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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS N1L'1lber 292 Wednesday, August 3, 1955 1 I VE S T 0 C K 1 0 A N P R 0 G R AM E X T E N D E D On July lS the President signed into law a bill which provides for a 2-year extension of the U.S. Department of Agriculture's special livestock loan program. Under the extension, initial loans will be made through July 14, 1957; additional advances may be made for another 2-year period to borrowers who require more time for making necessary credit adjustments and for repaying loans previously received. The special livestock loans are made to established producers and feeders of cattle, sheep, and goats (except commercial feedlot operators) who are temporarily unable to obtain fr~gular sources the credit needed to carry on their normal operations. Loans may be used to meet the usual expenses of livestock operations, such as the purchase or production of feed and replacing or repairing of farm machinery. Loans for restocking of herds also may be made if the applicant can carry his present herd, plus the additional livestock to be purchased, without buying a substantial part of his feed. Applications for the special loans may be made at the county offices of the Farmers Home Administration. CR0 P LAMB 1 9 55 The 1955 .£!_ ~ lamb crop is estimated at 20,092,000, or 1% less than in 1954, reports the Agricultural Marketing Service. Although the current lamb crop is 12% larger than the 1950 low point, it is 6% below the 10-year (1944-53) average. The percentage lamb crop (number of lambs saved per 100 ewes 1 year old and over on January 1) this year is 95 - the highest of record. In Texas - the leading lamb-producing state - the 1955 lamb crop is estimated at 2,785,000, or 37,000 less than last year, and accounts for 14% of the national total. The percentage lamb crop in Texas is 76, compared with 77 in 1954. LIVESTOCK Cattle receipts at Fort Worth on Monday of this week are estimated at 6,000 - considerably more than in the past 2 weeks or on the comparable date last year, reports the AMS. Prices received for beef steers and heifers were 25¢ to 50¢ per cwt. lower than a week earlier, while those for Utility and Commercial cows and stockers and feeders were about steady. Commercial and Good slaughter steers brought $15 to $21.50; Utility cows, $11 to $12; and Medium and Good stocker and feeder yearling steers, $14 to $18.50. Monday's calf supplies, estimated at 800, were about the same as a week earlier but were nearly SOO less than on the comparable date in 1954. Trading was fairly active, and prices were fully steady with last week's close. Commercial and Good slaughter calves sold at $14 to $18; Medium and Good stocker steer calves cleared at $14 to $19. Hog receipts totaled 800, or about the same as a week earlier but were nearly double those on the comparable Monday in 1954. Prices of barrows and gilts were about 75¢ per cwt. lower than the latter part of last week, with Mixed U. s. No. 1 to No. 3 Grade 190- to 240-lb. barrows and gilts bringing $17 to $17.25. Marketings of sheep and lambs totaled J,ooo, compared with 2,864 on the previous Monday and 2,56~ear earlier. Slaughter spring lambs comprised the bulk of the supply, but there was a fairly large number of feeder animals. Trading on slaughter spring lambs was slow, and prices were )0¢ to $1 per cwt. lower than late last week, with Good to Prime slaughter spring lambs bringing $17 to ~ 19. Other classes of sheep and lambs sold at generally steady prices. POULTRY Major Texas broiler markets opened steady to weak during the week ended Friday, July 29, showed little strength during the week, and closed steady, accordIng to the Texas Department of Agriculture. Last Friday's closing prices were: South Texas, 27¢ to 28¢, mostly 28¢; east Texas, 27¢; Waco, 27¢; and the Corsicana F.O.B. plant, 28¢ per lb. During the corresponding week last year, closing prices were 28¢ per lb. in east Texas, south Texas, and Waco and 28¢ at the Corsicana F.O.B. plant. On Monday of this week, broiler markets were about steady in south Texas, weak in east Texas, and steady in the Waco-Corsicana area. Supplies generally were adequate in all areas, with the following prices quoted: South Texas, 27¢ per lb.; east Texas, 26¢ to 27¢, mostly 26¢; Waco, 27¢; and the Corsicana F.O.B. plant, 28¢. Placements of broiler chicks on Texas farms were 1,694,000 during the week ended July 23, reports the AMS.~This--rs-li% below placements in the previous week but 21% above those during the corresponding period in 1954. GR AI N S T 0 C K S U. S. stocks of old-crop wheat in all storage positions on July 1 are estimated at 1;020,0ll,OOO bu. and are the largest of record for that date, according to the AMS. The previous high level of wheat stocks was the 902,000,000 bu. on July 1, 1954. Corn stocks, at 1,576,834,000 bu., are also at a record-high level and compare with stocks of 1,406,824,000 bu. at the same time last year. Total stocks of feed grains are nearly 17% larger than on the comparable date last year-and are the largest for any July 1 in the 13 years for which comparable data are available. In Texas, stocks of old-crop wheat in all storage positions on July 1 are estimated at a-re'Cord-high level of 107,529,000 bu., compared with 89,SOO,OOO bu. on the comparable date last year. Stocks of feed grains, corn, oats, barley, and grain sorghums in the State total 68,988,000 bu., compared with 26,133,000 bu. in all positions on July 1, 1954. MI S CE L L ANE 0 US Charges for marketing farm-produced food products were 3% higher in the April-June period of this year than during the-Corresponding months in 1954. Prices received by farmers for food products declined about 6%; however, because of the increase inrnarketing charges, retail food prices were down only 1%. The decline in prices received by farmers was primarily the result of a sharp decrease in hog prices. Until recently the United States has been a net importer of hides and skins; however, in 1954, exports of cattle and calf hides exceeded imports of these commodities. This was a result oY-a smaller demand for hides and skins in this country, together with larger domestic supplies resulting from record-high levels of slaughter last year. J. Z. Rowe Agricultural Economist
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