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·-A_G_R_IC_U_LT_U_R_A_L_N_E_w_s_o_F_T_H_E_W_E_E_K_ _

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FEDERAL RESERVE BANK OF DALLAS

Wednesday, April 20,

Number 277

1955

WINTER WHEAT
The 1955 ~~winter wheat .£!:9.£, based on April 1 conditions, is estimated
at 662,252,000 bu., according to the U. s. Department of Agriculture. This is onesixth smaller than last year's production of 790,737,000 bu. The decline reflects
adverse effects of drought in parts of the southern Great Plains and the result of
cutbacks in plantings under the acreage control program. It is estimated that at
least one-fifth of the acreage planted to winter wheat will be abandoned or diverted
to other uses.
The following table shows indicated production of winter wheat in 1955
for four states in the Eleventh Federal Reserve District and comparisons with 1954
and the 10-year (1944-53) average.
WINTER WHEAT PRODUCTION
Four Southwestern States
(In thousands of bushels)
1955
Indicated
April 1

1954

Average
1944-53

Arizona •••••...••
New Mexico •••••••
Oklahoma o e o o o o • • •
Texas

800
944
36,922
12,924

588
400
70,770
30,894

604
2,867
79,304
55,404

....

51,590

102,652

138,179

Area

•••••••

Four states
SOURCE:

0

••

0

•

U. S. Department of Agriculture.

POULTRY
Texas broiler markets were generally weak, and trading was moderate during
the week ended Friday, April 15. Closing prices were 3¢ to 4¢ per lb. lower than a
week earlier, according to the Texas Department of Agriculture. Last Friday's closing prices were: South Texas, 28¢ to 29¢, mostly 29¢; east Texas, 27¢ to 28¢; Waco,
27¢; and the Corsicana F.O.B. plant, 29¢ per lb. During the comparable week in 1954,
closing prices were 24¢ in all areas.
The following prices were quoted in the major Texas broiler-producing
areas on Monday of this week: South Texas, 26¢ to 27¢, mostly 27¢; east Texas,
26¢ to 27¢; Waco~,27¢; and the Corsicana F.O.B. plant, 28¢ to 29¢ per lb.
Broiler chicks placed on Texas farms for the week ended April 9 totaled
1,768,000 - 11% above placements---rn the previous week and 12% above those during
the comparable week in 1954. According to the Agricultural Marketing Service,
the increase from a week earlier resulted from fewer outshipments of Texas chicks
to other states and larger inshipments.

L I VE S T 0 C K
Receipts of all classes of livestock at Fort Worth were substantially
larger during the week ended Friday, April lS, than during the comparable period
a year earlier. High-grade calves and yearlings brought fully steady prices, but
demand for feeders and stockers was relatively light. Hog prices fluctuated within
narrow limits, but increased offerings during the latter part of the week resulted
in slightly lower closing prices. A .large volume of high-grade Texas spring lambs
was received in Fort Worth during the past week, with prices ranging from $18 to
$22 per cwt. Old-crop, heavyweight shorn lambs also were in large supply as a result of unfavorable grazing conditions in the western areas. Principal commercial
feed-lot operators in the Corn Belt have sharply curtailed orders for feeder lambs
because of reverses incurred in lamb feeding operations at this time last year.
Cattle receipts at Fort Worth on Monday of this week are estimated at
5,000 head, the largest MondaY-supply since last November, reports the Ar£. Slaughter
yearlings continued to comprise the largest part of the receipts. Choice beef steers
sold at $22 to $23 per cwt., with some Choice and Prime club yearlings quoted at $25.
Good and Choice heifers brought $17 to $21, and Utility and Commercial grades were
$11 to $16. Beef cows were mostly of Utility grades and sold at $11 to $12.50 p er
cwt. Medium and Good stocker and feeder steer yearlings cleared at $15 to f 21, with
a few Choice kinds bringing $22. Calf receipts at Fort Worth on Monday were only
slightly above a week earlier and a year ago. Good and Choice slaughter calves sold
at $17 to $21.50, with Utility and Commercial grades bringing $12 to $16. A few
Choice stocker steer calves sold at a top price of $22; most Medium and Good grades
were $15 to $21 per cwt. Hog receipts were estimated at 1,150 head, or 700 more than
on the previous Monday. Butcher hogs were steady to mostly 25¢ below last Friday's
prices, and sows were 50¢ to $1 lower. Choice 190- to 240-lb. butcher hogs brought
$17.25 to $17.75, with most sales quoted at $17.50. Sheep supplies totaled approximately 12,000 head - 4,500 more than on Monday a week earlier-and 2,700 above those
on the same date last year. Old-crop shorn lambs comprised nearly 50% of the offerings, and spring lambs, about 40%. Trading was fairly active, with Good and Choice
spring lambs bringing $20 to $22 per cwt.
MISCELLANEOUS
On April 6 the USDA announced that the interest rate to be charged producers
and others on CCC price support loans on 1955 crops will be 3§% per annum. This is
the same rate charged on 19SL-crop price support loans and compares with the L% interest rate in effect for 1953 crops.
The USDA recently allocated $4,275,000 to six states for emergency conservatief
work to combat wind erosion damage. The states in the Eleventh Federal Reserve District
included and the amounts allocated are: New Mexico (14 counties), $200,000; Oklahoma
(5 counties), $350,000; and Texas (7L counties), $1,500,000.
The value of U. S. imports of major agricultural commodities during 1954
is estimated a~681,l50-;500, representing a decline of $17,000,000 from a year
earlier, according to the Foreign Agricultural Service. Coffee was the leading
agricultural commodity imported, followed by sugar and rubber.

J. z. Rowe
Agricultural Economist