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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS
Number 267

Wednesday, February 9,

1955

LIVESTOCK
The movement of cattle, calves, and hogs to the Fort Worth market for
the week ended Februaryl:i was about the same-as for-:the comparable week a year
earlier. Some commercial fed steers sold for $26 per cwt. last week for the first
time in over 2 years. Other Good and Choice fat cattle brought $20 to $25, while
the Medium and lower grades sold at $12 to $19. Good and Choice slaughter calves
brought $16 to $20, while Common and Medium grades sold at $12 to $16. Stocker
steer calf prices ranged from $17 to $22, and stocker cows brought $8 to $13.
Slaughter hog prices closed on last week's market at $17.50 to $17.75. Good and
Choice fat lambs in the wool sold at $18 to $21. Cull, Common, and Medium types
brought-in2t01'16, while stocker and feeder lamb prices were $16 to $20.
Cattle receipts on the Fort Worth market on Monday, February 7, were the
smallest number on hand at the opening of a Monday market in over a year, with the
exception of the two holiday weeks. Slaughter steers and heifers made up most of
the receipts. Good and Choice beef steers sold at $21 to $25, while Utility and
Commercial grades brought $14 to $20. Most slaughter heifers sold for $2 under
the comparable grade of steers. Good and Choice slaughter calves were $16 to
$19.50, with Utility and Commercial types bringing $12 to $15. Medium and Good
stocker and feeder steers and yearlings sold from $14 to $20. A few very thin
stocker cows brought $9 to $10.
Butcher hogs sold fully 50¢ higher than closing prices on Friday. Choice
190- to 240-lb. butchers sold mostly at $18.25; Choice 245- to 300-lb. hogs ranged
from $17.25 to $18, Good and Choice shorn slaughter lambs brought $18.50 to $20.
Medium-grade wooled feeder lambs were $18, while shorn feeders averaged $16 to $16.50.
Red meat production in commercial plants in the Nation in 1954 is estimated
at 23,823 million lbs. by the United States Department of Agriculture. This production is 4% greater than the record production in 1944. Beef accounted for 53% of
the total 1954 commercial output; veal, almost 7%; pork, 37%; and lamb and mutton,
about 3%.
COTTON
Spot cotton prices in southwestern markets fluctuated within narrow
limits during the week ended February L, 1955. Merchant demand was slow, and
inquiries from domestic and export sources were few.
Middling 15/16-inch cotton on the Dallas market on Monday, February 7,
was 33.60¢ per lb, - an average of 25 points lower than a week earlier.
The number of bales of 1954-crop cotton ginned prior to January 16 in
District states was 14%' fewer than the number of bales ginned from the 1953 crop
as of the same date a year ago, according to a recent release of the Bureau of the
Census. Total bales ginned as of January 16 for the five states in the Eleventh
Federal Reserve District and percentage changes from a year earlier are as follows:
Texas, 3,822,205 - down 9.3%; Arizona, 838,640 - down 16.9%; Louisiana, 561,429 down 29.1%; New Mexico, 294,319 - down 5.1%; and Oklahoma, 288,455 - down 32.3%.
The supply of extra-long staple cotton for the 1954-55 marketing season
is approximately 133,000 bales, compared with a supply of about 96,000 bales during
the previous marketing year, the Agricultural Marketing Service reports. Only a
limited volume of the 1954 American-Egyptian cotton crop has moved into trade
channels. In view of the supply situation, Secretary of Agriculture Benson

recently stated that the 1955 crop of extra-long staple cotton probably will be
supported at 75% of parity, compare-er-with 90% for the 1954 crop. Marketing quotas
will be in-effect-On the 1955 crop.
POULTRY
Texas broiler markets opened steady to 1¢ weaker on Monday, January 31,
but turned upward by the close of the week ended Friday, February 4, at the same
or 1¢-per-pound-higher prices than the closing quotations of the previous week,
according to the State Department of Agriculture.
Prices on the Texas broiler markets on Monday, February 7, were: South
Texas, 24¢ to 25¢, mostly 25¢; east Texas, 24¢ to 25¢, mostly 25¢;-and Waco, 25¢
per lb.
Total chick placements on Texas farms during the week ended January 29
were 1,364,000, according to the usnr:--T"his number is 21% more than the placements
during the previous week and 2% above placements in the corresponding week a year
ago. A considerable portion of the increase in placements over the previous week
is due to heavier inshipments from Arkansas and Missouri. The number of chick
placements on Texas farms in 1954 exceeded placements in 1953 by 2,775,000. In
the Nation, 1954 chick placements in major broiler-producing areas exceeded the
1953 total by 33,379,000.
WOOL AND
MOHAIR
One lot of original-bag 12-month Texas wool of average to good French
combing sold around $1.55 per pound, clean basis, while graded fine, short French
combing and clothing wools sold for about $1.LO during the week ended February 4.
Other 12-month wools were bought in Texas for delivery to Boston at prices ranging
from $1.50 to $1.60, clean basis, according to the AM3.
Texas mohair markets generally were quiet during the week ended February 4.
however, some contracting of adult mohair at 65¢ per pound and kid mohair at $1 was '
reported.
MISCELLANEOUS
Applications for hay and feed grain assistance under the emergency drought
programs will not be acC"ePtecr-after~~lS, a recent announcement by the USDA
states. This announcement is in line with theUSDA 1 s policy of discontinuing emergenc
feed programs as soon as spring pastures and forage become available. State drought
committees can request continued assistance, however, if acute drought conditions
continue. As of February 3, 127 counties in Texas, 77 in Oklahoma, and 19 in New
Mexico were eligible for drought feed programs. There are 956 counties in 18 states
which are eligible for assistan~e in the Nation.
The railroad industry will discontinue ~ 50-percent reduction !!! ~
rate for hauling hay into drought:Cie'signated areas on February lS. However, the
F'ederal Government's part in the program - half of the actual cost of transporting
hay up to $10 a ton - will continue on all deliveries to eligible farmers until
midnight March 31, 1955.
The mid-January index of prices received by Texas farmers and ranchers,
as reported by the USDA, was-2b°2%of the 1910-14 average. This is only .8% higher
than prices a month earlier but 2% below January 15, 1954. In the Nation the midJanuary index of prices received was 244% of the 1910-14 average - 2% higher than
in the previous month and 6% higher than a year earlier.

J. z. Rowe
Agricultural Economist