The wool situation

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Material Information

Title:
The wool situation
Uniform Title:
Wool situation (1937)
Physical Description:
64 no. : ; 28 cm.
Language:
English
Creator:
United States -- Bureau of Agricultural Economics
Publisher:
Bureau of Agricultural Economics, U.S. Dept. of Agriculture
Place of Publication:
Washington
Publication Date:
Frequency:
monthly
regular

Subjects

Subjects / Keywords:
Wool industry -- Statistics -- Periodicals -- United States   ( lcsh )
Genre:
serial   ( sobekcm )
federal government publication   ( marcgt )
statistics   ( marcgt )
periodical   ( marcgt )

Notes

Statement of Responsibility:
United States Department of Agriculture, Bureau of Agricultural Economics.
Dates or Sequential Designation:
WOOL-1 (Jan. 1937)-Wool-64 (Apr. 1942).
Numbering Peculiarities:
No. 1 called new series.
General Note:
Title from caption.

Record Information

Source Institution:
University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
oclc - 02269655
ocm02269655
Classification:
lcc - HD9894 .Un33
System ID:
AA00011232:00002

Related Items

Preceded by:
World wool prospects
Succeeded by:
Livestock situation
Succeeded by:
Livestock and wool situation


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Full Text



UNITED STATES DEPARTMENT OF AGRICULTURE
Bureau of Agricultural Economics
Washington

WOOL-9 September 9, 1937


UN OF FL LI THE W 0 0 L S I T U A T ION
DOCUMENTS DEPT



Summary
U S DEPOSITORS
The domestic wool situation has not changed materially in the last

month, the Bureau of Agricultural Economics reports. Trading in the domestic

market was light in August, but prices remained firm. The outlook for the

new selling season in.the Southern Hemisphere is uncertain at the present

time because of the possibility that Japan may not be as active in the

Australian market as had been expected. In view of the relatively small

. supplies in the United States and foreign countries little chan.ie is expected

in prices of domestic wool during the remainder of 1937.

Consumption of apparel wool by United States mills declined further in

July,. but total mill consumption for the first 7 months of this year was 11

percent larger than in the same period of 1936 and was the largest for the

period since 1923. Although a seasonal increase in consumption is expected

to occur .in the next few months, mill consufr.ntion in the remainder of 1937 is

not likely to be so large as in the same months of 1936.

World supplies of wool in 1937-38 are likely to be about the same as in

1936-37, i.hen they were below average. There has been some tendency for mill

consumption of wool in.several foreign countries to decline in recent months,

but the level of mill consumption in foreign countries is still relatively

high.






WOOL-9


The now wool selling season in the Southern Hemisphere opened at

Sydney, Australia, on August 30. Prices at the opening were slightly higher

than at the close of the previous season in June, and were 20 to 25 percent

above the opening prices of the i936-37 season but prices declined slightly

during the first week of the sales.

DOMESTIC SITUATION

BACKGROUID Domestic wool prices advanced
sharply in the latter part of 1936 as a result
of strong domestic and foreign demand and rela-
tively small supplies of wool in the United
States and foreign countries. Prices declined
in April and May as the new clip became available
in quantity, but the decline was checked in July.
Since July, prices have remained relatively
steady. Mill consumption in the United States
was unusually large in the first quarter of 1937,
but has declined gradually in recent months.

Wool Sales and Prices

Wool prices in the United States remained firm in August. An increase
in sales on the Boston wool market occurred in the latter part of July, but
was of brief duration. Trading was light in August. Average prices of
western combing wools at Boston are now 8 to 12 percent below the February
high point, but are about 15 percent higher than a year earlier. With the
exception of late 1936 and early 1937, prices are higher than at any time
since 1929.

Prices of Ohio country packed fleeces consisting of combing and clothing
lengths, 3/8 and 1/4 blood grades, were quoted unchanged in August at 43 cents
a pound, in the grease, delivered to eastern markets. Graded Ohio and similar
fleeces sold at 40-42 cents in the grease for fine delaine, and at 44 cents
for 3/8 blood combing.

Sales of good 12-months' Texas wools and good French combing length fine
territory wools in original bags were made in August within a price range of
95-97 cents a pound, scoured basis. Graded territory wools sold in small
quantities at 87-90 cents scoured basis for combing 3/8 blod, and at 82-85
cents for combing 1/4 blood.






WOOL-9


Wool Stocks

The supply of apparel wool in the United States on August 1, including
all old and new clip wool in all hands, as well as the unshorn portion of the
1937 clip, was estimated by the New York Wool Top Exchange Service to be about
7 percent larger than a year earlier, but about 8 percent below the August 1
average of the last 10 years.

Supplies of wool in the United States since March have exceeded those
of last year. The larger supplies have resulted chiefly from the larger imports
this year. In June and Julyi however, they were due in part to a reduction in
mill consumption from the 1936 level.

Wool Imports

United States imports of apparel wool for consumption continued to
decrease in July, and for the first time since April 1935 imports were smaller
than iothf same month of the preceding year. About 5,448,000 pounds of
apparel/were imported in July compared with 9,479,000 pounds in June and
6,895,000 pounds in July 1936. At the peak of the import movement in February
of this year imports of such wool were 25,682,000 pounds.

Imports of apparel wool in the first 7 months of 1937 amounted to
126 million pounds, which was 83 percent larger than in the same period of 1936
and was the largest for the period in the past 10 years.

Mill Consumption

Mill activity in-the United States wool manufacturing industry declined
sharply in July, continuing the downward movement which began in April. Because
of the high rate of activity in the early months of the year, however, total
consumption of apparel wool on a scqured basis in the first 7 months of 1937
was 11 percent larger than in the first 7 months of 1936 and was the largest
for the 7-month period since 1923. The weekly average consumption of apparel
wool for the 5 weeks ended July 31 was 4,102,000 pounds, scoured basis, com-
pared with 5,020',000 pounds in June and 4,957,000 pounds in July 1936.

The consumption of apparell wool in the first 7 months of 1937 was
equivalent to 290 million pounds of shorn wool, greasy shorn basis, and about
48 million pounds of pulled wool, greasy pulled basis. Mill consumption on a
grease basis in the first 7 months of 1936 was equivalent to 273 million pounds
of shorn wool and 46 million pounds of pulled wool.

New business in wool goods continued light in August, according to
reports of the New York.Wool Top Exchange Service. The new lines of spring
fabrics will be shown by mills in September or October, 0nd a seasonal increase
in sales of wool goods is expected in the next few months.








'TUfilled orders for Woven Cloths

Unfilled orders held for men's rear cloths by 138 reporting mills on
Jine 26 exceeded similar orders on the corresponding date in 1936 by nearly
25 percent, according to a recent report by the National Association of Wool
Manufacturers. The increase this year was due largely to increased orders
for cloth from Government agencies. The Association reports that the figures
for this year include almost 5 million yards for Government orders compared
with less than a quarter million yards a year earlier. Unfilled orders for
woven cloths, containing by weight over 25 prTrcent of yarns spun on the
woolen and worsted systems, .were reported as follows:

Unfilled orders for woven cloths, reported by 138 mills,
June 27, 1936, March 27 and June 26, 1937

Date Men's wear : omen's wear :Auto cloths IJ Total

S 1,000 1,000 1,000 1,000
: linear yards linear yards linear yards linear yards
1936 -
Sn.e 27 ....: 26,788 10,561 1,294 38,643
1937 -
Mar. 27 .... 58,170 12,473 2,617 73,260
June 26 ...: 33,167 12,173 1,912 47,?52


Compiled from Monthly Statistics of Wool Manufacture published by the
National Association of Wool Manufacturers. Cloth less than 50 inches wide
reported in equivalent 54-inch y.ird-a.
i Excludes cloths with pile or jacquard decig-n.

Domestic Outlook

The domestic price outlook for the next few months is somewhat uncer-
tain because of the recent weakness in foreign markets. But with supplies in
the United States and f.r.-i-n countries below average, little change is exrccted
in prices in the remainder of 1937.

In view of the high level of domestic mill consumption since early 1935,
it is possible that in the past year there has been an accumulation of finished
wool goods in the several channels of trade, and mill consumption in the last
half of the year is not likely to be so large as in the same months of 1936.

With prospects for smaller mill consumption in the second half of this
year than a year earlier, imports in this period are likely to be considerably
smaller than those of the first half of the current year. But even with a
smaller domestic consumption in the last half of 1937, supplies of raw wool in
this country at the beginningf of 1938 will still be relatively small. Conse-
quently, fairly large imr rts may be necessary in the first half of 1938, al-
though perhaps not so large as in the first 6 months of the present year.


7,:,oL-9


- 4 -




WOOL-9


FOREIGN SITUATION

Wool Sales and Prices

The 1937-3S selling season in Australia opened at Sydney on August 30,
with England and continental European countries the chief buyers. Prices
were reported to be unchanged to 5 percent higher compared with the closing
sales at Sydney on June 10, and 20 to 25 percent above the opening prices of
the 1936-37 season, but opening prices were not fully maintained in the first
week of the sales.

About 50,000 bales were available for the first series at Sydney which
continued to September 9. Sales were held at Adelaide on September 2 and 3,
when 32,000 bales were: offered. Prices were slightly irregular. The new
selling :season in the Union of South Africa will also get under way in Septem-
ber, but in South America and New Zealand the season will not open until October
and November.

No public auctions were held at. London in. August.: The next series at
that center will begin September 14.

Manufacturing Activity in Irrmorting Countries

Manufacturing activity in the wool textile industry of the United
Kingdom remained generally good during July, although slightly lower than in
June. The British Ministry of Labour reports that 10.4 percent of insured
workers in the woolen and worsted sections were registered as unemployed on
July 26 compared with 8.7 percent on June 21. and. 11.3 percent in July 1936.
The decline in activity in July.was principally in the worsted section of the
industry.

Conditions in the wool textile industries of continental European
countries remained largely unchanged in July and the early part of August,
according to a cable from L. V. Steere of the Berlin office. Mills were rela-
tively active in Belgium, Italy and Germany. Activity in the French industry
was irregular as a result of the political situation, and government decrees
for the regulation of prices.

SEports of Southern Hemisphere. ooI in 1936-37

The United States.has been the largest importer of South American wool
thus far in the 1936-37 season,.which ends about September 30, and was the
fifth largest importer of wool from the British Empire countries of the Southern
Hemisphere, where the season closed June 30. Exports to the United States from
the five most important countries of the Southern Hemisphere in the 1936-37
season through June 30 totaled 213 million-pounds, which was 90 percent more than
in the corresponding period of 1935-36. The quantity exported to the United
States was only about 12 percent of total-exports from these countries, however,
which amounted to 1,749 million pounds, or- 1 percent more than the quantity ex-
ported a year earlier..

Exports from Australia, New Zealand and the Union of South Africa for
the season ended June 30, 1937 reached 1,369 million pounds. The United Kingdom
and Japan continued to be first and second in order of importance as importers


- 5 -





-6-


of this wool, but the quantities taken by these countries were 5 percent
and 19 percent smaller, re.,ee6ctively, than the quantities taken in the pre-
vious season. Belpi-.m imported as much wool as Japan in the 1936-37 season,
with an increase of 42 percent from the amount taken in 1935-36. Germany
and Italy -'ere the only other continental countries taking increased amounts.
Other countries, including Trance, showed substantial reductions in imports.

Table 1.- Price of wool per pound in specified markets and prices of
textile raw materials in the United States, selected periods, 1935-37

: Aver-: Aver-: 1936 : 1937
Market and description : age : age Aug. June :Jul Aug.
: 1935 : 1936 : : :
: Cents Cents Cents Cents Cents Cents


Boston:
T: rritory combing, scoured basis-:
64s, 70s, gOs (fine) .........:
56s, (3/8 blood) ............
46s (Low 1/4 blood) ..........:
United States farm price (15th
of month) -
Grease basis .................
London: 2/
Average quality, clean cost 3/
70s ..........................
F-.~
.. ........................ :
.46s ................... .......:
Bradford: _/
Scoured basis -
SD warp ..................... ,
50s .............. ...........
Southern Hemisphere -
United States:
Textile fibers -
W::l, territory fine, scoured
basis .............. ....
Cotton, 7/8 Middling 5/......:
Silk, Japan.r se 13-15 6/ .....
Rayon yarn 150 derier ......:


74.8
63.6
51.4


92.0-
80.4
63.9


19.4 1/26.9


47.5
29.0
18.6


47.7
23.2


58.4
35.1
23.8


59.8
29.7


89.0
75.9
63.5


102.0
88.5
68.5


27.2 31.4


56.5.
33.2
25.4


70..4
51.4
44.2


102.0
88.5
70.5


1. 2.0
88.5
73.5


31.3 31.4


70.4
49.7
44.2


59.7 72.0 71.5 71.7
25.2 49.4 47.7 47.8


Between seasons prices not representative


74.8
-11.8
163.3
57.3


92.0
11.9
176.6
58.6


89.0
12.1
179.1
60.0


102.0
12.5
182.7
63.0


102.0
12.1
194.0
63.0


102.0
10.2


Foreign prices have been converted at pr,-vailing rates of changeg.
1/ Preliminary.
2/ Average of quotations for each series of London sales as reported by the
Lcr.don Office of the Bureau. For months when no sales were held figures
are interpolated.
3] Top and noil in oil.
4/ Quotations reported about the 25th of the month by the London officee of
the Bureau.
5/ Average at 10 markets.
6/ 73 per-ent white, at New York.






WOOL-9


Table 2.- thnited States:' Wool imports, consumption and machinery
activity, specified periods, 1936 and 1937


: Jan.-July July June July
Item : 1936 :. 1937 : 1936 : 1937 : 1937

1,000 1,000 1,000 1,000 1,000
p ounds pounds -oounds pounds pounds
Imports for consumption -
Actual weight I/ :
Apparel '..............: 68,683 126,002 6,895 9,479 5,448
Finer than 40s ..... 53,432 107,816 4,568 7,851 4,520
Not finer than 40s..: 15',251 18,206 2,327 1,628 928

Carpet, including camels
hair ................; 71,302 128,604 8,816 .18,751 13,570

Consumption, scoured basis 2/
Weekly average -
Apparel ................: .5,036 3/ .5,605 4,957 3/ 5,020 4,102
Carpet ...............: 1,761 3/ 2,541 1,812 3/ 2,378 1,581
Aggregate -
Apparel ................ 156,113 3/173,751 24,785 3/20,080 20,510
Carpet .......... ..: 54,58'6 -/ 78,75.7 9,060 3/ 9,512 7,903

Percent Percent Percent Percent Percent
Machinery activity 2j
(40-hour shift) -
Worsted combs .......:: 114.4 138.5 115.7 125.9 104.2
Worsted spindles ..... 75.5 98.5 74.2 90.5 70.4
S.Woolen spindles....... 114.6 126.4. 117.7 : 120.2 101.6
Looms broad 4/ ......: 99.9 115.0 87.4 112.2 92.5
Looms narrow .........: 49.1 63.3 47.3 56.6 40.5
carpet and.rug looms..: 61,0 82.7 58.7 82.1 62.6


Import figures from official records of the Bureau of.Foreign-and Domestic
Comnerce, Consumption and Machinery Activity, figures. from the Bure.i of the
Census.
I/ Weight of.greasy,.scoured-and skin wool added together. .
2/ Figures for July based on.5 weeks, June on 4 weeks, January to July on
31 weeks.. No adjustment made for holidays.
S3./ Revised. .
, 4/ Less than.50 inches.





WOOL-9


Table 3.-Exports of wool (grease and scoured combined) from Argentina
mnd Uruj-iy to principal consuning countries, first 9 months,
seasons, 1935-36 and 1936-37

: _9 months, Oct. 1 June 30
Country of Argentina : Uruguay Total
destination : 193:-36 : 1936-37 : 1935-36 : 1936-37 : 1935-36 : 1 3-3
: Mil. lb. Mil. lb. Mil. lb. Mil. lb. Mil. lb. Mil. lb.

United Kingdom ..: 69.2 66.3 25.0 19.2 94.2 85.5
Germany ..........: 41.6 14.8 25.9 16.3 67.5 31.1
France .........: 49.7 32.0 8.0 5.0 57,7 37.0
Italy ...........: 8.6 24.2 6.5 8.5 15.1 32.7
Belgium ..........: 18.4 23.0 7.3 8.1 25.7 31.1
Netherlands ...: 1.6 0.8 2.4 1.7 4.0 2.5
Japan ............: 1.9 20.8 3.1 26.4 5.0 47.2
United Sttes ...:)
United Sttes ...) 44.8 72.5 22.3 .26.6 67.1 99.1
C!aial .......... :)
Total .........: 235.8 254.4 100.5 111.8 336.3 386.2
Other countries .: 12.8 11.9 2.7 1.9 15.5 13.8
Grand total ...: 248.6 266.3 103.2 113.7 ..351.8 380.0

Compiled from reports furnished by American Agricultural Attache' Paul 0. iyhus.


i:1le 4.-Exports of wool
Union of South Africa,
countries,


(grease and scoured 2omnbi.ed)
and New ZeJland to principal
seasons 1935-36 and 1936-37


from Australia,
consumi:ng


: Season July 1 June 30
Country of : Union of : N :
destination Australia South Africa : Zealand Total
:1935-36:1936-37:1935-36:1936-37:1935-36:193E-37:1935-36:1936-37
:Mil.lb. Mil.lb. Mil.lb. Mil.lb. Mil.lb. Mil.lb. Mil.lb. Mil.lb.


United Kingdom ..;


276.3


Option Continent: --
Germraly .........: 31.0
France ..........: 75.5
Italy ...........: 4.7
Belgium .........: 113.2
Netherlands ....: 16.0
J.Apan ...........: 235.7
United States ...: 25.2
Canada .......... 2.9
Total .........: 780.5
Other countries .: 39.2
Grand total ...: 819.7
C:,picl --. follows: Union


311.2 56.9 36.5 159.9


44.3
83.6
36.5
136.4
10.0
84.5
74.6
4.1
785.2
41.5
826.7


43.5
66.6
3.0
22.7
1/
5.7
3.5
1/
201.9
14.2
216.1


South Africa, A;


Australia and New Zealand, "Wool Intelligen
SJot reported separately, if any, included
In addition 4,7:0,000 pounds were shipped
123 -36 and l,.30j,000 pouds in 1936-37
Japan.


----
44.8
35.2
11.5
22.5
1/ *
89.2
4.8
1/
244.5
10.7
255.2


25.8
3.9
39.9
1/
14.1
1/
3/23.2
16.2
13.4
296.4
21.5
317.9


122.2 493.1 469.9


32.6
8.5
14.1
1/
9.0
1/
1/39.5
34.4
13.6
273.9
13.2
287.1


-ricultural Attache'
ce Notes".
with "other countries


25.8 32.6
78.4 97.6
182.0 132.9
7.7 48.0
150.0 213.2
16.0 1C.0
264.6 213.2
44.9 113.8
16.3 17.7
1,278.8 1,303.6
74.9 65.4
1,353.7 1,369.0
C. C. Tiylor;

~S".


to Australia in this period of
- probably for trans-shipment to


- 8 -


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