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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE

BANK

OF

Number 3L2
NATIONAL

DALLAS

Wednesday, July 18, 1956
FARM

SAFETY

WEEK

Ju 1 y

2 2 - 2 8

WORKING TOGETHER FOR SAFETY S aves lives, time, and money;

A voids injury and suffering;

F rees people from grief and worry;
E ncourages mutual consideration and care;
T ackles accident prevention vigorously;
Y ields happy, useful years.
1 9 5 7

A GR I CU1 T UR A1
C 0 NS E R VAT I 0 N P R 0 GRAM
The 1957 Agricultural Conservation Program for sharing with farmers and
ranchers the cost of carrying out certain approved public-interest conservation
practices was announced recently, reports the U. S. Department of Agriculture. According to the report, the ACP is a continuing long-range program of conservation
cost-sharing and is not the same-as the conservation programs enacted into legislation this year. The Soil Bank Program and the ACP are complementary programs.
The 195fCQngressional authorization for ACP funds is $250 million, or about the
same as for the 1956 program.
-AID
FOR
COTTON PRODUCTS
EXPORTS
On July 12 the USDA announced that assistance in the export of U. s.
cotton products to be shipped on and after August 1, 1956, will be made-available
through cash equalization payments from the-cc;mmodity-credit Corporation. The
payments are designed to protect the competitive position of the domestic cotton
industry in world markets, since current export sales prices are lower than domestic prices. The equalization payments will be based on the raw cotton content in
the products exported.
CCC
TO
PURCHASE
COTTON
CERTIFICATES
On July 12 the USDA announced that the CCC will purchase at maturity on
August 1, 1956, all outstanding 1955 Cotton Program C.ertificates of Interest issued
to cotton lending agencies by the New Orleans CSS Commodity Office-and the Federal
Reserve banks and branches at Atlanta, Dallas, Memphis, Los Angeles, and Oklahoma
City. The action will not affect the status of loans to producers on 19.55-crop upland and extra-long staple cotton; growers will have until December 31, 19.56, to
redeem their loans.

1 I VES T 0 CK
Cattle marketings at Fort Worth on Monday, July 16, were the largest for
any Monday since the fall of 1953-;-reports the Agricultura~Marketing Service. Receipts totaled an estimatecr-9,200, compared with 8,700 a week earlier and 4,150 on
the corresponding date in 1955. Stockers and feeders comprised about 60% of the
receipts, and slaughter cows accounted for 25%. Trading was active from the start,
and prices were generally steady. The following prices were quoted: Good and
Choice slaughter steers, mostly $18 to ~21.5J; Standard and Good heifers, $1L.50 to
$18.)0; beef cows, mainly $9 •.50 to $11.50; and Medium and Good stocker and feeder
steers, $13 to ~pl6. SO per cwt.

Monday's calf supply is estimated at 1,500, or the same as a week earlier
but more than double the receipts at the same time last year. Trading was moderately active, and prices were mostly steady. Choice slaughter calves sold mainly
at $17 to $17.50, and Medium and Good stocker steer calves brought $13 to $17.50
per cwt.
Hog receipts totaled an estimated 1,100, or 200 fewer than on the preceding Monday's-market but 50 more than on the comparable date in 1955. Trading was
slow, and butchers sold at prices which were 25¢ to 50¢ per cwt. lower than in the
latter part of the previous week. No. 1 through No. 3 Grades of mixed 200- to 265lb. slaughter hogs sold mainly at $15.50.
Sheep and lamb marketings are placed at L,200, which is 32% below a week
earlier but 25% iTiO're than at the same time last year. Trading was fairly active.
Prices of slaughter classes of spring lambs and yearlings were fully $1 higher than
in the latter part of the preceding week, and those for stocker and feeder spring
lambs were steady to 50¢ higher. Good and Choice slaughter spring lambs cleared at
$18 .50 to ~~20 per cwt.
POULTRY
Texas commercial broiler markets held steady during the week ended Friday, July 13, according to the State Department of Agriculture. Closing prices which were-Unchanged to 1¢ per lb. higher than in the previous week - were 21¢ in
all the areas. During the corresponding period in 1955, the following closing
prices were quoted~ South Texas, 26¢; east Texas, 25¢ to 26¢; and Waco, 25¢.
On Monday of this ~eek, the principal Texas broiler markets were steady.
Prices were: South Texas, east Texas, and Waco, 21¢; Corsicana, at the farm,
21.5¢; and the Corsicana F.O.B. plant, 22.5¢ per lb.

FARM
REAL-ESTATE
VALUES
The average value of farm land in the United States as of March 1, 1956,
was L% higher than on the corresponding date a year ago, according to-a-recent report of the Agricultural Research Service. The index of average value per acre is
placed at 138% of the 19L7-L9 average, which is a record level and is L% above the
post-Korean War high in 1952. Compared with March 1, 1955, average farm land values
in the District states were up 6% in Louisiana, 5% in Arizona, and 1% each in New
Mexico, Oklahoma, and Texas. During the L-month period ended March 1 this year,
land values in both the Nation and the District states increased only slightly.
The consensus of farm real-estate reporters in a March survey was that
values of farm land in the Nation as a whole may decline slightly during the next
6 monthS. - - - - - --- - -

J. z. Rowe
Agricultural Economist