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AGRICULTURAL NEWS OF THE WEEK Number 9o · -- _________._Y'V_e_d.? esday, October Jl_, 1951 Federal Reserve Bank of Dallas C 0 T T 0 N Cotton prices advanced sharply during the past week with the 10-market average ror-1)/16:inch""°Middling quoted at 38~41 cents per pound on Tuesday of this week, compared with 36.86 a week ago and 36.31 a month ago. This is a new high for this seasop, . representing an increase of 2.73 cents per pound over the August 1 price and nearly 4 cents over the low point for this season of 34~10 on September S. Principal factors stimulating the increa.sed prices were an upward revision. in estimated exports for this season - now . expected to reach or exceed 6,ooo, 000 bales and a feeling on the part of the trade that Secretary of Agriculture Brannan favors a higher support price for next : Y~ar'. s cotton crop. Mill demand for cottqn con:tinl:!~es to be mostly for prompt shipment as the textile trade reinains relatively slow. · Whil.e purchases for export. were not large, India is reported to have authorized an. increase in .imports from the United St2.tes, bringing the total to 900,000 bales for the current season. Farmers are reported to be selling more freely in _some areas, with reports from the southwest indicating that from 35 to )0 percent of c~rrent ginnings are .going into trade channels. , Loan entries through October 18 were reported at 549,300 bales, an increase of 82,500 over a yeG.r earlJ.ero Southwestern producers were putti,ng. only a small volume of current ,ginnings into the loan. A revised · estimate of world cotton production in 1951-52, issued by the International Cotton Advisory Coniinittee, indicates 'a crop of. 35,200,000 bales. This is a reduction of 800,000 bales from a month earlier estimate but is still 28 percent higher than the 1950-51 crop. . Harvesting of the southwestern cotton crop continues to be retarded by a shortage ofiabor-:--rn West Texas about, 50 percent of the crop is reported to be open but most farm~rs vd.11 not begin mechanical harvesting. until after a frost. The pink boll w:orm continues to be a major thr.e at to next year's crop and it is now reported tp.at this insect has _migrated into North and Northeast Texas w5. th Dallas and Hunt Counties already placed under quarant~ne. The October 15 parity price for cotton was 33.98 cents per pound, up 13 points from September 15 a.nd 2.11 c~nts above October 15, 1950, according to an announcement by the Department of Agricul tu:i... e.· The average price received by farmers f'or cotton as of October 15 ·v:as J6. 21 cents per po1L1d, compared with 33. 73 on September 15 and 38. 90 on 0 ctober 15, 1950. L I VE S T0 CK Except for hogs, livestock. prices at Fort Worth were generally stront.;er and a little hip;her than a week ago. LitSht but rather general ratns over much of the southivest which improved the prospects for · winter feed ·we re a major factor contri buting to the stronger market. ,·(e ceipts at southwestern markets declined <luring the weel_c al though still averaging ab0ve M.arketings' of a year ago. Prices of slaughter cattle ruled generally steady to $1.00 highc r with one load of Choice and Prime steers bringing $37.00 p~~r cwt. Stockers and feed0rs vvere generally ~ LOO to ~sl.50 higher, rith a few Choice yeariing stocker ste :;rs selling at $34. 00 and Go.od anr;t Choice stocker calves as f1ic;h as ~;;38 .;;o. Govs brought mostly $26 .00 to ~,p28 .oo. Hog prices continued a seasonal decline, selling at $19 .25 per cwt. on Monday of lhisvreek - a new low for the season. Prices advanced slight y Tuesday and closed at mostly ;ipl9 . SO. 1 11r AGRICULTURAL NEWS CF THB 'vEEK Number 96 Sheep and lamb prices made little change during the past week with most Good and Choice shorn lambs, carrying Number 1 and 2 pelts, selling at around ~ 1)30.00. Prices of Good feeder lambs were strong early this week - a few selling at $26c00 per cwt. Receipts of all cla3ses of livestock at the 12 major markets increased generally over a week ago but were below the co1n[.>arable pe riod of 1950 except for hogs and sheep and lambs which showed a substantial increase. In Fort Worth, rec€ipts of sheep and lambs during the i:;eek end8d October 25 were about four times as large as the number received for the similar period in 1950. Around 60 percent of the receipts were aged sheep. The increase in hog receipts over a year ago reflects a 7 percent increase. in the 1951 spring pi? crop. Cattle numbers on farms and r~nches in the United States are expected to reach a record high of around 90,000,000 to 91,000,000 head by January 1, 1952, according to the Department of Agriculture. This compares vri.th Bh,200,000 on January 1, 1951. The Department further predicts that the number may reach 100,000,000 by January 1, 19550 Meat ~upplies in 1952 are expected to exceed those of 1951 and may be sufficiently large to provide meat consumption per person of 144 pounds, ·compared with 141 pounds no~ estimated f or 1951. Most of the increase in meat next year is expected to be in t eef and veal. The Depc.:~·tment of Agriculture experts at the annual Outl~ok Ce:.nference in Washington this week also forecast very little change in prices of livestock during 1952 as compared vvi th 1951. - -----GRAINS Grain prices on the Fort Worth Grain and Cotton Exchange continued to show considerabl8°"strength during the past week. Prices of oats; corn, and grain sorghums advanced moderately, while prices of wheat and barley rE;mained steady. Relatively strong export dem~nd continues to be a major factor in the market. Also giving strength to the market is the prospect for smaller feed supplies per head of livestock during the 1951-52 fe€ding season. While the prospectivesupply of all feed grains is larger than most years e~cept 1949 and 1950, the increase in livestock numbers will reduce ·the supply per animal. Top prices on the Fort ··orth Grain and Cotton Exchange en Tuesday of this week: ·Noo 1 hard wheat, $2.71-J/4 per bushel; No. 2 white oats, $1.18-1/2; No~ 2 yellow corn, $2.0.?-i/4; and No. 2 yellov; grain sorghums, $2.87 per hundrljdwcight. -----In northwestern Texas counties, rains durinD the past week were adequ~te to germinate wheat that had been set..dcd in the dust. Prosp0cts for all small grains were generally improved throughout the Southwest. Rice harvest is virtually finished in Arkans~s, Louisiana, and Texas, but marketings are becoming smaller and fev1 sales were reported this past week, according to the PMA. Prices are quoted as gener.ally steady. · AND EGGS POULTRY Prices of po 1ltry and eggs 1ere generally steady on southwestern markets · during the pa~t 1eek. East Texas broilers sold mostly at 26 cents per pound. Similar prices were received in south T xas, but the market in that area was barelY steady, rrth plentiful supplies Gnd fair dem nd. 1 Carl H. · ooro gricultural Economist
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