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Wednesday, March 28, 1956

Number 326

Milk production in the United States this year is expected to reach a
record level of between 126 and 127 billion lbs., reports the Agricultural Marketing Service. This compares with the 1955 output of 123.5 billion lbs,
Prices to the Nation's farmers for milk and butterfat changed little during the past year-and are not expected to-Change-much during the next 12 months,
barring widespread drought-,~Cash receiPts from dairy products increased slightly
from 1954 to 1955 and probably will show a further increase this year.
U. S. consumption of fluid milk in 1955 was higher than in the preceding
y~ar , reflecting continued high consumer incomes, larger quantities of milk distributed in schools, and increased merchandising efforts by the dairy industry, The rise
in total fluid milk consumption exceeded the increase in farm milk production, leaying less for factory production.
The volume of dairy products purchased by the Commodity Credit Corporation
during the past 12 months was equivalent to 5 billion lbs. of milk, compared with
the year-earlier total of 5 3/4 billion lbs . Little change in purchases is indicated
for the coming 12 months, since c onsumption is expected to increase almost as much
as production. Price support levels for the April 1956-March 1957 marketing year
will be the same as in the preceding marketing year,
The upturn in farm land values in the Nation which began in the first half
of 1954 continued in the~on.thS ended lTovember 1, 1955; however, the increase was
a little less than-rn the-March-July period, according to a recent report of the
Jgricultural Research Service. The revised national index of farm real-estate values
on November 1, 1955, is placed at 137% of the 1947-L9 average, reflecting increases
of 1% from July 1955 and 5% from November 1954.
Farm land values in each of the states of the :Sleventh Federal Reserve
District as of November 1, 1955, were 2% to 4% higher than at the same time in--r954.
Between July 1 and November 1 last year-; farrr1land values declined 1% in both New
Mexico and Texas, although they increased 1% in Arizona and 2% in both Louisiana
and Oklahoma ,

1 I VE S T 0 CK
Cattle receipts at the Fort Worth market during the week ended Thursday,
March 22, totaled. an estimated 7 ,450, reports the AMS. These r0c eipts compare with
6,750 for the previous week and 7,000 during the corresnonding period in 19S5.
Trading on slaughtor cattle was only modera ·\ ely uneven. Prices of slaughter steers
and heifers were steady to weak, and those for slau - hter cows were steady to 2)¢
per cwt. lower than in the preceding week. The following prices were quoted for
slaughter cattle: Good fed steers, :\16 to :1~17.50; Commercial and Good heifers,
~ lL to $17; and Utility cows, $11.50 to ~12.50. Prices of stocker and feeder
cattle were strong, with Choice thin yearling stocker steers brintying $!'18 to $18 .50
and Good fleshy yearling feeder steers quoted at :·16 , 50 to ~17,25. Good stocker
heifers sold at ~;;i4,50 to ,::.15.50.
Calf supplies are placed at 1,600, or LOO more than a week earlier but
600 fewer than in the comparable period last year, Trading on slaughter calves

showed little change throughout the week, with Choice Grades selling at , 18 to ; 19.
Demand continued ; ood for stocker calves, and prices were firm. Medium and Good
stocker and feeder steer calves cleared at ~ lL to $18, and Good heifer calves brouu t
: 15 to ~, 16.So.
Hog offerings for the week are estimated at 3,100, which is 6%below
the preceding week but is 51% above the corresponding period in 1955. Trading was
active, and prices of butchers on last Thursday's market 1r1ere 50¢ to 75¢ per cwt.
hi ~ her than on the previous Thursday.
Most U. S. No. 1 through Noo 3 Grades of
mixed slaughter hogs brought f:lL. 50 to ~plL. 75.
As a result of the approaching Easter demand for spring lambs, supplies
of sheep and lambs increased sharply during the past week. Receipts totaled an
estimated Jl,800, compared with 15,200 in the preceding week and 2L,900 during the
corresponc.inrr neriod last year. Compared with the latter part of the previous •reek,
prices of most Good and Choice spring lambs were ~51 to ~l.50 lower, while those for
Choice and Prime Grades were 50¢ higher. Most Good and Choice 70- to 90-lb. spring
lambs brought ~·18 to $20.
The principal Texas broiler markets were steady during the week ended
Friday, March 23, according to the State Department of Agriculture. Closing prices
were unchanged to 1¢ per lb. higher than in the previous week, with the folloning
prices quoted: South Texas, 23¢; east Texas, 22¢ to 23¢r Waco, 22.5¢; and the
Corsicana F.O.B. plant, 23¢ to 2L¢. During the corresponding period in 1955, closing prices were: South Texas, 31¢; east Texas and Waco, 32¢; and the Corsicana
F.o.B. plant, 33¢ per lb.
On Monday of this week, broiler markets were steady in south Texas and
steady to weak in east Texas and the Waco-Corsicana area. The following prices
were quoted: South Texas, 23¢, a few loads at 22¢; east Texas, 22¢ to 23¢,
mostly 22¢; Waco, 22¢; and the Corsicana F.O.B. plant, 23¢ to 2L¢ per lb.


Percentage change from
week, 1955


Week ended
March 17, 1956

Texas. o ••••
Louisiana ••




22 states ••





During the week of February 19, farm employment in the United States
totaled an estimated 5, 772-;GOO workers-,-re".fl;Cting a seasonalincrease of L% from
the month-earlier level, according to the AMS. The number of family workers wa8
placed at ~,770,000, and the number of hired workers was estimated at 1,002,000.
Compared with the corresponding period in 19)(, there were 30L,OOO fewer family
workers and 23,000 fewer hired workers on farms in the Nation.

J. z. Rowe
Agricultural Economist