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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 303 Wednesday, October 19, CR 0 P 1955 P R 0 DUCT I 0 N . The 1955 national all-crop production index, based on conditions as of October 1, is estimated at about 106% of the 194~average, reports the U, S. Department of Agriculture. An output of this size would be about equal to the record crop in 1948 and would be achieved on slightly fewer acres of cropland. ApproximatelY-the same acreage of cropland is being used this year as was used last yea.r. The prospective 1955 production of all major feed grains in the Nation is higher than production in 1954. In the states of the Eleventh Federal Reserve District (Arizona, Louisiana, New Mexico, Oklahoma, and Texas), production of grain sorghums is indicated at 26% above the 195L crop, while that for corn is estimated at 50% above last year's output. 1 9 56 C 0 T T 0 N ACR E AGE R E DUCED On October-TI:lthe Secretary of Agriculture proclaimed a national marketing quota of 10 million bales and a national acreage allotment of 17,391,JOL acres for:-the 19°'% crop of upla:ridCotton. The upland cotton acreage allotment for 1956 is L percent beloW-the le,113,2oe acres allotted for the 1955 crop. The marketing quota for extra-long staple cotton is 35,300 bales, and the acreage allotment is 45,305 acres. These figures compare with a 1955 marketing quota of 30,000 bales and an acreage allotment of 46,154 acres. On December 13 a referendum will be held, in which two-thirds of the growers voting must approve the marketing quotas for both upland and extra-long staple cotton if such quotas are to become effective. CITRUS Grapefruit production in the United States in the 1955-56 season (excluding the California summer crop) is forecas-E-;-as of October 1, at 44,1 million boxes, or 8% above the previous season's crop but 7% below the 10-year (1944-53) average, according to the Agricultural Marketing Service. The national orange crop (excluding Valencias) is placed at 107,695,000 boxes, which is 1% more tha~in the 1954-55 season and is 29% above the 10-year average. In Texas, citrus production in the 1955-56 season is forecast at 4 million boxes. Of thrsa.iiiount, the grapefruit crop is indicated at 2.2 million boxes, or 12% less than in the preceding season, and the orange crop is placed at 1,8 million boxes, reflecting an increase of 20% from the 1,5 million boxes harvested last year. Most of the increase in the orange crop is accounted for by the harvest of early season varieties. The average size of the citrus fruit is much larger than is usual for this time of the year, and the quality of both oranges and grapefruit is expected to be exceptionally good. 1 9 55 P E CAN CR 0 P U, S. pecan production this year is estimated, as of October 1, at 89,800,000-YbS:, which reflects a gain of 8.L million pounds from the month-earlier forecast and compares with the 1954 production of 90,510,000 lbs. and the 10-year average of lLl,437,000 lbs. Seedling pecans are expected to comprise three-fourths of this year's crop, and improved varieties will account for the remainder. The 1955 Texas pecan crop is placed at 22 million lbs., or 26% above prospects a month ago but only 67% as large as the 1944-53 average. LIVESTOCK Monday's receipts of cattle at the Fort Worth market are estimated at 5,800, or about 1,100 more than a week-ago bu=t1iQO"°fewer than on the comparable day last year, according to the fil'TB. Cows made up about 35% of the cattle marketings, with canner and cutter cows accounting for about three-fourths of the supply. Prices for slaughter steers were mostly steady, while those for cows were about 25 ¢ per cwt. lower than in the previous week. The market for stockers and feeders was active and firm. Low-Choice beef steers sold at $20o50 to $21, most Commercial cows brought $11 to $11.50, and Good stockers and feeders cleared at $17.50 to $19. The supply of calves totaled 2,000, compared with 1,101 a week earlier and 2,082 on the corresponding day in 19540 Prices of slaughter calves were about steady with those a week earliero The demand for stockers was good at the opening of the market, and sales were firm; however, at the close, trading was slow and prices were weak. Commercial and Good slaughter calves brought $14 to $17 .SO per cwt., and Good stocker steer calves sold at $17.50 to $20. Monday's hog receipts are estimated at 900, or 30% fewer than a week ago but one-fourth more than on the comparable Monday last year, Prices for butcher hogs were steady to mostly 25¢ per cwt. lower than on last Friday's market, and those for sows were steady to weak. Mixed U. s. No. 1 to No, 3 Grades of 190- to 260-lb. barrows and gilts sold mostly at $15.25. Sheep and lamb marketings amounted to 1,700, which is about the same as a week earlier but only about one-third as large as a year agoo Lambs made up about 60% of the offerings, with yearlings and old ewes accounting for most of the remainde r• Prices of slaughter classes were steady, but those for feeder lambs were weako A few lots of Good and Choice slaughter lambs brought $18 to $19. POULTRY During the week ended Friday, October 14, major Texas broiler markets opened steady but closed weak, reports the Texas Department of Agricultureo Closing prices - which were !¢ to 1¢ per lb. lower than in the preceding week - were: Sout h Texas, 24¢ to 25¢, mostly 24¢; east 'rexas, 22¢ to 24¢, mostly 23¢; Waco, 23¢ to 24¢, mostly 23¢; and the Corsicana F.O.B. plant, 24¢ per lb. During the corresponding period in 1954, closing prices were 21¢ per lb. in south Texas and 20¢ in all the other areas. On Monday, October 17, major Texas broiler markets were about steady to weak, with the following prices quoted: South Texas, 23¢ to 24¢, mostly 23¢; east Texas, 22¢ to 23¢, mostly 22¢; Waco, 22¢; and the Corsicana F .o.B. plant, 24¢ per lb. Broiler chicks placed on Texas farms during the week ended October 8 totaled 1,567,000, according to the AMS. These placements are 1% above those in the previous week and 13% more than those for the comparable period last year. J. z. Rowe Agricultural Economist
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