That looks vaguely like a letter C to the left of the cap, assuming the wheat ear is rotated to be vertical, but I can’t make out anything else quite so clearly.

I also suspect that the oval shape that contained the branding was all a shade of orange or red, not unlike that small area towards the middle.

Reds are among the first colours to bleach, and it may be that something protected that one small area, like maybe the sort of sticky price labels that were once common, so that would explain why there’s not much of it left.