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Newspaper
Amarillo Daily News
Location
Amarillo, Texas, United States of America
Date
Jun 29, 1948
Page
9
New York June 28 low buying pressure pushes market. Bonds easy rails in supply. Cotton July contracts under pressure. Chicago wheat firm on short covering. Corn mixed July weak others higher. Oats mixed July down with cash. Hogs unevenly steady to 75 cents higher to 29.25. Cattle steady to 50 cents lower top 39.10.
Over the counter and curb stocks trade mixed with Merrill Lynch listings. Major names include General Motors, US Steel, General Electric, Chrysler, and Boeing along with energy, utilities, and industrials. Fort Worth wholesale egg and poultry prices hold steady with eye market at bids near 11.10 for cases returned.
In Chicago June 28 trading closed with a late rally lifting most grain futures into gains led by wheat. Corn and oats mostly held or slipped slightly as labor trouble in mills arose in Kansas City and other cities raised uncertainty. Visible grain supplies showed mixed changes across wheat corn oats rye barley and soybeans with soybeans down.
Kansas City and Chicago livestock markets report slow trade with cattle mostly unsold and prices mixed. Slaughter steers and heifers soften 50 to 100 dollars, cows and bulls weak to steady. hogs higher on lighter weights, and sheep and lambs show varied demand with spring lambs and slaughter ewes active. Oklahoma City notes grass cattle steady to firm with limited offerings and grain prices listed for reference.
In Chicago cattle and hog markets show an upward trend with Colorado fed heifers at high choice $38.00 matching the January 7 peak. Steers at $39.10 mark the highest since January 26, near the all time $41.25 record from January 6. Butcher dogs reach $29.25, the strongest since October 17, while post-Christmas highs of $29.50 diverge from normal levels.
New York traders faced a sharp overall decline with the Associated Press average down 0.9 to 70.4, marking one of the year’s worst sessions. Volume was light at 1.21 million shares as professionals dominated while public participation dwindled.
Cattle 4500 head, demand strong, steers 25.00-32.00, good 33.00, cows 17.00-23.50, canners 11.00-17.00, calves 26.00-30.00, stockers 27.50 down. Hogs 600 head, top 27.50, 180-270 lb common 25.50-27.25, sows 22.00-23.50. Sheep 8,000 head, lambs 19.00-24.00, good 25.00-26.00, yearlings 21.00-23.00, feeders 16.00-25.00. Fort Worth June 28. US USDA report.
Cotton futures recovered to new day high in late trading as mill buying and short covering meet limited offerings. Prices finished about 50 cents a bale lower for the day and 20 cents higher than the prior close. Galveston spot unchanged with no sales.
Washington dispatch notes new contracts for Voice of America to be shaped this week, mandating closer government oversight of content. Negotiations are underway among the State Department NBC and CBS to finalize details.
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