Cotton Prices Decline Again Receipts at 10 Designated Spot Markets, August 1-October 17, 1924, and Stocks on October 17, 1924, with Comparisons [Compiled from commercial reports] The week October 13-18 witnessed further declines in cotton prices, although the market was less nervous with fluctuations not quite so broad as during the previous week. Final quotations were down nearly 34 per lb. October future contracts on the New York Cotton Exchange declined 75 points, closing at 23.456, as compared with 24.20 last week and 29.75¢ last year. On the New Orleans Cotton Exchange October futures declined 57 points, closing at 22.60 as compared with 23.176 last week and 29.45¢ a year ago. The average price for Middling spot cotton in 10 designated spot markets was 22.53¢ per lb. on October 18, 23.12¢ last week and 29.46¢ last year. The volume of spot transactions in the 10 designated spot markets for the five business days of the week (Monday being a holiday) amounted to 187,319 bales as compared with 176,267 bales the previous full week and 199,146 bales one year ago. Weather conditions throughout the Cotton Belt continued fine during the week, which had a further tendency to improve the grade of the offerings, which was reported as average Middling and better, and to have materially facilitated marketing. Reports indicated that a number of mills were inclined to fix prices at present levels for cotton bought on call. Operations among the American mills were reported to have witnessed quite a speeding up. The report of the Bureau of the Census published on October 14 showed domestic consumption for September as 435,216 bales as compared with 357,455 bales in August, and 485,665 bales for September, 1923. Reports from the dry goods markets indicated that a turn for the better was looked for shortly. However, recent declines in the price of raw material had made buyers more cautious. 929 1.510 964 622 852 Interior receipts. 1,859 2,583 Interior stocks. 82.0 Into sight. Northern spinners' Southern spinners' World's visible supply Cts. Cts. Cts. Cts. Cts. Cts. Cts. Cts. Cts. Cts. Cts. Cts. (1) 22.38 22. 38 23, 00 22. 75 23. 00:28, 88 28. 63 28. 50 28. 38 29. 00 29. 13 (1) 22. 13:22, 06-22, 50 22, 31 22. 50/29. 06 28, 81 28. 63 28. 56 29. 13 29. 25 (1) 22.36 22. 36 22. 90 22. 80 22. 95 29. 06 28. 78 28. 65 28, 54 29. 16 29. 29 (1) 21.62 21. 38 21, 81 21. 63 21.88 29. 00:28, 75 28. 62 28. 37-29.00 29. 25 (1) 22.35 22. 15 22. 70 22, 50.22. 65,29, 25 29. 25 29. 50 29. 00 29. 25/20.88 -| (1) 23.50 22.25 22. 50 22. 50 22. 50 29. 25 29, 25-29, 25-29, 25 29. 25:29.75 (1) 22. 50 22. 25 22. 75 22. 50 22. 50 29. CO 29, 00 29, 00 29. 00 29, 25'29.75 (1) 21.55 21. 50/22. 00 21. 80 21.95 28. 85 28. 60 28. 45-28, 30 28. 95 29.05 (1) 22.30 22. 30/22. 75-22, 55:22. 70/29, 35 29. 10 29, 00 29. 00 29, 50 29. 60 (1) 22.35 22.35 22. 75 22. 55 22. 70 29. 35 29. 15 20. 00 28.90 29. 50/29. 65 22. 30 22. 10/22. 57 22. 38 22. 53 29. 11 28. 93 28. 86 28. 73 29. 20 29. 46 On account of holiday. Great Britain.. Japan. China. Belgium.. Other countries. Total. Boles 708, 607 261,033) Bales Bales 244,302 327, 904 187,787 174,999 574, 883) 321, 848 198,087 81,516 73.875 91, 445 Bales 419,252 220, 528 285, 453 109, 507 Bales 512,997 221, 514 132, 580 293, 360 38,495 123.4 19,345 10,999 38,345 11,067 20,306 51.5 3 262, 597 118, 902 43.498 27.3 1,806, 1161, 263, 1111, 058, 116 1,357, 858 1, 517, 767 1, 098, 799 138.1 1 Exports to Canada are for the period Aug. 1 to Sept. 30. None to Russia. Includes 53,205 bales to Russia. Exports for the week ending October 17, amounted to 330,837 bales, compared with 110,783 bales the previous week, 239,338 bales for the corresponding week in 1923, and 379,130 bales for the week ending October 17, 1913. Spot Cotton Quotations for October 18, and Sales During Week of October 13-18, 1924 Price of No. 5 or Middling spot cotton for October 18, the commercial differences in price between No. 5 and other grades of American Upland cotton at each of the 10 markets named, and average differences and prices for the corresponding day in previous years, together with the total number of bales sold during the week of October 13-18, 1924, in each of the markets and total for all the markets, with comparisons, as reported by the cotton exchanges. 1 The differences are stated in terms of points or hundredths of a cent per pound. By "On" is meant that the stated number of points is to be added to the price of No. 5, and by "Off" is meant that the stated number of points is to be subtracted from the price of No. 5. These grades are not tenderable on future contracts made subject to section 5 of the United States cotton futures act, as amended, on the future exchanges at New York and New Orleans. Total sales. Sales from Aug. 1 to Oct. 18, 1924 amounted to 1,722,252 bales, compared with 1,627,623 bales during the corresponding period in 1923 and 1,787,738 bales in On On On On On On On On On Ότι ៩ 115 100 100 110 90 75 75 65 86 63 Off Foreign Crops and Markets Potato Outlook in Thirteen Countries Estimates of the 1924 potato crop in 11 European countries, together with estimates for Canada and the United States, give a total production for the year of 1,939,000,000 bushels, compared with 1,912,000,000 bushels produced in the same 13 countries last year. The total of the Canadian and the United States estimates amounts to 507,000,000 bushels as against 505,000,000 last year. A decrease of about 9,000,000 bushels in the Canadian crop is offset by an increase of almost 11,000,000 bushels in the United States. No estimate is yet available for Germany, which is the world's largest producer, but the German acreage for 1924 is slightly above that of last year. October 1 reports indicate that the condition of the crop was about average for that time of the year. While potatoes are not a large item in international commerce, the annual supply in producing countries has an important bearing on the demand for other food crops. The production of potatoes is particularly important in the agricultural economy of the countries of northern Europe. In addition to the ordinary consumption of human food, potatoes are extensively used in these countries for feeding livestock and for various industrial purposes, particularly in the manufacture of alcohol. Thus by curtailing the amount of potatoes used industrially and for feeding, additional quantities are made available as substitures for bread grains in years of shortage in the wheat and rye crops. The following table gives the estimates for the 1924 potato crop of 13 countries, compared with the actual yields in those countries during 1923: The Indian Wheat Crop and Monsoon Rains The Indian wheat crop is grown under conditions vastly different from those prevailing in any other important wheatraising country. Winter wheat must pass through a cold season that is usually about rainless, and accordingly is largely dependent upon moisture conserved from the preceding monsoon period by a system of dry farming. Fallows reserved for wheat will absorb and store large quantities of water, particularly if a break in the monsoon permits plowing to be done. Seeding of the Indian wheat crop will begin this month. During the current season, the monsoon was much later than usual, being practically inactive in northwest India throughout June. In July there was a marked strengthening, and the combined rainfall during these two months was slightly above normal over the plains of India. In the Punjab, however, where about one-third of the Indian wheat crop is produced, rainfall was 20 to 40 per cent below normal during this period. During August rainfall was more general over the whole of India with a temporary break about the middle of the month. In the Punjab and parts of the United Provinces, however, rainfall was light to moderate. During the first half of September there were heavy rains in the Punjab and prospects for seeding improved. In general, the important wheat producing districts, namely, the Punjab and United Provinces, have not had the heavy mid-monsoon rains during August and September which are necessary for favorable conditions of seeding and for growth and development of the plant. This deficiency of rainfall may result in a decreased acreage or change of crops. The "great millet," one of the important food crops, can rarely be sown in the United Provinces with any chance of success after the end of July. A seriously delayed monsoon means a partial replacement of this cereal by the smaller millets of lower yield and a corresponding increase in the consumption of barley and wheat. Prices of American Apples on British Markets A decline of about $1 per 100 pounds in hog prices on the Berlin market during the week ending October 15 is indicated in the regular weekly cable to the Department of Agriculture from the Berlin office. Hogs of 220-265 pounds weight averaged $17.34 per 100 pounds as compared with $18.37 for the week ending October 8. A further rise in lard prices occurred with lard in tierces at Hamburg moving up from $18.20 last week to $18.80 this week. Margarine prices remain unchanged. Receipts of hogs at 14 markets increased from about 46,000 last week to 52,000 this week, the highest point in several weeks, indicating that the customary seasonal increase in slaughtering is now beginning. Further cables covering the month of September show that slaughtering of hogs at the 36 most important markets increased but slightly from 222,000 in August to 225,000 in September. A larger increase may be looked for next month. German imports of bacon increased from about 3,300,000 pounds in August to 4,500,000 in September, but there was practically no change in imports of lard over the previous month, imports reaching 23,700,000 pounds. Hog prices at Berlin averaged $17.90 per hundred during September as compared with $15.79 for the month of August. Do.. Fancy. C grade. Yellow Newton: Prices realized for American apples on British markets for the week ending October 18 show little change over those of the previous week. A larger number of both boxed and barreled varieties, however, are being offered. The International Apple Shippers' Association announces that exports from the United States and Canada from the beginning of the season to October 11 amounted to 663,059 barrels and 872,789 boxes. WASHINGTON: GOVERNMENT PRINTING (FFICE: 1624 All grades. Baldwin: New York. Maine.. do..... do.... do. do 4.26-5.61 5.82-6.71 5.38-6.85 4. 48-6.71 4.04-4.93 All grades. do. do.. 4.26-5.50 Rhode Island Greening: All grades.. do. do.. 3.59-4.49 ..do. Liverpool. 2.81-3.36 CERTIFICATE: By direction of the Secretary of Agriculture the matter contained herein is published as statistical information and is required for the proper transaction of the public business. Free distribution is limited to copies "necessary in the transaction of public business required by law." Subscription price $i per year (foreiga rate $2) payable in cash or money order to the Superintendent of Documents, Government Printing Office, Washington, D. C. HENRY CANTWELL WALLACE May 11, 1866-October 25, 1924 Iowa farmer and breeder of purebred livestock, he knew farming. A keen student of the problems of farmers, and an aggressive advocate of their interests, he served agriculture through leadership in local, State, Corn Belt, and national organizations. His influence as an editor and a publisher has been long known and widely appreciated. Called to be Secretary of Agriculture, March 4, 1921, his incessant efforts were directed to the improvement of the economic condition of farmers during a most critical period. He died in service. The livestock prices followed contrary trend during the week, October 20-25. Hogs continued downward, net declines for the week averaging about 25¢ per 100 lbs. Sheep and lambs, on the other hand, advanced 25-50¢, and cattle prices showed mixed movement. Light and handy weight steers sold up to $12.85 at Chicago, whereas medium and heavy weight steers declined sharply. Meat trade was rather quiet, two Jewish holidays having a tendency to retard movement somewhat. Moderate advances, however, were scored on practically everything but fresh pork. Loins declined from $1-$6 and shoulder cuts from 50¢-$2 for the week. Butter markets were unsettled during the first part of the week, October 20-25, but recovered toward the close with prices practically back to the previous week's level. Weakening factors were heavy production and the lack of demand for heavy holdings of storage butter. Support at the close was due principally to scarcity of top grades. There was some export business, although light. 16855°-241-1 VOL. 2, No. 18 Cheese markets were dull with trading in small volume. Buyers seeing no prospects of advance held to immediate requirements. There was more interest in held cheese, although in some markets it was necessary to sell at prices pretty well in line with fresh goods. Production was heavy for the season. Export movement of apples continued active during the week, October 20-25. Seasonal shipments from United States and Canadian ports were approaching a million barrels and have considerably exceeded a million boxes to date. Exports of boxed stock are running 30% ahead of last season's early record. Prices were quite attractive, but have recently declined. Total shipments of apples from western States were still about 7,000 cars less than to the same time a year ago, and movement from eastern and middle western sections is 13,000 cars short. With the exception of 1920, this year's commercial crop in the Pacific Northwest is the lightest in the last six years. Cold-storage holdings of apples are considerably less than in October, 1923, the greatest decrease being in eastern stock. Notwithstanding heavy arrivals, prices to jobbers showed little change. Cabbage continued to decline, particularly in consuming centers. Onions held about steady, with a slightly stronger undertone. Shipments of grapes decreased sharply, as California's season begins to wane, and total output of 15 leading fruits and vegetables was 30,070 cars, nearly 2,000 less than the preceding week. The hay market was quiet to dull. Receipts at the principal markets increased and demand was only fair. Poor hay of all kinds was not wanted. Timothy was dull to draggy. The grain market was sharply lower. Heavy stocks of wheat and less active export buying weakened the wheat market. Corn prices have worked lower toward a new crop basis. New corn has arrived at several markets. Other grains also made 5¢-8¢ decline. Feedstuffs were in excellent supply and prices ruled lower for most descriptions. Oil meals showed signs of heaviness as a result of the light domestic and export demand for highprotein feeds. Corn feeds were dull and neglected. Bran was weak, but the heavier wheat feeds held rather firm. Stocks and the movement were good. Cotton prices witnessed further declines during the week October 20-25. December future contracts on the New York Cotton Exchange were down 55 points, closing at 22.20, as compared with 22.75¢ the previous week and 30.69¢ last year. On the New Orleans Cotton Exchange December futures were down 49 points, closing at 22.11, as compared with 22.60 last week and 30.19é a year ago. The average price of Middling in 10 designated spot markets was down nearly 2 cent a pound, closing at 22.05¢, as compared with 22.53¢ last week and 30.26 one year ago. Exports so far this season are about 140,000 bales ahead of last season for the corresponding period. 273 Livestock and Meats Hog Prices in Seasonal Downward Swing Irregularity characterized price movements in the livestock trade for the week October 20-25. Swine values continued in the seasonal downward swing toward a winter basis. Sheep and lamb prices worked 25-50¢ higher under curtailed receipts and the spread in cattle quotations continued to widen. Light and handy weight steers of quality and finish scored advances which carried the top to $12.85 at Chicago, the highest for the year. The market for the bulk of medium and heavy weight steers was lethargic, with prices trending sharply lower. Cattle receipts at 11 large markets for the week showed a contraction of around 21,000 as compared with a week earlier, but Chicago received only around 1,000 less than a year ago, which was the record run of the year to date. The steer market at Chicago was practically a repetition of last week. The outlet for heavy steers was extremely narrow compared with that for yearlings and light-weight offerings. Too many in-between grade weighty steers and heavy, finished bullocks were offered at Chicago and prices declined 25-50, while on the contrary better grade yearlings and handy-weight steers showed advances of 15-254, thus widening the spread between light and heavy weight steers. At the close comparable grades of yearlings usually sold $1.75-$2.25 above weighty steers, and instances of a spread of $2.50 were not uncommon. An extreme top of $12.85 was paid on Thursday for 1,076-lb. yearlings, while the practical top on heavy-weight offerings was $10.65. liberal proportion of the steer run at Chicago was composed of short-fed steers, many carrying a liberal supply of fat but in general rough and plain. Α The stock prices moved upward at practically all principal markets, a gain of 25-50é being the general measure of the advance. Lower grade fat cows and light-weight heifers at Chicago generally showed most activity. Canners and cutters also moved up slightly in the price scale. Owing to the searcity of supplies of fed yearling steers, heifer offerings in car lots sold upward to $11 and above, and mixed steers and heifers often commanded $12-$12.35. A broad demand for bulls advanced prices generally 15-25¢, bulk of bolognas at the close cashing at $4-$4.25. Veal calves also showed some advance. Although on Monday prices showed a loss of 25-50e, closing prices were that much higher compared with last week's close, bulk on closing sessions going to packers at $10-$10.50. Country demand for stockers and feeders was fairly active and better grade western steers suitable for further finishing showed some strength. Bulk of stockers and feeders cashed from $5.50-$7, numerous loads of better grade feeders selling at $7.25-$7.50, and a few weighty well-fleshed offerings going above the latter figure. Some contraction in the supply of western grassers was noted. Most range steers at Chicago sold on a steady to strong basis, bulk of those which went to killers cashing at $6.50-$7.25. Numerous loads brought $7.50-$7.85, with $8 the practical top. Well-bred offerings went to feeder dealers upward to $7.50 and above with the bulk of desirable kinds at $6.25-$7. Following extremely sharp declines continuing over two weeks, swine values suffered further losses, as receipts at Chicago ran in excess of buyers' demands. By mid-week declines amounted to fully 50, but later recoveries wiped out some of this downturn and at the close 25¢ covered most of the decline. The slump at this time seemed severe, but this impression was partly due to the extraordinary situation in which the highest prices for the year occurred early in October. Best weighty butchers at Chicago sold at $10.65 late in the week. This was $1.20 under the top established at the height of the October rise. Even after the decline prices were $2.50-$3 higher than those of a year ago. A large share of the increased receipts consisted of underweights, many of which had had but little corn. While all offerings weighing less than 225 pounds sold at a discount, still further discrimination appeared against anything weighing under 200 pounds unless it carried a good corn-fed finish. At Chicago buyers secured a large number of hogs from $9.50 down, with a good many around $9. Reduced receipts early in the week served to stimulate killer demand for fat lambs and prices generally went to higher levels. Later, under the burden of increased marketings, part of the advance was erased. Values, however, still showed a net increase of 25-50¢. Top native lambs at Chicago reached $14.35, the highest since the fore part of September, with best range lambs making $14.25. At Kansas City a top of $14 was made, this price being the highest of the season. Omaha prices lagged behind in the upturn, best natives stopping at $13.65, while rangers reached $13.60. Feeder buyers, in the absence of sizable supplies and possibly somewhat encouraged by advancing fat lamb prices, caused a wild flurry of buying that boosted prices 50-75¢, best feeders at Chicago making $14, the highest of the year. |