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Cotton

Prices Decline on Better Outlook

Cotton prices during the period June 30-July 3 (July 4 and 5 holidays) underwent wide fluctuations. On July 2 much activity prevailed on the future exchanges, due to the interpretation by the trade of the crop reporting board's report giving the condition of the crop as of June 25, the estimated area in cultivation this year (1924), and the indicated production for the 1924-25 crop. The acreage report of 40,403,000 acres was about in line with trade views, but the indicated total production of about 12,144,000 bales of 500-lbs. gross, was bearishly construed. On the morning of the publication July future contracts on the New York Cotton Exchange opened at 29.96 but immediately upon the issuance of the crop report at 12.30 o'clock the market started on a downward course, which was not checked, the day's closing prices being practically the lowest of the session or 106 points below the close on June 28. On July 3, the last market day of the week on account of the holidays, prices sagged further with July futures down about 125 points from the opening on July 2 or "Bureau Day." The next condition report to be issued by this department will be released on July 21, showing the condition of the crop as of July 16. This is a new undertaking by the crop reporting board, therefore no comparative figures are available for the corresponding period last season.

Weather conditions were reported as favorable during the week with cotton having made good progress. Trade conditions indicated no betterment in the situation. Dry goods centers are reported to have become disturbed by the downward trend in raw cotton prices, which had an unsettling effect, particularly coupled with reports of a probable strike in the near future by the International Ladies Garment Workers' Union in the coat and suit industry. Buyers, however, construed a strike, should it occur at this time, as a delay in production for delivery of goods in the early fall. Some demand was reported for the new crop cotton for SeptemberOctober shipment.

The average of the quotations for No. 5 or Middling cotton in 10 designated spot markets was 28.25¢ per lb. on July 3, compared with 29.11e on June 28, and 27.63 on July 7, 1923. On July 3, July future contracts on the New York Cotton Exchange closed at 28.72¢, compared with 29.03¢ on June 28, and October futures on the same exchange closed at 24.00, compared with 24.95¢ on June 28.

Closing Future Prices on the Future Exchanges July 3, 1924, with Comparisons

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June 30-July 5, 1924

July 2-7, 1923

Market

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Cts. 27.00 27.50 27. 50

Spain.

279, 919

232, 688

Belgium.

206, 278

189,976

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28. 50 28. 75 27.88 27.63 28.75 28. 70 27.75 27. 54

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27.63 27. 25

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27.5027, 75 27. 75

Canada 1

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Great Britain...3, 435, 1721, 652, 999 1, 699, 923 1, 276, 8091, 653, 043 1,905, 380 France. 1.086,063 525, 810) 739, 824 614, 838 709, 476 Germany 914, 0211, 263, 631 472, 161 520, 186 600, 655) 19, 124 216,955 165, 079 188,930

466, 912

606, 824 974, 111 486, 257

86.8 116. 9

129.7

107.0

768,931 88,436

546, 392

674, 309

81.0

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Other countries.

246, 511

238, 181

300, 494 164, 639 173,682 197,895

27,690 198, 291 164,798

40, 633

68.1

243,865

81.3

176, 605

93.3

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Spot Cotton Quotations for July 3 and Sales During Week of June 30-July 5, 1924

Price of No. 5 or Middling spot cotton for July 3, 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 June 30-July 5, 1924, in each of the markets and total for all the markets, with comparisons, as reported by the cotton exchanges.

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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 August 1, 1923 to July 3, 1924, amounted to 2,799,887 bales, compared with 3,520,971 bales during the corresponding period in 1922-23, and ,8,280,016 bales in 1921-22.

Foreign Crops and Markets

Wool Supplies in United Kingdom

Imports of foreign and colonial wool into the United Kingdom during the month of May were exceedingly heavy, having amounted to 125,000,000 lbs., the declared value of which was $51,000,000. This was the largest amount of wool imported into the United Kingdom in any single month since May, 1922, when 138,000,000 lbs. were recorded. That total, however, included B. A. W. R. A. wool so that it appears that receipts during May this year constituted the largest importation of privately owned wool since the war.

The question arises as to how this return to something like pre-war conditions has affected the accumulation of foreign and colonial wool stocks in the United Kingdom. Imports during the first five months of 1924 amounted to 469,000,000 lbs. If to that figure is added the 69,900,000 lbs. of B. A. W. R. A. wool disposed of during that period, it will be seen that the available supply amounted to 538,900,000 lbs. Deducting reexports of 213,800,000 lbs. leaves 325,100,000 lbs. as the quantity retained for consumption, which is some 16,000,000 lbs. less than the pre-war average for the same period, of 341,000,000 lbs.

The following table gives the movement of foreign and colonial wool in the United Kingdom by months during the first five months of 1924 as compared with the average for the corresponding period of 1911-13:

Fats and Oil Trade of United Kingdom

Net imports of oils and fats, including butter, lard, margarine, and lard substitutes into the United Kingdom during the first five months of the current year amounted to 941,210,000 pounds, as compared with 972,024,000 pounds during the corresponding five months of 1923. While these figures indicate that net imports into the United Kingdom this year are still 30,814,000 pounds below those for the first five months of 1923, the net imports for May, 1924, were 256,912,000 pounds against 180,931,000 pounds for May, 1923. The articles showing the principal increase in imports during May were oilseeds, kernels, copra, and butter.

It is difficult to draw any conclusions from these figures. The market in the United Kingdom has been unstable because of uncertainty as to conditions in Germany. Earlier in the season the trade generally anticipated a drop in prices and there was a tendency to sell before buying. These expectations, however, were not realized and the markets have frequently been driven upward by bears who had difficulty in covering their sales. There is at present no indication of an improvement in the demand on the continent.

The following table summarizes the British foreign trade in fats, oils, oilseeds, during the first few months of 1923 and 1924, oilseeds having been converted into their oil equivalents.

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Average 1911-13

533, 389

511, 399

1 1924

Average 1911-13

Average 1924

1 1924

1911-13

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Wheat imports into Italy during the first ten months of the current year, from August 1, 1923, to May 31, 1924, amounted to approximately 63,000,000 bushels, according to preliminary estimates. It seems to be the general opinion of the trade that imports during the remaining two months of the season will amount to at least 8,000,000 bushels a month, which would bring the total 1923-24 imports up to approximately 79,000,000 bushels, as compared with imports of 124,000,000 during the 1922-23 season.

Since the 1923 crop amounted to approximately 225,000,000 bushels, it can be seen that the available wheat supply in Italy during 1923-24, exclusive of carry-over stocks from the previous season, will amount to approximately 304,000,000 bushels. During 1922-23 when imports amounted to 124,000,000 bushels and the crop was 162,000,000 bushels, the available supply totaled only 286,000,000 bushels. These estimates indicate therefore that the 1923-24 supply will exceed the previous season's supply by 18,000,000 bushels.

The foregoing calculations do not take into consideration the stocks carried forward from one crop year to another since no data are available bearing on the quantities involved. It is probable, however, that the estimated excess of 18,000,000 bushels for the current year as compared with 1922-23 will be absorbed by increased consumption, exports and normal carryover stocks. Wheat consumption, particularly in the rural districts, has experienced a remarkable increase in Italy since the war. An increase in exports has also been noted during recent years, especially to France and Switzerland. Total exports from Italy during the twelve months ended December 31, 1923, amounted to 4,889,000 bushels as compared with 1,070,000 in 1922 and 325,000 bushels in 1921.

Demand for Durum Wheat in Marseille

An increased demand for American Amber No. 2 Durum Wheat may be expected in the Mediterranean market during the season commencing late in September of this year on account of the poor condition of the crop in Northern Africa, says Consul Wesley Frost at Marseille. The drought is reported to have worked considerable damage throughout the Mediterranean Basin, particularly in Algeria and Tunis, which sections produce large quantities of hard wheats similar to the Durum varieties produced in the Northwest Spring Wheat Belt.

Algeria and Tunis during 1923 constituted the chief source of supply for this type of wheat imported into the Marseille market, having furnished 80 per cent, or 5,401,000 bushels out of a total importation of 6,786,000 bushels. Algeria is given as the source of the major portion of the supplies. That country during 1923 furnished 3,858,000 bushels, while Tunis supplied 1,543,000 bushels. Imports of Durum wheat from the United States amounted to only 735,000 bushels.

It is estimated that the Marseille market may take as high as 9,000,000 bushels of Durum wheat during the 1924-25 season. Pre-war importations of this type of wheat amounted to approximately 7,300,000 bushels annually. During 1923 only 6,786,000 bushels were imported. Comparatively little American Durums were imported last year because the quality was found inferior. In other post-war years American Durums were taken in considerable quantities.

The exact amount of this type of wheat to be imported from the United States will depend, to a great extent, upon its price and quality. If the price is high or the quality low there will be a shrinkage in demand. It seems certain, however, that there will be a very good market, particularly since not only the Algerian and Tunisian crop but the Russian and Danubian as well are expected to be low.

The British Minister of Health has recently recognized the official meat certificate of the Latvian Government which action will permit the unrestricted importation into the United Kingdom of all Latvian pork products in relation to which such certificates have been issued.

WASHINGTON: GOVERNMENT PRINTING OFFICE: 1924

ERSY

OF

AL

CROPS AND MARKETS

Published Weekly by the

United States Department of Agriculture

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 $1 per year (foreign rate $2) payable in cash or money order to the Superintendent of Documents, Government Printing Office, Washington, D. C.

WASHINGTON, D. C.

Index to this issue

Livestock, Meats, and Wool...

Fruits and Vegetables..

Dairy and Poultry..

Grain..

Hay...

Feed..

Cotton__

Foreign Crops and Markets...

Review

JULY 19, 1924

Page

34

38

41

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48

Insistent demand featured the outlet for all classes of killing cattle during the week July 7-12. Hogs also met with the liveliest trade so far this year. Shippers as well as local slaughterers energetically entered both the cattle and hog trade, suggesting an active movement of the product into distributive channels. Lambs, however, failed to share in the activity, prices dropping to a point about as low as at any time during the current season.

Generally higher prices featured the trading in all classes of fresh meats at eastern markets and Chicago. Receipts were moderate and arrived in generally good condition, while demand was well sustained throughout the week.

First cars of grapes rolled from California during the week July 7-12, and another big grape season was started. Annual shipments of this product are exceeded only by the volume of apples and potatoes. Movement was somewhat late in beginning, so that the total output to date is only half what it was to the same time a year ago; but shipments will increase rapidly and by August the markets should be fairly well supplied with California grapes. That State has practically no competition until movement starts from the important eastern grapesections in Michigan, New York, and Pennsylvania.

The total 1923 output of 18 shipping States was 65,360 cars, of which California furnished 55,380. Shipments from the East were proportionally greater in 1922 than in 1923, and California this season may not come up to its high record of last year. Growing conditions have not been favorable in certain parts of the State, and July 1 estimates indicate a decrease of 125,000,000 pounds in California's crop. Increases in the East may only half offset this loss.

Watermelon shipments almost doubled during the week, Georgia alone sending about 3,900 cars to market, with an equal number from other States. Prices declined to low levels at important shipping points, and city jobbing quotations 2124°-24-1

VOL. 2, No. 3

also tended sharply downward. Georgia expects a crop of 14,000 cars this year, compared with 8,000 last season.

Imperial Valley of California continued, to make rather heavy shipments of cantaloupes, the season total in that district having passed the unprecedented figure of 15,000 cars. By July 12, the f. o. b. wire auction prices had fallen below $1 per standard crate. Arrivals from Arizona were increasing, and that stock brought a premium of 50-$1 per crate in terminal markets.

Three times more peaches were shipped than the week before. Georgia's season was at its height and values declined.

Potatoes slumped, as the output gained 2,200 cars, mostly from Virginia and Kansas. Total shipments of principal fruits and vegetables jumped to 25,400 cars.

Butter markets declined slightly during the week, July 7–12. Receipts were heavy and somewhat in excess of immediate demand despite an active into storage movement. Production was favored by good pastures in principal dairy sections. Imports were light.

Cheese markets were firmer following previous week's price declines. Trading was more active but buyers were cautious and discouraged any advance. Production was heavy except in parts of New York State where backwardness of season was still evident to some degree. There was active buying for storage.

Corn prices reached a new high level. Crop condition is poorest in many years. There were wheat price advances despite a large movement in the Southwest. A smaller world crop and unfavorable conditions in the spring wheat territory of Canada were strengthening factors. Other grains were firm. Hay Market Was Little Changed. Prices were generally working toward a new crop basis. Good pastures restricted country demand for hay. Receipts were light but equal to demand.

Feed market was slightly stronger. Continued advance in grain prices rather than any increased demand caused the feed market to advance slightly during the week.

Cotton prices advanced during the week July 7-12, among the main bullish influences being unfavorable crop reports from the Cotton Belt, particularly from the eastern portion. A slight increase in activity in the cotton-goods market was reported during the latter half of the week. The average of the quotations for No. 5 or middling cotton in 10 designated spot markets was 28.85¢ on July 12, compared with 28.25¢ on the 3d. July future contracts at New York advanced 122 points, closing at 29.944. July futures at New Orleans advanced 167 points, closing at 28.62¢.

333

Livestock - Meats - Wool

Cattle and Hog Markets Active-Lambs Draggy

Insistent demand featured the outlet for all classes of killing cattle during the week, July 7-12. Hogs also came in for the liveliest trade so far this year.

Shipping demand was instrumental in promoting the healthy undertone, outsiders taking approximately 25 per cent of the hog run at Chicago, a larger percentage of cattle going on outisde demand. But as active as were shipping interests, local killers, large and small, entered both the cattle and hog trade energetically, a factor which, considered in light of the relatively large receipts, suggested an active movement of product into distributive channels.

The recently congested dressed beef and pork trade had evidently been relieved by the previous week's double holiday on most of the livestock markets. A bullish cattle and hog market was not shared by fat lambs, the latter dropping about as low as any time this season.

Upturns late in the preceding week together with advancing corn prices hurried the loading of fat cattle and hogs, the cattle run of 29,591 at Chicago on Monday being the largest since January. Sharp declines were enforced that day, but all interests bought eagerly on the downturn and as soon as country loadings showed contraction the initial decline was quickly regained.

Fed steers closed steady with a week earlier, yearlings, in the forefront of demand at all times, finishing 25 higher. There were not enough beef heifers to go around and upturns amounted in instances to 75. Grain-fed cows also advanced sharply and even grassy cows closed 25e higher. Bulls climbed 256-50¢ and the veal calf market was a scramble for numbers, packers paying upward to $11.50 and outsiders upward to $12 at Chicago.

Practically all of the cattle receipts were adaptable to beef making, kinds in feeder flesh remaining unusually scarce. Likewise, country demand continued narrow, a reflection in large part of the cash corn market and the belated condition of the growing crop. Texas grassers sold mostly at Kansas City at $5.50-$6.50. The first northwestern range cattle of the season arrived at Omaha, selling on country account at $5.65– $6.20, western Nebraska grassers making $7.35.

Soon after August 1, rather free marketings of Western grassers are expected at Chicago and some of the "river" markets and in view of the unusual corn situation, wide interest surrounds the probable outlet of feeder ends of these range steers. The country movement of feeders had dropped to the lowest level of the year so far, many prospective finishers deferring their purchases until the status of the corn harvest is more definitely assumed. A spread of $5.50-$6.50 is taking the bulk of stock cattle now leaving the large markets, quality grading common to medium.

Top butcher hogs at Chicago sold upward to $7.65. Heavies held the peak figures but light butchers sold within 10 of the high mark at Chicago, the maximum end of the 35-65¢ upturn at that market falling on light weights and packing sows, a feature which indicated that the usual summer price supremacy of light butchers might be reinstated. As the week closed only lower grades of light lights and rough rather undesirable mixed hogs sold under $7, smooth packing sows being the highest of the year at $7.20.

Leading killers competed with anxious shippers, features which insured much better daily clearance than recently. The average price was elevated to $7.35 against $6.79 on the dip a week earlier. Unless the recent price advance flooded the market hoppers, it may be rather safely stated that, in response to the wave of lessened hog production, the inception of smaller receipts is definitely at hand. Any marked continuation of the present precarious condition of the corn crop, however, might have the effect of swamping the market with lights and underweights, especially during the fall months.

Native lambs lost relatively less than western, the latter being price pounded emphatically. But natives lost largest a week earlier and the two descriptions achieved a price parity at Chicago. Most of the desirable natives turned at $13.25$13.50, Idahos grading choice going mostly at $13.50-$13.75. Prime Idahos toppled from $14.65 on the initial session and $15.25 at the close a week earlier to $14.

Many of the western range lambs carried a big feeder end, the better grades of which were wanted by finishers at $11.25$11.75 mostly, some reaching $12-$12.15. The rather active

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Monday.
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Thursday. Friday. Saturday.. Average:

Daily Average Weight and Cost of Hogs Week July 7-12, 1924, with Comparisons

July 7-12, 1924. June 30-July 5, 1924...

July 9-14, 1923..

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Lbs. lbs. Lbs. lbs. Lbs. lbs. Lbs. lbs. Lhs. lbs. Lbs. lbs. 250 $6.94 210 $7, 21 191 $7.14 227 $6.92 243 36. 62 252 36.26 236 7.00 210 7.28 200 7.30 212 6.97 253 6.64 265 6.30 248 7.12 207 7.25 221 6.92 222 7.06] 256 6,65 265 6.48 246 7.20 216 7.46 195 7.27 222 7.14 254 6.79 256 6.57 247 7.35 208 7.34 197 7.25 231 7.27 259 6,91 271 6.64 270 7.37 203 7.49 (1) 241 7.41 256 7.00 252 6,66

247 7.12 210 7.32 199 7.24 224 7.08 254 6.76 260 6.45

245 6.88 212 7.14 214 7.11 221 6. 93 250 6.52 251 6.28 246 7.11 204 7.46 194 7.32 221 7. 15 262 6. 55 249 6.49

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