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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 314 Wednesday, January L, 1956 WINTER WHEAT U.S. winter wheat seedings for the ~-crop are estimated at 45,203,000 acres, reports the Agricultural Marketing Service. This is almost 2% more than a year earlier but is about one-fifth less than the 10-year (1944-53) average. Based on conditions as of December 1, 1955, the 1956 winter wheat crop is indicated at 735 million bushels. A crop this size would be 4% larger than production in 19 55 but 15% less than the 10-year average output. The following table shows acreage seeded for and indicated production of the 1956 winter wheat crop for four states in the Eleventh Federal Reserve District and comparisons with the crops of 19~-a:nd 1944=">3. WINT ER WHEAT Four Southwestern States Area ACREAGE SEEDED (In thousands of acres) Crop Crop Crops of of of 1956 1955 1944-53 LL PRODUCTION (In thousands of bushels) Crop Crop Crops of / of of 195~ 1955 1944-53 Arizona ...•......• 44 New Mexico .•.•..•• 450 Oklahoma .........• 5,021 Texas ...•..•.....• hl56 441 4,923 4,356 28 586 6,599 6,153 1,144 1,800 65' 273 19,602 1,218 1,500 23,784 13,464 604 2,867 79,304 Four states .•.•• 9 ,871 9,764 13,366 87,819 39,966 138,179 55,LoL !/ Indicated December 1, 1955. SOURCE: u. s. Department of Agriculture. 1 9 55 PI G CR 0 P The 1955 pig crop in the United States totaled 95.3 million, or 10% more than the revised estimate for 1954, according to the AMS. The 1955 spring pig crop is estimated at 57.3 million, which is 8% larger than a year earlier; and the fall pig crop is placed at 37.9 million, or 12% larger than in 1954. The number of pigs saved per litter for the 1955 fall pig crop was a record high of 6.81 pigs. ~ ----- Reports on breeding intentions indicate that 8,116,000 sows may be farrowed for the 1956 spring pig crop, or 2% below the number farrowed in the spring of 1955. If these intentions are realized and if the number of pigs saved per litter is equal to or above the 10-year (1944-53) average, the 1956 spring pig crop will be about 56 million. --- - -INSURED FARM LOANS On December 27~5, the U. S. Department of Agriculture announced that the period private lenders hold insured farm loans before the Government will purchase This publication was digitized and made available by the Federal Reserve Bank of Dallas’ Historical Library (FedHistory@dal.frb.org). the notes is re du ced from 10 years to 5 y ears. The cha nge is effectiv e on all i nsuredloans clos ed on-orafter January-2-, 1956. The act ion is expected to make insured farm loans more attractive to p rivate len ders and thus increas e t he funds farmers can borrow to purchase and impr ove their f arms, carry out soil conservati on practices, and develop domestic and irrigation water systems. The chang e in t he redemption period does not affect th e terms and conditions of the insu red loans obtained by the farIDers-.~ LIVEST O CK Receipts of cattle and calves at Fort Worth continued small during the week ended Thursday, December 29, 19SS, acco rding to the AMS . Pric es of mature slaught er steers were weak on most days, whil e t hos e for yea rlings were firm. Mo s t Choice slaughter steers brought $18.50 to $19; most Utility cows, $10 to $11 .50 ; and Medium Grade stocker and feeder cattle, $13 to $14. Trading on slaughter cal ves was fairly active, and sales were stronger than in the preceding week. Most Choice slaughter calves sold at $18 to $18.50 per cwt. Prices of stocker and fe eder calves were generally steady, with Medium and Good classes bringing $13 to $17 . 50. Only a few hogs were received at Fort Worth each day during the pa st week. Prices of slaughter-hogs advanced the first 3 days of the week, reaching a high of $12.50 per cwt. on Wednesday. However, a 50¢ decline on Thursday placed the market steady to 25¢ higher than in the latter part of the previous week. U.S. No . 1 t o No. 3 Grades of 200- to 240-lb. barrows and gilts cleared at $11. 75 and $12 per cwt. Sheep and lamb marketings - while almost double the preceding week's v ery small supplies -Were about the same as during the comparable period in 195L. Trading was active on slaughter lambs, and prices were 50¢ and more higher than in the latter part of the preceding week. Most Good and Choice 80- to 95-lb. No. 1 and No. 2 pelt slaughter lambs brought $17 to $18. No report was received for the Fort Worth livestock market for Monday, January 2, 19 56. POULTRY During the week ended Friday, December 30, 1955, major Texas broiler ma rkets opened firm and then held steady through theclo~ reports the AMS. Trading was-moderate in south Texas, heavy in east Texas, and normal in the Waco-Corsicana area. Closing prices - which ranged from 1¢ to 3.5¢ per lb. higher than a week earlier - were: South Texas, 21¢; east Texas and Waco, 20¢; and the Corsicana F.O.B. plant, 22¢. During the corresponding period in 1954, closing prices were: South Texas, 20¢ to 21¢, mostly 20¢; east Texas, 20¢ to 22¢, mostly 21 ¢; and the Waco-Corsicana area, 21¢ per lb. Broiler chick placements on Texas farms during the week ended December 2L, 1955, totaled l,62L,ooo, according to the State Department of Agricultureo This ref lects a decrease of 10% from the previous week but is considerably above the unusually low placements of 667,000 during the corresponding week in 1954. FARMS ELECTRIFIED The Rural Electrification Administration recently estimated that about 93.4% of the farms in the United States had central station electric service a s of June 30, 195~iS-compares with 92.3% having service on June 30, 1954, and 7 7 . 2~, at th8""°time of the 1950 censuso Since 1920, more than L million farms have obtai ned central station electricity; of this number, nearly 3 3/L million have secured se rvice since 193), when the REA was established. J. z. Rowe Agricultural Economist
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