View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

¥

AGRICULTURAL NEWS OF THE WEEK
~~i~~~-F-E_D_E_R_A~L~R-E_S_E_R_V_E_·_B_A__N_K__O__F_D__A_L_L_A_S_________________
Number 285

Wednesday, June 15, 1955

WHEAT
Production of all wheat in the Nation in 1955 is forecast, as of June 1,
at 845,000,000 bu., or the smallest crop since 1943, reports the u. s. Department
of Agriculture. The winter wheat crop is estimated at 639,000,000 bu., compared
with the 653,000,000 bu. forecast a:-month earlier and the 10-year (194L-53) average
of 867,000,000 bu. The spring wheat crop is placed at 206,000,000 bu., compared with
179,000,000 bu. in 1954.
-- -In the four major wheat-producing states of the Eleventh Federal Reserve
District, 1955 indicated production of winter wheat--rs"LiJ,330,000 bu., reflecting
a decline of over 2,000,000 bu. from the previous forecast. Increases in the expected production in Arizona, New Mexico, and Texas were offset by a decrease in
Oklahoma.
On June 10 the USDA announced that, if quotas are approved in the referendum
to be held June 25, the minimum national average support price for 1956-crop wheat
will be $1.81 per bu. in commercial areas, or 76% of the estimated parity lev81:-If quotas are not approved, the support level, under present legislation, will be
50% of parity, or about $lol9 per bu. Support rates in noncommercial wheat states
are 75% of the rates in commercial areas.
COTTON
Trading in southwestern spot cotton markets was limited during the week
ended June 10, and prices were about unchanged from a week earlier, reports the
Agricultural Marketing Service. The volume of domestic mill buying continued
small. Inquiries for new-crop cotton increased from the preceding week but were
smaller than during the comparable period in previous seasons.
The Nation's first bale of 1955-crop cotton was ginned in Hidalgo County,
Texas, on June 8; the cotton was gr0-wn on the farm of Jerry Block and Will Wallace,
which is located about 15 miles west of Edinburg. Last year's first bale of cotton,
grown by Ray Barnick of Mission, Texas, was ginned on May 29.

1 9

55

P EACH

CR 0 P

The 1955 U. S. peach crop is indicated, as of June 1, at 48,02),000 bu. 22% below last yearTS productionand 30% below the 1944-53 average, according to the
USDA. In Louisiana, Oklahoma, and Texas, the peach crop is an almost complete failure
as a result of spring-freeze damage. New Mexico production is indicated at 120,000
bu., compared with 300,000 bu. in 1954.
LIVE8TOCK
Cattle receipts at Fort Worth on Monday, June 13, are estimated at 6,700
by the AMS. This is nearlyl,000 more than a week ago and about 400 above the comparable day last year. Stockers comprised over half of the supplies, and cows
accounted for LO%. Trading was fairly active, and most sales were strong as compared with the previous week's close; some cows sold at 2)¢ to 50¢ per cwt. higher.
Choice fed steers brought ~:, 22 to $22.50, with Good grades quoted at $19 to ~~ 21.
Most Commercial cows cleared at $13.50 to $14. Good stocker steer yearlings sold
at :tl8 to $21.
Monday's calf receipts were about the same as a week earlier but were
smaller than a year ago. Trading was slow on slaughter grades, and prices were

about steady. The market for high-grade stockers was active and firm, while that
for other grades was steady. Choice slaughter calves moved at $20 to $20.SO, with
Good grades selling at $17 to $19. Good stocker steer calves brought mostly $18
to $21, with a few Choice grades quoted at $22 to $23.
Offerings of hogs at Fort Worth totaled about 900, or approximately 1)0
more than on the previous Monday. Trading on butcher grades was active, and prices
· were 75¢ to $1 per cwt. higher than on last Friday's market. Choice 1 and 2 Grade
190- to 2LO-lb. butcher hogs sold at $20.2) and ~ 20.SO.
Sheep and lamb supplies totaled about 11,000, or slightly less than a
week earlier;--Shorn lambs and yearlings comprised about half of the receipts, and
spring lambs accounted for about one-third. Trading was very slow, and spring lambs
sold steady to 50¢ lower. Prices of shorn slaughter lambs and yearlings were steady
to weak, and slaughter ewes and feeders were steady. Good and Choice slaughter spring
lambs sold mostly at $20 to $22.
POULTRY
During the week ended Friday, June 10, the south Texas broiler market
was unsettled and irregular through midweek, grew slightly weaker, and then closed
steady. In east Texas and the Waco-Corsicana area, the market opened 1¢ lower than
in the preceding week but held steady through the week's close. Closing prices,
which were 1¢ to 3¢ per lb. lower than a week earlier, were: South Texas, 27¢ to
28¢, mostly 27¢; east Texas, 27¢ to 28¢, mostly 27¢; Waco, 27¢; and the Corsicana
F.o.B. plant, 27.)¢ per lb. In the corresponding week last year, closing prices
were 2L¢ per lb. in all areas.
On Monday of this week, broiler markets were firm in south Texas and
steady in east Texas-and the Waco-Corsicana area. Supplies generally were adequate
for a fair to good demand, with the following prices quoted: South Texas, 28¢, with
one sale at 27¢; east Texas, 27¢ to 28¢, mostly 27¢; Waco, 27¢; and the Corsicana
F.O.B. plant, 28¢ per lb.
During the week ended June 4, broiler chick placements on Texas farms
totaled 1, 751,000, reports the AMS. This is only slightly below placements in the
previous week but is 26% above those during the corresponding period in 1954.
W 0 0 L

The volume of greasy domestic worsted wools on the Boston market increased
substantially during the week ended June 10. Eastern buyers were active in Texas,
and substantial purchases of 8- and 12-month wool were made. Original-bag 12-month
Average French Combing Texas wool sold at around $1.40 per lb., clean basis, delivered to Boston; 8-month greasy wools sold at Sl.)¢ to )2.)¢ at the warehouse and
were estimated to cost around $1.30~ clean basis, delivered to Boston.
FARM EMPLOYMENT
During the week of May 22, there were 8,921,000 persons employed on farms
in the United States, according to the AMS. This reflects--a-Beasonal increase of
about 750,000 from a month earlier but is 4% below the comparable period last year.
Of the total number of farm workers, about 7,000,000 were farm operators and unpaid
members of their families.

J. z. Rowe
Agricultural Economist