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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF Number 341 DALLAS Wednesday, July 11, 1956 C 0 T T 0 N ACR E AGE U. S. cotton acreage in cultivation on July 1, 1956, totaled 16,962,000 acres, reflecting a 3% decline from a year earlier. Smaller acreages are reported for all states except Arizona and California; reductions in acreages from a year earlier in eastern and Mississippi River states range from 5% to 7%. The follo~ing table shows the cotton acreage in cultivation on July 1 for the five states in the Eleventh Federal Reserve District and comparisons with 1955 and the 10-year average. COTTON ACREAGE IN CULTIVATION, JULY 1 Five Southwestern States (In thousands of acres) 1956 1955 Average 191.6-54 Arizona•o•••••••••••• 378 368 385 Louisiana••••••••••o• 595 626 839 New Mexico ••••••••••• 187 189 226 Oklahoma •••••• ~··•••• 800 818 1,171 Texas •••••••••••••••• 7,175 7,270 8,969 Five states ••• o•••• 9,135 9,271 11,590 Area SOURCE: U.S. Department of Agriculture. 1 9 57 WH E A T P RI CE S UP P 0 RT On July 2 the Secretary of Agriculture announced that the national average support price for 1957-crop wheat will be $2 per bu., if marketing quotas are approved in the July 20 referendum. If quotas are not approved, the available support level under le gislative provisions will be at 50% of parity, or a bout ~.1.21 per bu. on the basis of current parity estimates. The national average price support rate for the 1956 wheat crop is also $2 per bu. On July 6 the Acting Secretary of Agriculture announced that the "unit" rate for determining payments under the wheat Acreage Reserve Program of the Soil Bank in 1957 will be 60% of the national average price support level. The 60% unit rate will be $1.20 per bu. as an approximate national average, with the usual differentials for local areas. POULTRY Trading was active in the principal Texas broiler markets during the week ended Friday, July 6, and closing prices were unchanged from a week earlier in all the areas, reports the State Department of Agri culture. The following closing prices were quoted: South Texas, 21¢; east Texas, 20¢ to 21¢; Waco and Corsicana, at the farm, 20.5¢; and the Corsicana F.O.B. plant, 21.5¢ per lb. During the corresponding week in 1955, closing prices were: South Texas and the Corsicana F.O.B. plant, 26¢; east Texas, 25¢ to 26¢; and Waco, 25¢. On Monday, July 2, broiler markets were steady in south Texas and the Waco-Corsicana area and fully steady in east Texas. Prices were: South Texas, 21¢; east Texas, 20.5¢ to 21¢; Waco-Corsicana, 20.5¢, and the Corsicana F.O.B. plant, 21.5¢ per lb. Percentage change from Previous Comparable week week, 1955 Area Week ended June JO, 1956 Texas •••••• Louisiana •• 2,202,000 371,000 -11 22 35 22 states •• 27 212,000 0 20 BROILER CHICK PLACEMENTS 0 1 I VES T 0 CK Cattle receipts at Fort Worth on Monday, July 9, totaled 8,500, according to the Agricultural Marketing Service. Monday's-r8°ceipts were 1,650 larger than a week earlier but 300 smaller than on the comparable date in 1955. Trading was moderately active on most classes. Good slaughter steers brought rpl8 to ~jil9 .50; most Good stocker and feeder steers, mainly yearlings, $15 to ~~16.50 per cwt. Monday's calf supply is estimated at l,LOO, or the same as a week earlier but 500 fewer than on the corresponding date last year. Good and Choice slaughter calves brought t l4 to $17, and prices of Good stocker steer calves were mainly $14 .SO to $17. Hog marke~ings totaled l,LOO, or about 200 fewer than on last Monday but 150 more than on the comparable date in 1955. No. 1 through No. 3 Grades of mixed 200- to 250-lb. slaughter hogs brought ~;16. 25 to ~~16 .SO. Sheep receipts are estimated at around 6,000, compared with 5,050 a week earlier and 7,950 on the corresponding date last year. Good and Choice slaughte r spring lambs were $i20 to ~ 22; Cull and Utility shorn slaughter ewes brought ~L to ~ L.50, with most of t he sales at the latter fi gure. J. z. Rowe Agricultural Economist