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Number 297

Wednesday, September 7, 1955




On August 29 the U.S. Department of Agriculture announced an increase
of 1/2 of 1% per annum in the rate of interest payable to lending agencies which
aretinancing CCC price support loans. Lending agencies - principally country
banks - which have funds invested in CCC commodity loans or in certificates of
interest evidencing loans on 1955-crop cotton as of September 1, 1955, or which
invest funds in such loans or certificates on 1955-crop cotton after that date
will receive 2 1/4% per annum, as compared with 1 3/4% per annum for 1954-crop
loans. No change wasrnade in the service fees paid to lending agencies. The
rate of interest charged to farmers remains at the present rate of 3 1/2% per
A sharp increase in the quantity of meat moving from exporting countries
was the dominant feature of the international meat trade in 195L, reports the Foreign
Agricultural Service. Over 5,000,000,000 lbs. of meat (carcass weight) were exported
from the 44 countries for which data are available, compared with 4,600,000,000 lbs.
in 1953 and L,100,000,000 lbs. in 1952. During 1954 the largest exporting countries
(in order of size of meat exports) were Denmark, Argentina, New Zealand, Australia,
Uruguay, the Netherlands, Ireland, France, Canada, the United States, and Poland,
As usual, the United Kingdom imported the largest amount of meat during
1954, accounting for almost 70% of the total imports of the LL countri85:- The
United States was the second largest meat importer, obtaining 412,000,000 lbs.
from foreign sources. Russia was third, with imports of 185,000,000 lbs., followed
by West Germany, France, Sweden, Belgium, and Italy.


Cattle supplies at Fort Worth for the week ended Thursday, September 1,
are estimated at 13,350, or about '4%TTiOre than in the previous week but 27% fewer
than during the corresponding period last year, reports the AMSo Prices of most
classes were unevenly steady to 50¢ per cwt. lower than a week earlier. Good beef
steers brought $18.50 to $20.50; Commercial cows, $10.75 to $11.50; and Medium and
Good stocker steer yearlings, $14 to $18.50.
Marketings of calves - placed at 3,100 - were about 9% smaller than in
the previous week and-Were only about one-half as large as those for the same week
in 1954. Prices were 50¢ to $1 per cwt. lower than a week earlier, with Commercial
and Good slaughter calves selling at $13 to $17 and Medium and Good stocker and
feeder steer calves bringing $14 to $18.
Hog receipts are estimated at 2,600, or about 200 fewer than a week earlier
but 900 more than in the comparable week last year. Trading was active, as small
slaughterers competed with packers for the offerings. Prices of butcher hogs were
50¢ to 75¢ per cwt. higher than on the previous Friday's market, while those for
sows were steady. Mixed U. s. No. 1 to No. 3 Grades of 190- to 250-lb. butcher
hogs brought $16,50 to $17.25.
Supplies of sheep and lambs amounted to 5,800, or 1,900 more than the
preceding week's small receipts but 1,050 fewer than a year ago. Spring lambs
and o.ld ewes comprised approximately 90% of the marketings; Choice slaughter
lambs were scarce. Trading was active, and demand was good for all slaughter
classes. Prices for slaughter spring lambs were strong to mostly 50¢ per cwt.
higher than in the latter part of the previous week, while those for other slaughter classes and feeders generally were steady. Good and Choice 75- to 90-lb.
slaughter spring lambs were quoted at $18,50 to $19.50 per cwt.
The Fort Worth stockyards were closed for trading on Monday, September 5.

The principal Texas broiler markets remained generally steady during the
week ended Friday, September 2, reports the Texas Department of Agriculture. Trading was normal to heavy; and closing prices, at 27¢ per lb., were unchanged in all
areas except the Corsicana F.O.B. plant, which showed a decline of 1¢ from a week
earlier. During the corresponding week in 1954, closing prices were 24¢ per lb.
in all areas. On Monday of this week, Texas broiler markets were closed for the
Labor Day holiday,
During the week ended August 27, broiler chick placements on Texas
farms totaled 1,595,000, according to the A~ThiS-is 4% below placemenrs-in
the previous week but 27% above those for the corresponding period in 1954.

J. z. Rowe
Agricultural Economist