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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Wednesday, 1Vlarch lL, 19 56 lumber 32L F ARM I N C 0 ME Cash receipts from farm marketings in the United States totaled :~,29 .L billion during 1955, reflecting-a: decline of 3% from the previous year, reports the J._gricultural Marketing Service. Loweraverage prices accounted for the decrease, as the volume of marketings was a little larger than in 195L. Receipts from livestock totaled ~'.>16.0 billion, or L% below those in the preceding year, and crop receipts are placed at $13.L billion, or less t han 1% below those a year earlier. In the states of the Eleventh Federal Reserve District (Arizona~ Louisiana , IJew Mexico, Oklahoma, andTexas), cash receipts from farm marketine-s in 1955 tot aled ·"'3,2L5,930,000, compared with $;3,395,772,000 in the previous year, for a decline of L%. Crop receipts are estimated at $1,897,307,000, or 6% lower than in 195L, and livestock receipts are placed at ~~l,3L8,62J,OOO, or 2% below those in the preceding year. C CC P R I CE S UP P 0 RT P R 0 GR AM As of January 31, 1956, the Commodity Credit Corporation's investment in pri ce support cmnmoditiesamounted to H~ ,e91, 2c)O, 000, according to the U. S, Department of Agriculture. Of the total investment, loans outstanding accounted for :,2,971,201,000 and the value of inventories, $5,920,079,000. On the corresponding date last year, the CCC' s investment in price support commodities totaled ~. 7 ,391,825,000, of which loans outstanding amounted to ~J,21L,371,000 and inventories were . L,177,LSL,OOO. MOHAIR The 1955 mohair clip in the mohair-producing states of the Eleventh District (Arizona, New Mexico, and Texas) is estimated at 16, 700,000 lbs,, which is 99 /0 of the national output, reports the AMS. Production in Texas and Arizona - the only states in the Nation which showed increases from a year earlier - was 17% and 8%, respectively, above that in 195L. The clip in New Mexico was about the same as in the preceding year. The 1955 value of mohair sales in the District states amounted to ~~ 13, 779 ,ooo, compared with fplO,JeL,000 in 19~ P R 0 DU CT I 0 N MEAT Red meat production in the Nation's commercial slaughter plants during January isestimafed at 2,L77 million lbs., according to the AMS, This is 2% above the month-earlier output and 13% more than a year ago. In Texas, commercial meat production during January totaled an estimated 111 ,296,000 lbs., reflecting increases of 7% from a month earlier and 13% from January 1955. 1 I VES T 0 CK On Monday, March 12, trading was fairly active on all classes of cattle at Fort Worth, reports the AMS. Receipts totaled an estimated 2,eoo, compared i;1Hh 2, 160 a week ear lier and L, 650 on the corresponding date in 19 55. Prices of most .attle were strong to 50¢ per cwt. higher than in the preceding week. Most Good fed steers brought ~'.il5.50 to ~~17; Commercial and Good heifers, ~p lL.50 to $1 7; Utility cows , ~,,1 1.50 to f l2.50; and Good yearling stocker steers, ~~ 14 to ~·1 7, Monday's calf supplies are estimated at 700, or 100 more than a week earli r but LOO fewer than on the same date last year. In most cases, slaughter calves sold at stronger prices than on the past week's market. Trading on stockers was active, and prices were strong to 50¢ per cvvt. higher. Choice slaughter calves cleared most y at ~~18 to ~~ 18 ,50 9 and Medium and Good stocker steer calves sold at t. lL to $18. Ho g marketings are placed at 1,100, compared with 1,300 on the preceding Monday and 700 a year earlier. Trading was active, and butcher ho gs brought prices which were 75¢ to ~r l per cwt. higher than in the latter part of t he past week. U. S. mixed No. 1 through No. 3 Grades of 190- to 245-lb, slaughter hogs were quoted at $13.75 to $1L.25. Sheep and lamb receipts totaled an estimated L,200 9 a large proportion of which was shorn slaughter lambs. These receipts are 27% more than those a week ago but LO% fewer than at the same time in 1955. Most offerings brought steady prices as compared with the latter part of the past we ek. Good and Choice 85- to 9)-lb. shorn slaughter lambs with No. 2, No. 1, and fall-shorn pelts sold at $17 to C,17,50 per cvvt. POULTRY During the week ended Friday, March 9, the major Texas broiler markets opened steady to firm but showed mixed trends at the close, according to the State Department of Agriculture. Closing prices were unchanged to 2¢ per lb. lower than in the pre ceding week , with the following prices quoted: South Texas, too few to qµote; east Texas, 21¢ to 22¢; Waco, 22¢; and the Corsicana F.O,B. plant, 22 ¢ to 23¢ per lb. During the corresponding week in 1955, closing pr ices were: South Texas, 28¢ to 29¢, mostly 28¢; east Texas, 28¢ to 29¢; Waco, 28¢; and the Corsicana F.O .B. plant, 29¢ per lb, The principal Texas broiler markets were steady on Monday of this week, with t he following prices quoted~ South Texas, 22¢ to 23¢, mostly 22¢;--ea8t Texas, 20¢ to 22.5¢, mostly 21¢ to 22¢; Waco, 21¢ to 22¢; and the Corsicana F.O.B. pl ant, 22¢ to 23¢ per lb, BROILER CHICK PLACEM-SNTS Area Week ended March 3, 1956 Percentage change from Comparable Previous week wee~, 1955 Texas, •••••. Louisiana,. 1,930,000 26L,ooo 1 -15 22 -7 22 states .... 23 2 6LL~ooo 0 16 J. z. Rowe Agricultural Economist