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9 AGRICULTURAL NEWS OF THE WEEK ~~..-------F-E_D_E_R_A__L_R_E_S__E_R_V_E__B_A_N__K_O__F~D-A_L_L_A_S_________________ Number 320 Wednesday, February 15, 1956 SUPPORT P R I CES The u. s. Department of Agriculture has announced the 1956 support price levels on many farm commodities. The following table shows the minimum dollar-andcents support levels and percentages of parity which have been announced for various commodities produced in the states of~he Eleventh Federal Reserve District (Arizona, Louisiana, New Mexico, Oklahoma, and Texas) for 1956 and the 1955 comparisons, 1956 Commodity and unit ............. ........... Support price Wool, lb. ••••••••••• $ .,62 Mohair, lb. ,.70 , Oats, bu. ,.59 Barley, bu, •••••••••• •.93 1 •.16 Rye, bu, •o••••••• ...,,. 1.,80 Grain sorghums,cwt• ,, Wheat, bu, I 0 I · I I I I I • I• 1,81 Rice, cwt. • ••••••••••• L.oL Cottonseed, ton LS •.oo 3,09 Flaxseed, ,u. ••••••• 1,0_5" Corn, bu.~ ••••••••• I> ...... 1955 Percent of parity 106 92 70 70 70 70 76 75 70 70 Support price ycf.· ..62 •.70 •.61 ..9L 1.18 1..78 2,.08 L..66 46.00 2,.9] 1.19 Percent of parity 106 91 70 70 70 70 82 • .5 85 6) 65 1/ In noncommercial areas. Corn in noncommercial areas is supported at 75% of-the commercial rate. In the commercial areas, 1956-crop corn is to be supported at 81% of parity, compared with 87% for the 1955 crop. EXPORT CREDIT SALES PROGRAM On February 7, 1956, the USDA announced that the Commodity Credit Corporation was initiating, effective immediately, a program which will extend credit to expQrters. This change in policy is in line with intensified efforts in recent~ months to reduce Government holdings of surplus agricultural commodities. Previously - except for barter transactions - the policy of the CCC had been to sell for cash, WORLD COTTON PRODUCTION World cotton production in the 1955-56 season is indicated at a record high of 40,3 million bales, according to latest estimates of the Foreign-Agricultural-Service. A crop this size would be 4% above the 1954-55 output and about 57% larger than the average world production in the immediate postwar period of 1945-49 •. 1 I VES T 0 CK A moderate supply of 2,soo cattle was received at Fort Worth on Monday, February 13, reports the Agricultural Marketing Service. This compares with receipts of~,152 on the previous Monday and 3,LL9 at the same time in 1955. Fed steers and heifers comprised the major part of the cattle supply, with yearlings predominating. Prices of slaughter steers and heifers were mainly steady; however, some strength was evident from the previous week's low· quotations. Most Good fed steers and heifers sold at $15 to $17; beef cows, $12 to $12.)0; and Medium and Good stocker and feeder steers, $;13.50 to $17 per cwt. Monday's calf receipts totaled 600, or 7L% more than the small supplies of a week earlier but were 37% fewer than on the corresponding date last year. Prices were mostly steady with the previous week's close; however, those for some stockers were stronger. Commercial and Good slaughter calves cleared mostly at ~;a4 to ~~17 •.50, and Medium and Good stocker steer calves brought $14 to $18. Hog marketings were more than three times larger than the very small offerings 011'the previous Monday and were 70% above those on the comparable date in 1955. Trading was slow in getting started, because of lower bids. Prices of butcher hogs were 25¢ to 75¢ per cwt. below those in the latter part of the past week, with most sales 50¢ lower. Most of the hogs were mixed No. 1 through No. 3 Grades with average weights of 200 to 260 lbs. and sold at $13.25 and $13.50. Sheep and lamb receipts are estimated at 6,ooo, compared with the past Monday's very small supply of 1,626 and with 4,954 at the same time last year. Trading was very slow as a result of sharply lower bids. Most slaughter lambs brought prices tnat were 50¢ below those in the latter part of the preceding week; some sales were 75¢ lower. Prices of feeder lambs were steady to weak. Numerous shipments of Good and Choice 85- to 100-lb. No. 1 and fall-shorn slaughter lambs sold at $17 •.25 to $18, and some Good and Choice wooled lambs brought $18 per cwt. POULTRY During the week ended Friday, February 10, the major Texas broiJer markets opened weaker than on the preceding Friday tut closed steady, according to the AMS. Trading was moderate in south and east Texas and normal in the Waco-Corsicana area~ Closing prices were unchanged to 1¢ per lb. lower than in the previous week, with the following prices quoted: South Texas, 21¢; east Texas, 20¢ to 21¢, mostly 20¢; Waco, 20¢; and the Corsicana F.O.B. plant, 21.5¢ to 22¢. During the corresponding period in 1955, closing prices were 25¢ in all the areas. Broiler chick placements on Texas farms totaled 1,886,000 during the week ended Februar~according to--:the AMS. These placements reflect increases of 4% from the previous week and 41% from the corresponding period in 1955. Of the total placements, 86% were hatched in Texas and 14% were shipped in from other states. BROILER PRODUCT ION Commercial broiler output in the 22 important broiler-producing states totaled 94~ million birds during 1955, reflecting an increase of 3% from 19SL, reports the Al1Se The average price received for broilers in 1955 was 25.1¢ per lb. live weight, compared with 22.9¢ in 1954. Gross income from broiler sales in the principal producing states in 1955 amounted to $722,170,000, which is 12% more than the year-earlier income. In Texas and Louisiana - the major broiler-producing states in the Eleventh District - co~ial broiler output in 1955 totaled 90,595,000, or 9% more than in 1954. Gross income from the sale of these birds in 1955 totaled t 69,131,000, compared with $56,374,000 a year earlier. J. Z, Rowe Agricultural Economist