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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