 - up 2-1/4 cents as compared with a week earlier;
No, · 2 white corn brought $2.29-1/4 - up 1-1/2 centso Noo 2 white oats reached
$lal5·per · bushel, the highest price reported since May.
No. 2 yellow ·milo (sorghum grain) sold on Tuusday at a top price of $2.70
per cwt, - up 6 cents from a week earlier and 12 cents above a month ago"
1 I VES T0 CK
Livestock Erices on the Fort 1forth warFet have made few changes during the
past week al though tbe cattle market 1Nas slow on Tuesday, October 16 and prices· were
weak with some sales lower. Calf prices were uneven to )0 cents or more 1.owero Hog
prices held steadyo
Developments in the cattle ~~ding ~it~ation up to the first of the month
indicated that the number of cattle to be f ed this season may be as large or 1arger
than last year, according to the BAE. large feed grain supplies, together with a .
new corn crop that is the fifth largest on record, assures a high level of feeding
this fall and winter, says t1e Bureau, The movenent of feeder cattle into the Corn
Belt since July 1 is the third largest on record, begi.nning with 19390
The BAE reports further that somewhat more sheep and lambs are likely to
be fed for the winter and spring market this season than the low number fed last
season; however, the widespread demand for breeding stock will be an important
factor in determining the number of lambs that will be fed, The wheat pasture areas
of Kansas, Oklahoma, and Texas and the number of 1arribs on these pastures will be .
reduced. Feed supplies for nearly all other areas are ample. Demand for feeder
lambs has been very strong with prices at record levels(\
E M P 1 0 Y ME N T
RATES
Farm employment in the--southwest in late September was about 3 percent·
less than a yeareariier-despite arriuchln-rger cotton crop, according to a USDA
report. There were more family workers employed than a year earlier but about 12
percent f ewer hired ~orkers~
Farm wage rates in Texas on October 1 were 10 percent above a year p·~rlier.
rhe average wage per day -1-vi thout board or room was $5. 80 cornpar0d . vri th ~~;. 20 a year
~go,
The rate per hour without board or roJm was 67 cents vs. 61 cents last year .
FARM
A
1~
D
Y A G E
MI S C E L L A I E 0 J S
1951 turkey crop-e's timatecC:to be more than one-sixth l:ir~er than
the previous r ecord the USDA has an11ouncP.d a "stan by" proi:rarn under which it would
pure as e large-size turkeys if it bP.came necessary to assist . farmers in stabilizing
the marl·eting of the ir crop. Purc1ases under the program would be limited to birds
of a sj_ze larger than normally used for home consumption. :To purchase prices have
been announc'3d.
Southwestern peanut growers received support prices last w_ek for quota
peanuts and crushin value pric0s for •xc ess stoc~- Sheiled-Spanish No. 1 sold
mostly from 19-1/ i to 19-1/2 cents per ~ound.
The BA~ p-,n _:.imir.A.ry estinA.t of hon_y p.. oduction in Te:.:xas during 1951 is
placed at l0,9!i4JO 0 pounds, or 31 percentb lovI-Iast 7-.:·:rrs r ecord ... rop •
~i th the
.. Pritch'?tt
AgriculturciJ Economist
@FedFRASER