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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS
Number 312
Wednesday, December 21, 1955
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C 0 T T 0 N MA R K E T I N G Q U 0 T A S
AP P R0 VE D
Marketing quotas for 1956-crop cotton were approved by farmers voting in
the national referendum held throughout the Cotton Belt on December lJ. Of the farmers voting in the upland cotton referendum, 93% approved marketing quotas ; and ap nroximately 91% of those voting in the referendum on extra-long staple cotton favo r ed quotas.
These results compare with last year's favorable votes of 92% for upland cotton and
about 93 % for extra-long staple of the 1955 crop.
A GR I C U L T U R A L
P RI CES
The index of prices received by Texas farmers on November 15 was 2)0 % of
the 1910-14 average, or 1% below the mid-October index and about 4% lower than ayear ago. The crop index increased about 2% from mid-October, while the livestock
index declined 4%. Lower prices for""""Catt1e-; calves, and hogs contributed heavily
to the lower livestock price index.
1 I VES T0 CK
The preholiday receipts of 2, 200 cattle at Fort -.:orth on Monday , December 19,
were the smallest for a similar day of the week in s eveI'al ye:i.rs, according to the
fl gricultural Marketing Service. Supplies on the previous Monday totaled 4,154, and
those on the comparable date last year were J,420. Prices of 3teers, heifers, and
cows were fully steadv to $1 per cwt. higher than last week's low prices, while those
of stocker cattle showed little change. Good and Choice beef steers brought ;>1).)0
to ,P 20_; beef cows, ~10 to ~ 11.)0, mostly ,pl0.50 and higher; and Jfodium and Good s tocker
and feeder steers, $13 to ~17.
Monday's calf receipts are estimated at 600, representing declines of 40%
from a week earlier and 33% from a year ago. Calf prices were abcut the same as on
last vrnek 1 s market, with Commercial and Good slaughter calves sell.Lng at i1ll3 to ~p l 7
and Medium and Good stocker and feeder steer calves bringing ;J>lJ to ,.p l8.
Hog supplies at Fort idorth totaled 700, or double those on the urevious
Monday and 58%more than at the same time in 1954. The local demand anparentl7 was
li.ni ted. Prices of slaughter hogs vvere steady to 25¢ per cwt. lower than in the
latter part of last week, and those for sows were steady. U. S. No. 1 and No. 2
Grades of 200- to 240-lb. slaughter hogs sold at pl2, a~d most No. 2 and fo. 3 Crades
of 230- to 300-lb. butchers brought ~10.75 to ~11.75.
Monday's sheep and lamb marketings are estimated at 1,000, or the smallest
receipts for any Monday this year and only about one-third as large as a week earlier.
Trading was fairly active, with slaughter classes selling at fully stead~r prices.
Supplies of feeder sheep and lambs were scarce. Good and Choice shorn slaughter
lambs were quoted at <1!)16 . .50 to <Wl 7 . .50 per cwt.
P 0 U1 T RY
During the week ended Friday, December 16, the principal Texas broiler
markets closed about steady in south and east Texas and weak in the ~iaco-Corsicana
area,-a:ccording to the State Department of Agriculture. Closing prices for the
week - which were 1¢' to 3¢ per lb. lower than in the previous week - were: South
Texas, 18¢ to 19¢'; east Texas, 16,i to 18.5¢, mostly 17¢; lNaco, 17.¢ to 18¢'; and the
Corsicana F.O.B. plant, 18¢' to 19¢' per lb. During the corresponding period in 19.54,
closing prices were: South Texas, 17¢ to 19¢, mostly 18¢'; east Texas, 16¢ to 18¢,
mostly 16¢ to 17¢; l,iaco, 17¢ to 19¢; and the Corsicana F.O.B. plant, 18¢.
On Monday of this week, major Texas broiler markets were weak and unsettled
in south Texas and about-steady in the other areas. The following prices were quoted:
South Texas, 17¢ to 18¢'; east Texas, 16¢ to 17¢, mostly 16¢; Waco, 17¢ to 18,i, mostly
17¢;and the Corsicana F.O.B. plant, 18¢ per lb.
Placements of broiler chicks on Texas farms totaled 1,803,000 during the
week ended"""December l~ reports the .AMS~- The placements reflect increases of 3%
from the previous week and 56% from the corresponding period last year.
I N C 0 ME
FARM
During the January-October period this year, cash receipts from farm
marketings in tl1e Nation totaled ~2J,352,95J,OOO, or-about 3% below those in the
same months in 19.54, according to the U. S. Department of Agriculture. Receipts
from crops were 2% smaller than a year earlier, and livestock receipts were about
4% less.
Cash receipts from farm marketings in the states of the Eleventh Federal
Reserve District (Arizona, Louisiana, New Mexico, OklahOrila,--and Texas) during the
first lOITiOnths of 19.55 totaled ~2,292,164,000, which is 8% less than in the
January-October period last year. Receipts from crops were approximately 12% lower
and those from livestock were about 3% less than in the corresponding months in 1954.
DR 0 UGHT
DI S A S TE R
A
REAS
D E S I GNA T E D
The USDA recently designated 17 counties in three states as drought
disaster areas-:--Included in the designation are the-following--rr-Texas counties:
Blanco, Coke, Concho, Glasscock, Guadalupe, Hays, Howard, Irion, Reagan, Schleicher,
Sterling, Tom Green, and Unton. The announcement brings to 91 the number of counties
in eight states which are listed as drought disaster areas. Thirty-four of the
counties are in Texas.
J. Z. Rowe
Agricultural Economist