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AGRICULTURAL NEWS OF THE WEEK
,•'

FEDERAL RESERVE BANK OF DALLAS
Number 266

Wednesday, February 2, 1955

HAY

AND

P AS T UR E

S E E DS

An estimated 60% of the Nation's 195L commercial crop of alfalfa seed second largest of record - had been sold by growers by mid-OCt'Ober, a recent release
by the Agricultural Marketing Service notes. This compares with 42% at the same time
last year and 46% for the 1948-52 average.
The supply of alfalfa seed for the 1954-55 planting season - including 1954
production and carry-over stocks--on-June JO, 1954 - is 1% less than in 1953 but twice
the 10-year average.
Imports of alfalfa seed (mostly from Canada) for the year ended June JO, 1954,
were 62,692 cwt., compared with 87 ,174 cwt. in the preceding year. The Canadian Department of Agriculture forecast on October 19 a supply of 33,400 cwt. of cleaned alfalfa
seed for the 1954 crop, compared with 97,900 cwt. in 1953.
Exports from the United States for the year ended June 30, 1954, were
93,540 cwt. - the largest of record - compared with 14,571 cwt. for the preceding
year and 11,681 cwt. for the 1943-52 average.
The quality of the 1954 crop of alfalfa seed is almost equal to the good
quality of the 1953 crop .--VarrrlPrices to growers on January 15, 1955, for alfalfa
seed per cwt. were: Texas, $28.10; Arizona, $31.00; New Mexico, $30.00; and Oklahoma,
$27.20.
The AMS estimates that 67% of the 1954 commercial sweet clover seed crop
had been sold by growers by mid-October. This is 5% more than-last year ~about
the same percentage as the average for the past 10 years.
The quality of sweet clover seed for this year's planting is fairly good
but is inferior to the--Y-9'5'3Crop. December 15 prices to growers in Texas were
$16.70 per cwt., while Oklahoma growers received $13.40.
About 24% of the 1954 Sudan grass seed crop had been sold by growers by
mid-October, compared with only 9% of the crop in 1953 and a 10-year average of 21%.
The 1954-55 supply of Sudan grass seed is estimated at 472,150 cwt. 29% less than last season andC3'% below the 1943-52 average.

RI CE
Rough rice markets in producing areas were virtually at a standstill during the past week, with no sales reported in Louisiana and Texas. Southern milled
rice markets remained steady; most prices were unchanged from last week. Asking
prices for No. 2 Rexora were quoted at $11.25 per cwt. at New Orleans and for
No. 2 Bluebonnet, at $10.75 per cwt.
The 1955 rice acreage allotments announced by the U. s. Department of
Agriculture last weei('Were 486,522 acres for Texas and 519,634 acres for Louisiana.
These allotments were 78% and 79.2% of the 1954 planted acreages of Texas and
Oklahoma, respectively. An allotment of 1,840,508 acres was made nationally 7L.J% of the 1954 planted acreage. An additional 18,591 acres were held in reserve
at the national level for future allocation to take care of unusual situations •
. Preliminary reports indicate that 90.6% of the rice growers voting in
the referendum on January 28 approved acreage allotments and marketing quotas on
1955-crop rice.
The total supply of rice for.the 1954-55 marketing year is estimated by
the USDA at 66~000 cwt. of rough rice. This supply results from a record 1954
crop of 58,950,000 cwt, and a 1953 crop carry-over of 7,557,000 cwt., plus imports

of 350,000 cwt. Consumption is estimated at 26,857,000 cwt.; exports of 26,ooo,OOO
cwt. of rough rice equivalent are expected. If these expectations are realized, a
record carry-over of 14 million cwt. would be left to go into the 1955-56 marketing
year.
COTTON
Middling 15/16-inch cotton in the Dallas market on Monday, January 31,
was quoted at 33.85¢ per pound, compared with JJ.65¢ a week earlier. Trading generally was slow last week, with few producers offering cotton for sale. All of the
current ginnings were moving into trade channels.
Ginnings in the Nation prior to January 16 this season totaled 13,L05,000
bales, compared with l'b;Tl9,000 bales in the previous year. The supply of upland
cotton at mid-January, according to AMS, totaled 22.8 million bales - 6% larger than
the supply on the same date last year.

LI VEST 0 CK
Receipts of cattle, calves, and hogs at the Fort Worth market du.ring the
week ended January 28 were considerably greater than during~comparable week a
year ago. Sheep and lamb receipts were about 35% below a year earlier. A large
percentage of the cattle sales were lightweight fed yearlings and heifers, which
averaged from 50¢ to $1 higher than the previous week.
Good and Choice fed steers and yearlings brought $19 to $25, and Common
and Medium, $12 to $18 per cwt.; Canners and Cutters sold at $7 to $10. Buyers
were active bidders for Good and Choice stockers and feeders at $17 to $22 per
cwt.
Good and Choice slaughter lambs sold from $17 - and, if unshorn - up to
$20.50. Stocker and feeder lambs brought $15 to $20.
Last week's hog market opened strong, with price advances of 50¢ to 75¢
per cwt., but closing prices Friday for top slaughter hogs were $17.50 to $17.75 the lowest prices since December 1952.
A USDA report for the Fort Worth market on Monday, January 31, indicates
that receipts of cattle were smaller than on the comparable day a wee~earlier. Good
and Choice beef steers sold at $20 to ~;. 24, and Utility and Commercial grades brought
$13 to $19. Medium and Good stocker and feeder steer calves sold at $14 to $20,
Good and Choice shorn slaughter lambs sold on Monday's market at $18 to
$20. Feeder lambs brought $17 to $20.25. ---Choice 1 and 2 grade slaughter hogs weighing 190 to 235 pounds sold at
$17.75 and $18; other weights of Choice butchers brought $16.50 to $17.50.
POULTRY
Texas broiler markets were steady to weaker during the week ended
January 28, according to the State Department of Agriculture, with prices closing
1¢ to 2¢ lower. The closing prices on the markets were: South Texas, 23¢ to 24¢,
mostly 24¢; east Texas, 23¢ to 24¢; and Waco, 24¢.
Broiler markets on Monday, January 31, continued weak, with prices on
major Texas markets as follows: South Texas,~3¢; east Texas, 22¢ to 24¢, mostly
23¢ to 24¢; Waco, 23¢; and Corsicana, F.O.B. Plant, 25¢.

J. z. Rowe
Agricultural Economist