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Newspaper
Lubbock Avalanche Journal
Location
Lubbock, Texas, United States of America
Date
Jun 16, 1971
Page
5
New York AP report shows No 2 cotton futures sliding 25 cents to 1.25 a bale early, then recovering as speculators and covering trades emerged, before a late selloff. Texas and Memphis crop reports spurred initial losses while July delivery and 480 grant news added volatility.
The personnel test indicates the boss's son has notable aptitude but lower overall brains.
Lubbock County ASCS approves 80 percent weather adjustment for replanted cotton through June 20 and 60 percent if land goes to another crop. New program links 1971 72 73 payment yields to prior production, affecting cotton price supports and allotments with potential losses for not replanting.
US futures on the Chicago Board of Trade show soybeans up about 20 cents a bushel while wheat slips nearly 2 cents. Corn and oats trade lower as soybean meal eases and soybean oil gains. Late buying lifts iced broilers. Traders weigh demand prospects for soy and corn blight reports amid liquidating pressure in grains.
The Associated Press notes a wholesale price index drop across 35 commodities to 187.67 with declines at several large staples. The index fluctuates around the mid-180s range as market forces push some items down while others hold steady.
Chicago livestock market notes small supply of slaughter steers and heifers, cows scarce. Prime load steer prices around 433.50 for 1322 lb, mixed high choice and prime 1125-1159 lb at 33.25-33.50, other slaughter categories mostly steady to higher. Sheep none.
AP reports hog prices at Omaha 1 1 2 4 5 week range 17.00 to 18.75 per cwt with loads 190 to 350 pounds. sow figures steady to 2 lower. Fort Worth cattle and hog markets show steady to weak demand with varied steer and heifer prices and carcass values across weight classes. calf and bull markets mixed. Regional notes indicate moderate activity, slaughter grades down, carlot meat trade slow for steer and heifer beef. Chicago futures trading overview noted.
The report lists wholesale selling prices based on volume and New York spot quotations. It cites standard 30 32, fancy large 4315 55, fancy medium 4 lbs average 641 23h, and fancy malls 1514 18, with a note about turtles surviving droughts when fed weekly or monthly and stored water.
Union Texas Petroleum Co. gauged a distillate flow from the Devonian at No. 1 Shell State eight miles southwest of Tatum Lea County. Perforations 13 156 204 feet produced 71 barrels of fluid with 23 barrels distillate in 24 hours. Tubing pressure 1300 psi. The well yielded 69.66 barrels distillate plus 11.5 barrels lead water and 1 250 000 cu ft gas daily. The drillsite lies 1980 ft north and 660 ft west of Section 6 13s 35e.
El Paso, Texas earned its name from the Spanish phrase The Pass due to a mountain pass near the border. The reference marks the site as a notable geographic feature guiding travelers and trade.
Hart native Jim Steiret named copy editor of The Prairie at West Texas State University for 1971 72 academic year He is a 1971 Hart High School graduate and a junior at the Canyon campus.
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