Cotton Prices Rise on Bullish Bureau Report
Bullish Bureau crop report lifts cotton futures as prices advance. Market observers note improved demand expectations while Liverpool prices retreat on global fiber market shifts.
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Newspaper
San Antonio Light
Location
San Antonio, Texas, United States of America
Date
Aug 01, 1916
Page
11
Bullish Bureau crop report lifts cotton futures as prices advance. Market observers note improved demand expectations while Liverpool prices retreat on global fiber market shifts.
The August 1 Department of Agriculture forecast shows 12,916,000 bales produced, down from 14,266,000 forecast June 25, due to heavy damage between June 25 and July 25. Prices fluctuated around a bullish report, with New York and New Orleans trading lower before the release.
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A July weather pattern across the eastern belt slowed cultivation but heavy rains aided crop moisture. Boll weevil spread increased in the Carolinas as the rains ended drought conditions, while cotton prices eased later in the session with New York closing slightly higher and New Orleans up about 13 points. Buyers in San Antonio posted prices for cotton delivered to local compresses, including grades Good Middling and Middling.
Trading was quiet awaiting the government crop report with October at 12.11 and January 13.40 on the call. Prices steadied after an early drop, with October to 13.19 and January 13.45 before the first hour ended. A later surge followed better than expected crop prospects, lifting December to 13.65 before a pullback, then holding near 13.57 amid renewed demand and mixed selling.
New York August 1 cotton futures opened steady with October at 13.15 and December at 13.31, January 13.40, March 18.35, and May 1 Futures closing easy. Liverpool expected to open Wednesday from 8 points up. 11 o'clock call noted.
Poor cables and dry weather across the belt sparked a 6 to 6 point opening decline in New Orleans cotton. Buying on bullish prospects limited losses, with prices swinging to 1 point up to 1 point down by midmorning before noon as government condition data triggered mixed moves.
New Orleans cotton futures opened steady with August at 12.89 cents, October 12.98, December 18.11, January 13.22, and March 18.89. Futures closed steady.
Aug 1 cotton market reports Good middling 8.28 middling 8.12 and low middling 7.96. Spot volume totals include 6000 bales with 300 for speculation. Note mentions 6000 for ex- TTT cosinka.
Futures in Liverpool steady with several forward contract quotes listed. August contracts run 7.95 pence, through July-August 7.871. Details cover August to July of the following year with minor variations among months and spreads.
The Agriculture Department estimates the July 25 cotton crop condition at 72.3 and a total production of 12,916,000 bales of 500 pounds each. This compares to 14,266,000 bales forecast last month and 11,191,820 bales in the previous year, with historical highs and lows from 1912 to 1919. The final output will vary with future conditions, and the next report is set for August 31.
Packing house quotations show dry salt extras at 17 c and 19 remaining bacon bellies averaging 14 to 16 pounds and 14 to 46 pounds with prices 26 to 19 per hundred in various bacon and ham categories. Pure lard offered at 14 c and compound lard at 12 c.
New Orleans secretary H G Hester reports southern mills used 4,046,555 bales in the year ending July 31, a record rise of 883,167 from last year. Linters totaled 501,445 bales with 395,000 for war material amid a strong demand for war clothing. The commercial crop reached 12,938,256 bales.
New York on Monday saw coffee futures rise by 1 to 6 points as 26 250 bags traded. The board posted August 8.40 and rising subsequent contracts from September 8.44 to July 8.98 while Rio 7s 9% and Santos 4s 10% were cited.
New York on August 1 reports raw sugar steady with centrifugal at 6.57 and molasses at 5.50. Refined sugar also quiet with fine granulated at 7.65.
New Orleans August 1. Rough rice market was nominal and clean rice quiet with no sales. Receipts listed at 117 sacks rough and various prices for Honduras and Japanese rice, bran also noted with prices.
In Savannah on August 1 turpentine held at 4 8 4 to 4 8 6 percent with no sales. receipts 372 shipments 577 stock 14 762. Rosin firm with sales 1269 receipts 1224 shipments 616 stock 916. Quotations list several grade prices from 6.00 to 6.76 dollars for A B C G W etc.
Lower cable quotations dampened the wheat market while Omaha sold 590 000 bushels for ocean shipment causing a rally. September futures opened at 1.20 1 2 to 1.20 3 4 and December at 1.24 to 1.24 3 4. later gains followed crop damage reports and strong export sales. Corn eased as rains cooled, oats fell and hog prices remained constrained.
In Chicago quotations show wheat No 2 red at 1.26 and 1.27 with variations, No 2 hard new at 1.24 to 1.27 percent, corn No 2 yellow at 82 and 82 1/2 cents, oats standard at 40 1/2 cents, barley at 63 to 76 cents. Kansas City reports grain names closed on a count of state election today.
St Louis grain markets closed today due to the state election. Traders cited voting as the reason for halt in activity, with limited price movement reported across futures and cash markets in St Louis.
Buyers paid steady prices for figs and poultry in San Antonio on Tuesday. Texas country candled beans and creameries held firm with per pound levels around 25 to 30 cents, and poultry such as hens, large fryers, and turkeys traded at steady or modestly varied rates.
Butter prices rise with creamery 24 4 28k c. Eggs higher with receipts 11 957 cases. Firsts 8 23. Ordinary firsts 22 22. Potatoes up with Virginia barreled 2 45 to 2 55 and bulk 59 0 c. Poultry alive unsettled with fines 18 20 c.
Quotations today show butters and eggs with creamery butter at 28 cents and firsts at 26 cents. Poultry prices list hens, roosters and broilers at variations around 10 to 22 cents, with new potatoes described as firm in several states and regions.
Rain covered most of Iowa except the far east last night and today, the weather bureau said, preventing millions of dollars in potential damage to corn farmers.
Pure Food Commissioner Hoffman voices strong approval of the Houston bad eggs campaign. He reports 490 dozen eggs seized and destroyed in the past week and notes inspectors have been busy with other locations as well.
Aug 1 at Union Stock Yards shows slight improvement in cattle and other livestock with beef cattle scarce but demand steady. Prices mostly unchanged. sheep $5 to $5.50. goats $4.50 to $5. receipts listed: cattle 267 calves 63 hogs 71 sheep 0 goats 18 horses 249.
Fort Worth Texas on August 1 reports cattle receipts 8300 steady with no market, hogs 2000 no market, sheep 150 no market.
Kansas City receipts 13 000 with quarantined cattle steady. Oklahoma City 1 000 cattle and hogs down 5 cents. Chicago totals show hogs 17 000 receipts easy and cattle 8 000 with mixed price ranges and weak sheep market.
Receipts and prices for hogs cattle and sheep listed with steady to lower trends. Hogs about 15 000 head heavy to light ranges 9 25 to 9 65, cattle 16 000 head including 600 southern steers with prime fed steers 9 50 to 10 00 and dressed beef 7 40 to 9 25, sheep 8 000 head lambs 10 00 to 16 75 and yearlings 7 75 to 8 25. market conditions described as steady.
Receipts total 7600 with steady to five cent higher trend. Pigs and lights priced from 8.75 to 10.05, mixed and butcher hogs 9.75 to 10.05, good heavy 9.90 to 10.00, bulk 9.70 to 10.00. Cattle receipts 300 with native beef steers 7.00 to 10.25, yearlings and heifers 8.50 to 10.00, cows 5.50 to 8.00, stockers 5.30 to 8.25, Texas and Oklahoma steers 3.50 to 10.00, prime yearlings 8.75 to 10.26, calves 6.00 to 11.75. Sheep receipts 4600 with market steady. Spring lambs 7.00 to 10.00, slaughter ewes 5.00 to 7.25, bleating ewes 9.00 to 10.00, yearlings 6.00 to 9.50.
New business book stands at 141,267,010 feet while shipments reach 7,589,232 feet and orders on hand total 402,307,974 feet as of close of business Friday per the Southern Pine Association weekly report from New Orleans dated Aug 1.
On August 1 New York trading saw war and semi war stocks active and strong while rails lagged. Industrial Alcohol rose eight points, Crucible Steel American and Baldwin Locomotives gained, New York Air Brake up, shipping stocks improved, United States Steel steady with motors, and Maxwell second preferred and common shares sparking renewed buying.
Houston district stations report 24 hour period ending 8 a m with temperatures rainfall and weather conditions across the area. Data covers multiple stations within the district and reflects the latest measurements for August 1.
Mercantile paper four cents. Sterling 60 day bills four and a half seven tenths percent. Demand four seventy five percent. Cables four seven six percent. Mexican dollars forty nine and nine tenths cents. Government bonds steady railroad bonds easier. Time loans steady 0 days three and a quarter percent, 96 days three and a half percent, six months four percent. Call money firm high two percent low two percent ruling two and a quarter last loan two and a quarter.
New York metals report shows lead at 6.85 and copper firm at 26.00 to 27.90, with spot East St. Louis delivery not quoted. iron unchanged. London quotes: lead 7s 6d, spelter 65 pounds sterling, spot copper 105 pounds sterling, futures 104 and 108, sodium? electrolyte 125, spottin 167, futures 168 pounds sterling.
Oils purchased by the Ohio Oil Company reduced by five and ten cents a barrel. New public prices show Lima North and South at 1.58, Wooster 1.89, Illinois and Princeton 1.62, Plymouth 1.48. Gasoline outlook expects an immediate drop.
The Weather Bureau notes wind speeds under ten miles per hour and precipitation less than .01 inch are not recorded. Allen Buell, meteorologist, states these measures apply to all observations.
Austin Texas August 1 Two hog cholera outbreaks in Travis County since January have been stamped out county farm demonstrator Walter E Davis says farmers should contact him immediately if hogs grow sick or die He will conduct post mortem exams and advise on inoculating serum and vaccination directions
Independence Kansas August 1 Prairie Oil and Gas Company announces another crude oil price cut of ten cents per barrel bringing the new price to 1.254 dollars per barrel.
Guaranteed eggs are becoming more scarce with wholesale prices rising from 22 to 23 cents a dozen. Dealers report 40 to 60 percent of receipts discarded due to improper handling, while candled eggs remain adequately supplied. Poultry receipts decline but prices hold. peaches, tomatoes, cucumbers, and sweet peppers show varying price shifts on Produce Row.
Prof Ernest E Scholl of the state department of agriculture warns that showers will raise insect pests in cotton, notably the cotton leaf caterpillar and army worm. He urges shallow cultivation and timely dusting with Paris green flour mix or lead dust to protect yields and suggests growers contact Austin for more instructions.
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