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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE Number 355 BANK OF DALLAS Wednesday, October 17, 1956 W I N T E R WH E A T A C R E A G E R E S E R V E C 0 N T R A C T S As of October 5 (the deadline for signing wheat agreements), 185,836 agreements had been signed by the Nation's wheat farmers placing 8,771,565 acres under the 1957 winter wheat Acreage Reserve program of the Soil Bank, according to preliminary reports from State Agricultural Stabilization and Conservation offices in the 36 states of the commercial wheat area. A maximum of $150,216,L9L is payable to farmers if they meet the requirements of the program. Texas wheat growers signed 12,116 agreements and placed 919,985 acres under the winter wheat Acreage Reserve program through October 5. The farmers will be eligible for a maximum of $1L,067,075 if they meet the requirements of the program. C 0 NS E R VAT I 0 N EXTENDED R E S E R V E DEADLINE The final date for farmers to enter Conservation Reserve contracts for 19)6 has been extended from October 15 to 1-Jovember 30, reports tde U. S. Department of Agriculture. In order to participate in the program, a farmer must have eligible land which has not been cropped or grazed this year. He must also have reduced production of Soil Bank base crops (corn, cotton, peanuts, rice, tobacco, and wheat) to qualify for an annual payment at the regular rate. March 15 is the deadline for signing 1957 Conservation Reserve contracts. HAY HAULING RATES R E DU C E D A recent release from the White House stated that, effective October 13, the western railroads were putting into effect a )0% reduction in rates for hauilng hay to drought areas. The reduction applies to hay hauled fromall western states to drought-disaster areas in Arizona, Colorado, Kansas, Nevada, New Mexico, Oklahoma, Texas, and Utah. The release states further that, also effective October 13, the railroads will establish rates for outbound movement of livestock from the drought areas to feeding grounds in the western territory which will permit free return transportation to originating points. C0 TT 0 N P R 0 DUCT I 0 N The 19)6 cotton crop in the Nation is estimated, as of October 1, at 13, 268, 000 bales;-or 15 3, OOObales more t han the month-ear lier forecast but 10% below the outturn in 1955, according to the Agricultural Marketin6 Service. Prospective production in the Eleventh Federal Reserve District (Arizona, Louisiana, New Mexico, Oklahoma, and Texas) is placed at 5,L55,000 bales, which is 20,000 bales higher than indicated on September 1 but 10~ below production last year. The Texas cotton crop is estimated at 3,L60,000 bales - unchanr-ed from a month earlier but 1L% below the 1955 output. The October 1 estimates place prospective production higher than a month earlier in Arizona and Louisiana but 5,000 bales lower in both New Mexico and Oklahoma. POULTRY The Texas commercial broiler markets followed a firming trend and closed steady during the week ended Thursday, October 11, according to the State Department of Agriculture. Closing prices - which ranged from 1¢ to 3¢ per lb. higher than in the preceding week - were: South Texas, 17¢, with a few at 16¢; east Texas, 17¢ to 19¢; and Waco, 18¢. During the corresponding period in 1955, closing prices were: South Texas, 24¢ to 25¢, mostly 24¢; east Texas, 22¢ to 24¢, mostly 23¢; and Waco, 23¢ to 24¢, mostly 23¢. The Texas broiler markets were steady on Monday of this week. Trading was about normal in south Texas and the Waco-Corsicana areaand heavy in east Texas. The following prices were quoted: South Texas, 18¢, with a very few at 19¢; east Texas, 17¢ to 18.)¢, mostly 18¢; Waco, 18¢; and the Corsicana F.O.B. plant, 18.5¢ to 19¢. Area BROILER CHICK PLACEMENTS Week ended October 6, 1956 Percentage change from Previous Comparable week week, 1955 Texas •••••• Louisiana •• 1,996,000 252,000 7 -7 26 17 22 states •• 21~193~000 -1 17 L I VE S T 0 CK The supply of mature cattle at Fort Worth on Monday, October 15, totaled an estimated 6, 700, or800 fewer than a week earlier but 300 more than at the same time in 1955, reports the AMS. The stockyards were muddy from overnight showers, and trading was slow - especially on slaughter classes. Prices of slaughter steers were weak to 50¢ per cwt. lower than in the previous week, while those for most cows and most stockers and feeders were steady. Good and Choice slaughter steers brought $17 to $22.)0; Utility cows, $8.)0 to $10.50; and Medium stockers and feeders, $11 to $1L. Monday's calf receipts are placed at 1,200, compared with 2,000 both a week ago and on the--corresponding date last year. A large share of the supply was suitable for stockers and feeders. Slaughter calves and stockers sold at prices which were mostly steady with those in the preceding week. Utility and Standard slaughter calves cleared at $9 to $14, and Good stocker steer calves brought $15 to $18 per cwt. Hog offerings are estimated at 1,300, reflecting increases of 8% from a week earlier-and 63% from a year ago. Trading was fairly active, with slaughter hogs selling at prices which were fully 25¢ per cwt. lower than in the latter part oft he past week. No. 1 through No. 3 Grades of 200- to 27)-lb. ·butchers brought $16 to $16.SO, with most sales at $16.25. Sheep and lamb receipts - at 5,600 head - were 1,000 larger than on the previous Monday'srnarket and 3f times greater than on the comparable date in 1955. Trading was active, and prices were steady to strong. Good and Choice 82- to 95-lb. shorn slaughter lambs sold at $17.50 to $20 per cwt. J. z. Rowe Agricultural 8conomist