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AGRICULTlTRAL NEWS OF THE WEEK Nllii-1Ser-9·a--·----·--·-------·-----FeGeral Reserve Bank of Dallas COTTON Tlie U. S. Department of Agrl.cl.1Tture-a?L"1ounced last week its Noirember .~st.~.rn~~e .of th_~- 19S!: .co~to~ £~op, placing the figure at l,S:, 771,000 bales which was 1,160,0f 0 bales less tr.an the October .e stimate. TLe principal reductj on in State estinates occurred in Mississippi, Arkansas, and Texas, with less important reductions in Oklahoma, Tennessee, Alabaraa, forth Carolina, and Louisiana.. The November estimate of the Texas cotton crop is h,300,000 bales - down half a million bales since the first ofOc-tober·~--Thereduction in the State is the result principally of smaller estirr:ates for the South Hi.gh Plains, the Low Rolling Plains, and the BleckJ~nds, alth~1gh estimates for most sections of the State were redLced. Hevised estimates for cotton production (bal~s) for other sol.ltl-iweste:rn states: Louisiana, 770.,000; Oklahoma, 500,0C;O ; tJew Mexico, 290,0CC; and Arizona, 820,000. The market react: 0n to the g:r_eatly reduced cottcn production estimate was irnmedia te 2r:··:: sharp~ PrJ.ces rose virtually the limit of 2 cents per pound on the day of the r~ 1 "011r.cement (Novemoer 8) and the foJlowing day, closing on November 9 at an av ...:rafSe of liJ.43 cents per pound for Middling 1)/16-inch cotton in the 10 spot rna.rk~ts, whic:i compores with J8., 94 cents a week ear:ier. Hov;ever, as the market reached this hie:h level many pecple who had bought earlier took advantage of this opportunity to sell at a profit; spot sales in the 10 markets jumped So percent on Saturday the 10th, and the market declinel almost 2 cents. 'l1he long week end (rfo:iday, November 12 was a holiday) pern~i tted buyers and sellers to weigh more carefully the factors in the cotton market and tne market rose on Tuesday, closing at 42 .. 69 cents for the 10 marketso The rise this week is said to be based partly on the report th~t the November cotton production estimate, although down sharply, was made prior to the early 1rovember freeze and a further cio,Nnvmrd adjustment probably wi.11 be made in Decer:1ber .. Te,,rns pinnings through Octo"oer 31 an1ounted to 2, .516, 000 bales compared with l,79S~OOO-bales-a-Year ago, a~cording to the Bureau of the Census~ Cotton ginned in the State throui=::h this date this yec..r averaged a little lower in grade and slightly shorter in staple length than that ginned duri!'lg the coYTespcnding period last year. The P}.!i.A reports that cottonseed prices in wagcn-lc..ad lots at the t;ins in Texas durin~ the first week of Noven1ber ranged from $ 75. 00 t0 ~8.5. 00 per ton, with an averaee price of (;77. 80. During the corresponding period one yee.r ago, the average gin yard price v:u.s t9' .. L10 arni 2 yec-~rs cg-, tr1e ~ 1 ric; aver,;.g _d "'4.J .. Boo GRA I NS The grain markets continueto-advance, stjmulated by a multj_t1 e of factors, including-unfavoY-able ·seather in ~rain p,...0ducing areas and some pickup in exports. On 'l'uesda,Y, November 13 1 o. 1 hard wheat so1.d on the Fort ~·J orth marke t at a top price of $2 . 78-J/4 per bushel - the highest price paid ~·ince February, 1948. Ne. 2 barley at ,"'l. 73 per bushel. was 7 cent3 above a week earlier. AL: . 2 white oats at ~i l.27-J/J.1 pr>r bushel were up 3 cenb for the week. fro . 2 yellow corn at :(2 . lLL-1/2 on Tucsd y 'Nas up 7 cents while o. 2 white corn at $2. 34 per ous.t1el was up 5 cents as compared :.ri th Tuesday of last 1 eek . AGRI CUI TUPAL l'J:i;,-_rs OF THE iif 'FK Number 98____ - - - - - - · - - - ' No. 2 yellow milo (sorf_;hum grain) reached $;3.02 per cwt. on Fridc:ty, November 9 ·which was the first time it had been above ~PJ.00 since June 19h8. The top pri.ce on TuE sday, Nove1nber 11 v~as ~2. 98. Activity in the Texas and Lcuisiana rice markets quieted down last week although pric8s generally held stcadJ, accordin;; to the PMA. In the Housten area No. 2 Patna 1··as quJted at 11$5.2) to $5.41 per 100 poundso Bluebonnet grading No. 2 or 3 was quoted at ~4.78 to Th4.93. L I VE S T 0 CK The weakness in the li vostock rna:--kets that became apparent several v1ecks ago is still evident·~- Price dcclinesduringthe past week ranged from 25 cents to ~l.00 or more. On Tuesday, Novem~er 13, Good anJ C~1oice slaughter steers and yearlinr~3 .::ivld in Fort ...orth at :pJ0.00-34.0C· :µer cwt. Beef cows sold mainly from :L;l9.00-2J.OO wlth a feVv Commercial up to $25.00. Good and Choice calv<.:!s brought $29.00-33.00, with a few higher. Iv1edium and Good stockers and feeders turned from :;~26.00-32.00, with one lo.'.J.d of 2-y,.. ar--olds at ~?32.)0. Declining seascnally, hog prices fell to ;18.75, top price for 180-270 lbs. Choice 1~~0-175 lbs. aid 280-)00 lus. ranred fr cm ~;117 e 00-18. 25 A sh~i.. n!l'!vmt of Choice and Prime~ lOS lb. shorn slaughter lambs with No. 1 pelts brvught '"' ~Si .00. Good and Choice 77 lb. shorn- slaugl1terlarnbs-cashed at ;j ~»28. oo. -.- QOL AND M.uHAIR The Bosten wool--mhl·ket ms ver·y dtl.11- last rveek, according to the PMA. ·arkets in i~ustralla c0ntinUE:dstr ng. There vrcre no sales of wuols reported in Tex[ls. Averarr,e ·.ee.'ly consu rnpti.on of apnorel wools in the U • .S. in 1 ugust vvas 7. 2 milli n pounds vs. 6. I nillion-Tn -July anct.9-:?ni:Cllion in I' ugust 19)0, according to fi~ures just reJeas~d. A ound 1 million pounds of mohair was bought in Texas last w,..ek at 1.05 to ~il.10 per lb .t 'or ad lt and l.30-to ~'>L35 .for kid iwir. F.stimatt:s of unsold mohair in Texas ale placed at a round half 3. million pounds. P ) UITRY railers sold in Ecst T lxa3..Iate1-a:-t e ek c...t 23-25 cents per lb., and for. the--we-kaveraged 2 cents under th:; prt:vi ous ~e e k, ac ordinb to the Texas Department of A -ricult re. Pr· e~ in '"'outh Te_-\:o.s ran ed from 24-26 cents, unchang .ct fr m the prece ing v.reek. Turkeys held ab r.Jut unch~m 't;d at Tex s points last week. 1 o. b. farm :µrice~ f o~ tonis:frvm well fintshE d cumme rc:Lal fed flocks were 11.o:stly 32-Jh, hens 38-39 cents per Jb. Rane types 3-5 cents ur.d r ccmmercial f ·d kin . s. 1 1 1 • PE C A r S T .:! ras pecan prucmction i3 stirnc t8d at 12 I iillion poun ·ls' the smallest crop sincu 1942 -;·-.1-con p_.. ·i th last year 1 s h & v st cf 39 ni.Jlion I· ounds. 1 Louisian-1 an klahorc:. cror.is, at 1.3 'llion and 29 million pounds, respt:ctively, ar up sharply ir 19500 r: 1.. Pritchett r.. ricult r 1 Eco 0 1. j st
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