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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 339 Wednesday, June 27, 1956 COTTON PRICE S UPPORT LOANS EXTENDED On June 19 the U. S. Department of Agriculture announced that Commodit y Credit Corporation loans on 1955-crop upland and extra-long staple cotton which have a maturity dateof July 31, 1956,-will becarried in past=dlie status throu.gh December 31, 19~The actionwill give borrowers an additional S months in which to redeem--:S-heir cotton by paying off the loans. Through June 8, 1956, a total of 7,256,510 bales of 1955-crop cotton had been pledged for loans in the Nation. As of the same date, 1,116,528 bales had been redeemed, leaving loans outstanding on 6,139,982 bales. The 1955-crop loan cotton not redeemed by December 31, 1956, will be taken over at that time by the CCC. Prior to the close of business on that date, producers may either sell their "equity" in the loan cotton or redeem the cotton from the loan and then sell it in the open market. s PAYMENT RAT ES F 0 R 1 9 5 w0 0 1 The USDA announced on June 21 that shorn wool payments under the 1955 wool incentive payment program will amount to l.1L .9% of the dollar returns each producer received from the sale of shorn wool during the 1955 marketing year. The payment rate on pulled wool from lambs will be 77¢ per cwt. of live animals sold for slaughter. No payments will be made on mohair sold during the 1955 marketing year since the average price of 82.2¢ per lb:-received by producers was above the mohair support price of 70¢ per lb. 1 9 5 6 S P 1~ I N G P I G C R 0 P to the Agricultural Marketing Service, the Nation's spring pig crop in 1956 is estimated at 53,085,000, or 8% below that a year earlier. The number-of sows farrowing this spring totaled~,650,000, which was also 8% fewer than in the spring of 1955. The number of pigs saved per litter was 6.9L - an alltime high for spring farrowing and compares-with 6.90 a year ago. Reports on breeding intentions indicate that 5,163,000 sows may be farrowed in the fall of 1956, or 7% fewer than a year earlier. If these intentions are realized and if the number of pigs saved per litter is equal to or above the 10-year (19L5-5L) average, the 1956 fall pig crop will be approximately 35 million. A combined 1956 spring and fall pig crop of about 88 million would be 8% below a year ago but only slightly below the 10-year average. Accordin~ 1 I V~ S T 0 CK Cattle marketings at Fort Worth on Monday, June 25, reached a record level for theclirrent season, reports the AMS. The supplyi s estimated at 7 ,JOO, compared with 7,000 a week earlier and 5,650 on the corresponding date in 1955. Trading was slow on all classes, and p rices of most cattle were about steady with those in the latter part of the past week. Good and Choice slaughter steers brour,ht ~:18 to \, 21; Utility and Standard slau~hter heifers, ~·1i.50 to *;16.)0; and Good stocker and feeder steers, $1L.50 to ~pl6.)0. Monday's calf receipts totaled an estimated 1,300, or 13% below a week aro but 18% more than at the same time last year. Tradinz was slow on all classes and ~TD des, a..nd prices were weak. Good slaughter calves sold at $1L to f~l 7, and Good stocker steer calves were quoted at ~pl) to $18 per cwt. Hor. supnlies are placed at 1, JOO, or 150 fewer than on the previous Ifonda) ' s market but 500 more than a year ago. After a slow start, trading was fairly active. Prices for butcher hogs were 25¢ to 50¢ per cwt. higher than in the latt er part of the past 1rreek, and those for sows were steady to strongo No. 1 through No. 3 Grades of mixed slau0'hter hogs with averag-e weights of 200 to 250 lbs. sold at ~16. 25 and ~16.SO. Shee-·) and lamb offerings totaled an estimated 8, 000, compared with 9, L00 a week earlier and 11.9100 at the same time in 1955. Trading was slow, as a result of sharply lower bids. · Prices of most slaughter lambs and yearlings were fully <ll'l per cwt. below those a week earlier, and some sales were f?2 lower Prices of slaughter ewes were steady to weak, and those for stockers and feeders ·'-rere mostly steady. Good and Choice slaughter lambs brought 4's l6 to $18 per cwt. 1 o POULTRY Texas commercial broiler markets were steady during most of the week ended Friday, June 22, out were unsettled at the close, according to the State Department of Azriculture. Closing prices - which were unchanged to 1¢ per lb. lower than in the preceding week - were~ South Texas, 21¢; east Texas, 20¢ to 21¢; Waco and Corsicana, at the farm, 20,)¢ to 21¢; and the Corsicana F.O.B. plant, 21. 5¢ to 22¢ per lb. During the corresponding period in 19 55, the following closing prices were quoted: East Texas and Waco , 27¢, and south Texas and the Corsicana F.O.B. plant, 28¢. On Monday, June 25, broiler markets were about steady in south Texas and the 1·faco-Corsicana areaandunchanged pricewise in east Texas. Prices were~ South Texas, 20¢ to 21¢, mostly 21¢; east Texas, 20¢ to 21¢; ~aco, 20.5¢; Corsicana, at the farm, 20¢; and the Corsicana F.O.B. plant , 21¢ per lb. HAT C HE R Y P R 0 DU CT I 0 N Commercial hatcheriPs in the United States produced 253, 77L1,000 chicks during Far l:956, or 13% more than in the same month a year a go and 10% greater than the average for May, reports the AMS. Production of broiler chicks accounte d for 55% of the total output and was 21% higher than in the corresponding month a year earlier. Heavy-breed poult production during May was 1L% larger than a year ago, while light-breed output was 5% smaller. J. z. Rowe Agricultural Economist
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