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Newspaper
Austin American
Location
Austin, Texas, United States of America
Date
Apr 12, 1949
Page
3
Cotton futures remained firm on trade buying and short covering as new crop May and old crop July stayed supported by stronger prospect outlook. Prices closed generally higher across the board with gains ranging from 25 to 130 cents per bale, in New Orleans and statewide markets.
Price weakness from railroads dragged the market lower on Monday with a remargin open and slow noon slide. Rock Island Railroad fell near two points then closed down 11 percent as unions and railroads faced labor and diesel locomotive disputes amid faint overall trading activity.
Galveston reports spot cotton prices with middling ranges and sales. Orleans notes average middling at 32.96 cents. Chicago markets show hogs 25 cents lower with varied weights, tops around 20.00, cattle and calves mixed with prime yearlings at 31.00 and steers 23.75-28.00, sheep lambs steady to weak near 30.50-31.50.
Fort Worth market shows cattle with steer sales 24.00 to 26.50 and calves up to 27.00 while hogs dip up to 19.25 for top butcher rounds and sheep trading active with spring lambs at 30.00 to 33.00 and high shorn lambs near 29.50. New York wool prices and dealer activity noted with marginal shifts and a new top.
Chicago grains closed with a mixed tone as wheat fell sharply at new lows while corn edged higher and oats held near unchanged. Soybeans and lard rallied late after early softness as traders awaited a government report. lard led gains despite a fall in loose lard prices. Demand was fair for cash grain in Fort Worth with modest receipts and bids posted for wheat, oats, sorghums, cane seed, and corn.
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