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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 316 Wednesday, January 18, 1956 ON FARMS G R A I N A N D HAY STOCKS Total stocks of feed grains on the Nation's farms as of January 1, 1956, are estimated to be the-Secorid Iarge'St--::fanuary stocks of record, or<3nly-6% below the 1949 peak, reports the Agricultural Marketing Service. The stocks include 2,191 million bushels of corn, 981 million bushels of oats, 190 million bushels of barley, and 68 million bushels of sorghum grain. Compared with other January holdings, stocks of corn rank fourth of record; oats, the highest in 30 years of record; barley, the largest in 13 year3; and sorghum grain, the highest in 5 yea.rs, Wheat stocks on farms in the United States as of January 1 this year are placed at 321 million bushels, or almost as large as those a year earlier but 1L% below the 10-year (19L5-5L) average, A major portion of the Nation's wheat stocks is under Government loan in off-farm storage. Rye stocks of lL million bushels are the largest in 13 years, and flaxseed stocks of 16,5 million bushels are the second highest in 9 years of record, Near-record hay stocks of 73.9 million tons were on hand January 1, after heavy feeding in many sections of the country during November and much of December 1955. Farmers' forage supplies appear generally adequate, unless the remainder of the winter should prove unusually severe, S HE E P A ND L A MB S 0 N F E E D The number of sheep and lambs on feed in the United States as of January 1 is estimated at L.l million, or 8% fewer~han at the same time in 1955, according to the AMS, Most of the decrease occurred in the western Corn Belt and on wheat pastures in the South and Central Great Plains States; however, nearly all the Western States also showed declines, In the states of the Eleventh Federal Reserve District - except Louisiana, which was not reported - the number of sheep and lambs on feed on J:muary 1, 1956, totaled LlL,OOO, or 16% below a year earlier. The number on feed in each of the states was lower except in New-Mexico, which showed a 13-percent gain, LIVESTOCK Supplies of cattle and calves at Fort Worth on Monday of this week are estimated at ~,900, which is 2m; fewer than--a.-week earlier but iS-about the same as a year ago, according to the AMS, Prices of the various classes and types of cattle and calves showed mixed trend3 as compared with those in the latter part of the preceding week. Commercial and Good slaughter steers brought $13 to ~17; beef cows, mainly $10,50 to $11.50; and Medium and Good stocker steers, $13 to $17. Commercial and Good slaughter calves and Medium and Good stocker steer calves were quoted at $13 to $17~ Monday's hog receipts are placed at l,LOO - the largest supply since October 1955. Most--slaughter hogs sold at steady prices, but a few lots 'Were-25t per cwt. higher than in the latter pa.rt of the previous week. Prices of sows were steady. Most U. s. No. 1 and No. 2 Grades of 200- to 2LO-lb, butcher hogs cleared at Yll. 7S. Sheep and lamb marketings totaled L,500, compared with 5,099 a week ago and L,Ll9 on the--COrresponding day last year, Lambs comprised 85% to 90% of the receipts, with shorn slaughter lambs predominating, Trading on slaughter classes was fairly active, and prices were mostly steady. Feeder lambs sold steady to 50i per cwt. lower than a week earlier. Good and Choice 85- to 97-lb. shorn slaughter lambs with No. 1 and No. 2 pelts brought $16.50 to $17.50. POULTRY Major Texas broiler markets were generally steady during the week ended Friday, January 13, according to the-state Department of Agriculture. Closing prices - which were unchanged to 2¢ per lb. lower than in the preceding week were: South Texas, 20i to 22¢; east Texas, 20¢ to 21¢; Waco, 20~5¢ to 2li, mostly 21¢; and the Corsicana F.O.B. plant, 22¢. During the corresponding period in 1955, closing prices in all areas were 22i to 23¢, mostly 23¢. On Monday, January 16, the principal Texas broiler markets were weaker than at last Friday's close, with the following prices quoted: South Texas~ to 211, mostly 20¢; east Texas, 18¢ to 211, mostly 191 to 20¢; Waco, 19.Si to 20i, mostly 20¢; and the Corsicana F.O.B. plant, 21¢ to 22¢ per lb. Broiler chick placements on Texas farms totaled 1, 71.12,000 during the week ended January--rr,-1956;-according to-"the AMS. These placements reflect increases of 2% from the previous week and 2L% from the comparable period in 1955. S 0 C I A1 S EC UR I T Y DEADL I NE S This year for the first time, many farmers and ranchers will have a social security responsibility to meet on or before January Jl. Every operator who paid $100 or more in cash wages to an agricultural employee in 1955 is required to report, on Form 943, all cash wagespaid to that employee up to$4-;200 and to send in 4% social security tax on such wages. The form and tax should be sent to the appropriate District Director-0'f Internal Revenue not later than January 31. All persons self-employed in any agricultural enterprise are required to report their earnings and pay 3% social-security tax ii' their net earnings totaled at least $LOO in 1955. Farm operators who are required to pay Federal income tax must send in their-Income tax return, together with the social security tax, by February 15. Farm operators who, because of low earnings or family exemptions, are not required to pay income taxes are required to report their 1955 earnings for social security purposes and to pay the social security tax on or before April 15 this year. CCC PRICE SUPPORT PROGRAM The Commodity Credit Corporation's investment in price support commodities as of November JO, 1955, totaled $5,206,e26,ooo, according to the u. s. Department of Agriculture.~Of this amount, loans outstanding accounted for $2,076,523,000 and the value of inventories, ~6,130;303,000. As of November JO, 1954, the CCC 1 s investment amounted to $6,890,017,000, of which loans outstanding were 32,675,170,000 and inventories were ~;,4,21L,847 ,ooo •. Price supports extended (total loans made, plus direct purchases and purchase agreements) on 1955 crops through November 30, 1955, totaled $1,664,403,376, compared with price supports extended on 195L crops through November JO, 195L, in the amount of ~1,523,764,482. J. z. Rowe Agricultural Economist