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~--~--~-W~e.d_n_e_s_d_a~~' Novemb~£__7, 1951
AGRICULTURAL NEWS OF THE WEEK
Number 91
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Federal Reserve Bank of Dallas
C 0 .T T 0 N
~po~ cot~o~ price~ rose more-than-Y-cent per pound last week, continuing
the advance of previous weeks. On Monday, November 5 (November 6 was a market
holiday in most states) Middling 15/16.-inch cotton in the 10 designated markets
averaged 39.08 cents per pound, compared with 37.95 a week earlier, and 36e53 a
month ago.
The rise in the cotton market since early September appears to be
associated withthe 11 holding movement!' carried on by cotton growers, on the one
hand, and on the other the ~ncreasingly favorable outlook for cotton - both
domestic consumption and exports - in 1952. Farmers have been selling a ;t.i·Ltle.
mo-re freely in the past several weeks as compared with early in the marketing
·s eason but still no rush has developed . on the part of farmer~ to dispose of their
cotton •.
As farmers are now holding several million bales of cotton on hand the
cotton market situation is becoming potentially more dangerous despite the further
upward movement in prices. Cotton growers are holding cotton for no other reason
than theexpectation of higher prices, or for rr speculative purposes. 11 If the
market should show some signs of temporary weakness they may dump their holdings
on the market, causing a severe break in ~arket prices"
The quality of cottonseed ginned in Texas in recent weeks hc.s been
excellent, according to the PMX:-Prices forwagon:-load lots at the gins the last
week in October averaged $77.80 per ton, having risen each week since the season
opened.
GRAINS
Prices of all grains have risen ··in the past week. No . 1 hard wheat sold
Tuesday, November -5 onthe For-t Worth Grain and Cotton Exchange for $2.. 75-1/4 per
bushel - 3-1/2 cents above a week earlier and 11 cents above a month ago. r•o. 2
barley at $1.66 per bushel was up 4 cents for the week; No . 2 white oats at
$1. 24-1/4 per bushel were up 6 cents; and No. 2 yellow milo at $2. 95 per cwt. was
up 8. cents and higher than at any time since 1948. Corn prices advanced 1 to 2
cents per bushel. Prices are basis carloads on track or in storage; tax and
freight paid to Texas corrunon points, interstate rate, o.r Texas Gulf ports,
dqmes.tic rate.
Nearly 1,127 million bushels of wheat were stored in all positions in the
United States on October 1, 1951, compared with 1,207 million bushels a year earli..
according to figures released last week by the BAE. Stocks in Texas totaled 47
million vs. 59 million last year. As compared with a year earlier, uctober 1 total
stocks of corn in Texas were do~m 30 percent and oats were down 66 per~ent; offfarm stocks of grain sorghums were doW!l about 50 percent.
Wheat prospects in northwest Texas are improving. Recent rains have
given the growing crop·a better color, while wheat seeded in the dust is coming
up to a stand.
TR UC K
CR
PS
The cold wave that struck 'Iexas the-morning of .Jovember 3 established new
lows for this early in the oeason in Dractically all commercial vegetable sections
of the State. Frosts were repo~ted for all fall-er~ and winter ve_etable areas .
Damage to tender vegetables is inevitable in all areas, reports the ~ E, and
AS-lUCtn..T~JP.AL W:::'.'S OF ·TBE 1J1~1:'.:K
Number
·97 · - .:-· -· ·-· ·-· - ·
probably more severe in the heavier pr od11cin:; ar eas of Lar edo J the Wint.er Garden ,
and Eagle. Paf~s , where Gnap beans , cucu..~b~rs , eggplant , peppers , t onatoes , and
squash ·;rere just ~oming into f .111 production . It i s too early to accurat8 l y
as~3ess · the damagg · to truck c r ops causE::d by the freeze but l oss of tender ve:;eta01es
probab.ly 1!d. 1 be ·cons:i_jerable . In most sectionn hearty- type vc:;etable~"3 are
expec·ted ·: to. comt:: through witho·1t much dama6e .
LIV::SSTOCK
' Livestock pric~s experienced further declines during t he p a st week , wit h
102ses nmnirg from 25 cents to as much as ~~l.00 or r1rore pe r cwt . On Tu esda y ,
November 6 sla-u;;hter steers .and hAifers of Crood and .Low- Choi ce grade brought
~30.00-Jt~ . oo , while Utility a.nd ~ommcrcial gr ades brought ~~22 . 00- 29 . 00 . · The few
Commercittl grade beef c ow9 on the marl<et sold £'r om ,~25 . 00- 26 . 0 0, ·with canners and·
cutters from $14 . 00-20 . 00 . Medium and Good stocker and feeder steers and yearlin gs
c l earGd f r om ~,26 . 00- J2.00 with a fevr Good and Choice yearlings up to ~JJ . OO .
Good and Choice slaughter calvos r:lren ;$29 . 00- JJ . OO .
Choice 180- 270 pound Lor~~s sold · largely at 019. 25 with a fevr lo ts up to
*~19 . $0 .
OnP shipment of Good and Choice 82 pound shorn slau[Shter lambs s old a t .
.,
~29 . 00. Feeder lambs r.;oved at from {~20 . 00- 25 . 00 .
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POULTRY
The Texas T)epa.rtr.H:mt of Agricnl t 1 lre reports that broilers in the
Gonzalcs-3mil .y- NL':on area· are se::'..ling mostly at 2)- 26 cents per pound , whi l e
pric.es in the Ty1er- IJacocdocbes-r.ente:r area are about ·l cent lower .
Farmers in so:1tt. Texas are ma .d~et.: n:~ thr·ir turke~rs nt an -Lr1crcasing
rate . No . 1 broa_l br1:;astsJ tons under 22 poun ::.,.s are bringins 30- 33 ce1 ts; hens
36-39, mostly J8 cents . PriceE' in cerltral c.-ind ·~vest Texas u.re fracti-mally hif,her .
On. the Fort 1 rorth 'Nholerw.lo. m·arkd cuTY'ent receipts of e?;,':~s ::old Tuesday
at :':lh . 00- 1).00 per case ; on a. ~~raclecl aad canned basi:i e~i:;s wcr7 rerorted from
$12 . 00.,.18 . 00.
F A J 1
_ ~~ I C ~ S
A ~ J ~)
I P C 0 1! E
Tim .!1\S indr-)x of fr rrri prices 1_1 Tc:r-s.
as of Octol;.er 1) , was 349 c ompJ.red
ith 31d a mont11.e'2lrlier;·a ye:i..;.o1)99 in April , and 340 a year o.c;o . The parity .
inriE:X (irnlex of price .. ; paid , inte_ est , ta:,.es, an. f'.lrm Fage rate) at micJ - Octol::H~r
was 28_; ' 1r.;h ic11 equaled th~ I'8COrd establish:d in April anrl ~·la;r of 19)1.
Farm in .. ome in Texas in the first 8 nontho of 1951 totaled ~l , 071 million
comf'ared vrith $1~12T lillion for trle samo nontLs in i:;So , :iccording to data releas ed last , reek by th TJST)A . A declh1e of r.p190 million in cash rece Lpts from sale
of .. rops r.iore . than offset an incrcar-e of $13.3 million for live~tock and liv stock ·
0
;
,Jan ary- . .p1gu t cash recej pts from farm marketings f tW other southwester n
ft~tes and comparisons vvith a year earlier : Louisiana ~~150 million , up 28 pC>rcent;
Oklahoma .' 3J i million, U"') 2 percent; !Jew T1e:.dc0 <t>9h nilliori , up 22 percent; and
Arir,ona ~pl57 ~niJ.lion, u. 25 p rcent .
i . s. fa:cm8rs' cash -·~c --ip Js frcm m:irkc;tings in 10)1 will rol ably tota l
abo 1t ~32.8 billion , or 1) percent a~:ove reccipt0 in 19_;0 . The total volume of
farrn m:i. rke-Vn s i.3 2 p rcent lar9'P.1" r.t;m 1·1 s t car'"' voll.me; and pricer-; of farm
pro cJs are l J abo· t 12 percent on t e a~erage .
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Agr ·.c ultul'al Econor.i ·st
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