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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 296 Wednesday, August 31, 1955 COTTON The supply of all kinds of cotton in the United States totaled 23,L6L,OOO bales during the 19Sh~5-s8ason, according to the Agricultural Marketing Service. The indicated 1955-56 supply is placed at about 23,900,000 bales, or the largest since the record high of 2L,570,000 bales in the 1939-LO season. Disappearance of cotton in the Nation totaled 12,395,000 bales during the 195L-55 season, compared with 12,412,000 bales in the previous season and the 5-year (1949-53) average of 13,804,000 bales. In the 1954-55 season, domestic mill consumption amounted to 8,835,000 bales, exports were 3,500,000 bales, and 60,000 bales of cotton were destroyed. The U. s. carry-over of cotton on July 31, 1955, is estimated at 11,121,000 bales, or 14% more than on the same date last year and almost twice as large as that on July 31, 1953. About 8,100,000 bales of the July 31, 1955, carry-over were CCCloan and -acquired cotton. - - - - Prior to August 16, cotton ginnings in the Nation from the 1955 crop amounted to 616,273 bales, compared with 848,720 bales on the corresponding date last year, reports the U. s. Department of Commerce. Cotton ginnings in the states of the Eleventh District for which data are available (and comparisons with the same date in 195L) are: Arizona, 361 bales (5,381); Louisiana, 872 bales (9,122); and Texas, 561, 088 bales ( 716, 918). -BLUEJACKET WHEAT ALS 0 DISCOUNTED On August 23 the U. S. Department of Agriculture added Bluejacket wheat a variety grown in New Mexico, Oklahoma, and Texas - to the list of 23 undesirable wheat varieties preVi'Ously announced. The varieties will be discounted at 20¢ per bu. under the 1956 price support program because of inferior milling or baking qualities. It was stated that, because of the nearness of the winter wheat planting season, no further additions will be made to the list of undesirable wheat varieties for the 1956 support program.-- - - · WOOL AND LAMB REFERENDUM RESU L TS Preliminary results of the recent referendum on the wool and lamb promotion program show that owners of 9,127,059 sheep voted in favor of the program (72.2%) and owners of 3,517,680 sheep-Voted against it (2'7:"8%)-.- In announcing the preliminary figures-,the Secretary of Agriculture stated that "if the final results also show more than two-thirds approval, the program will be placed in effect • 11 LIVESTOCK Cattle receipts at Fort Worth on Monday, August 29, are estimated at 6,000 - the largest supply since the middle of July but about 800 fewer than on the same day last year, reports the AMS. The market for beef steers was steady to weak, and prices of cows were 50¢ to $1 per cwt. less than last week's low close. Most stockers sold about in line with the past week. Commercial and Good slaughter steers brought $14 to $20; most beef cows, $10 to $11; and Medium and Good stocker and feeder steers and yearlings, $15 to $19. Calf supplies totaled 1,200 head, compared with 1,358 on the preceding Monday and 2,155 on the comparable day in 1954. Prices were generally steady with last week's close, with Commercial and Good slaughter calves quoted at $13 to $17.50 and Medium and Good stocker steers bringing $15 to $20. Monday's hog receipts are estimated at 1,500, or 566 more than a week earlier and two and one-half times as many as a year ago. Trading was fairly active, with the prices of most slaughter classes steady to 25¢ per cwt. higher than on last Friday's market. Prices of sows were steady to 50¢ lower than in the previous week. Most U. s. No. 1 and No. 2 Grade mixed 190- to 250-lb. slaughter hogs sold at $16.50. Marketings of sheep and lambs totaled about 2,600, compared with 1,772 a week earlier and 2,298 on the-8ame day in 1954. Spring lambs comprised the major portion of the offerings. Trading was active on all classes, and prices were fully steady with the latter part of last week. Good and Choice slaughter lambs cleared at $18 to $18.50 per cwt. POULTRY Major Texas broiler markets held steady during the week ended Friday, August 26, reports the Texas Department of Agriculture. Demand was fair to good, and trading was normal to heavy. Closing prices, which were unchanged from a week earlier, were 27¢ per lb. in south Texas, east Texas, and Waco and 28¢ at the Corsicana F.O.B. plant. During the corresponding week last year, closing prices were 26¢ per lb. in south Texas and 25¢ in the other areas. On Monday of this week, .T exas broiler markets remained steady, and prices were unchanged from last Friday's close. Placements of broiler chicks on Texas farms totaled 1,654,000 during the week ended August 20,-according to the AJYB:--T'iii~5% above placements during the previous week and 39% more than those for the corresponding week in 1954. C HI C KE NS A ND T UR KE YS R A I S E D Young chickens (excluding broilers) raised on u. s. farms in 1955 are estimated ~4,LL9,ooo, or 15% less than last year and-:rhe-lowest number of record, reports the AMS. All regions of the country showed decreases from a year earlier. In Texas the preliminary estimate of chickens raised is 20,580,000, which is 20% than the 25,725,000 raised in 1954 and 43% below the 10-year (1944-53) average of 3~,955,000 chickens. The Nation's farmers are raising 63,066,000 turkeys this year, or 4% fewer than the revised estimate of 65,94$,000 raised last year:--The number of heavy breeds is about the same as a year earlier, while the number of light breeds reflects a decrease of 15%. Texas turkey growers are raising 2, 817,000 turkeys this year, compared with the revised estimate of 2,822,000 raised last year. Heavy breed varieties are estimated at 2,427,000, or 1% more than in 1954; the number of light breeds is placed at 390,000, or 5% less than a year earlier. rewer J. z. Rowe Agricultural Economist
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