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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK Number 371 OF DALLAS Wednesday, February 6, 1957 1 9 56 ACR EAGE RESERVE P A Y ME NT S Through December 31, 1956, payments to the Nation's farmers participating in the 1956 Acreage Reserve-Prograffi of the Soil Bank totaled $2L2,S2L,097, reports the U. S. Department of Agriculture. Payments to farmers in the states of the Eleventh Federal Reserve District (Arizona, Louisiana, New Mexico-;-oklahoma-;8:nd Texas) amounted to $30,224,336, or 12% of the national total. E ME R G E N C Y G R A Z I N G PROGRAM EXTENDED The USDA recently extended the program permitting emergency grazing of Soil Bank Acreage Reserve land in certain drought-designated counties from January 31 to February 2~, 195r:--state Drought Committees are being asked to survey their respective areas and to make appropriate recommendations. The recommendations by State Governors to the Secretary of Agriculture may be for (1) termination of the program before February 28, (2) termination on that date, or (J) extension of the program beyond that date. Farmers affected most by the emergency grazing program are those with Acreage Reserve agreements for 1957-crop winternheat and those who have planted a cover crop on the acres designated in the agreements. In the Eleventh District, 3Ll counties in Ne~ ~exico, Oklahoma, and Texas are affected by the program. AGR I CU1 T URA1 P R I CE S The index of prices received by U. s. farmers as of January 15, 1957, is placed at 238%---ofthe-1910-1~ average, or :L of 1% higher than a month-earlier and 5% above the corresponding date a year ago, reports the Agricultural Marketing Service. Substantial increases in prices for meat animals, plus smaller increases for fruit and grain crops, more than offset lower prices for commercial vegetables, eggs, dairy products, and cotton. The mid-January parity index (which reflects prices paid for comrnodi ties and services, plus interest, taxe'S";--a:Iid wage rates) reached an all-time high of 292, or an increase of 2/3 of 1% from the previous month. About half of the advance from the December 15 level resulted from higher commodity prices; the remainder was from the continued rise in taxes on farm real estate, interest on farm mortgage indebtedness, and farm wage rates. Although the parity index increased somewhat more than farm product prices, the parity ratio remained at 82. The ratio compares nith 80 in January 1956. GRAI N S T 0 C KS Total ~· ~· wheat ~tocks on January l, at l,~87 million bu., were the second largest for tha~ date since comparable records were started in 1935. The total is 5% smaller than the record holdings on January 1, 1956, but 5L% larger then the 19L6-55 average. Stocks of other grains at the beginning of this year are placed at S,08S million bu., or 2% a;Jove the year-earlier level. In Texas, totalWieat stocks on January 1 are estimated at 107.L million bu., which is 6% below a year ago. Stocks of other grains totaled 160.2 million bu., or 10% smaller than holdings at the beginning of 1956. 1 I VE S T 0 CK · Cattle and calf receipts were normal at Fort Worth on Monday, February L, reports the AMS. The cattle supply, at an estimated 2,900, was more than triple the unusually small volume-Or-a-week earlier and 35% above receipts on the corresponding date in 1956. Trading on slaughter steers and heifers was slow, and prices were rather uneven. Prices for cows were little changed from those in the preceding week; prices for stocker and feeder cattle were mostly steady. Most Good fed steers brought $17 to $18.75; Standard slaughter steers, $15 to $16.75; and most Utility and Commercial cows, $11.75 to $13.50 per cwt. Monday's calf receipts are placed at 700, compared with only 100 a week a go and 350 at the Sarn8 time last year. Prices were generally steady with those in the preceding week. Good slaughter calves sold at $17 to $18, and Medium stocker and feeder steer calves brought $1L to $17, Hog offerings totaled an estimated l,OOO, compared with LOO on both the preceding Monday's market and the comparable date in 1956. Prices of butcher hogs were 25¢ to mostly 50¢ lower than in the latter part of the past week, while those for sows were mostly steady. Most No. 1 through No, 3 Grades of 200- to 265-lb. barrows and gilts cleared at $19. Sheep and lamb marketings, at an estimated 3,500, were 350 above a week ago and more than double the year-earlier supply. Trading on slaughter lambs was slow, and prices were unevenly weak to mostly 50¢ below the previous week's close. Other classes, including stocker and feeder lambs, held about steady. Good and Choice wooled slaughter lambs were quoted at $17.50 to $18.50. POULTRY According to the Texas Department of Agriculture, commercial broiler markets in the State were steady to firm during the week ended Friday, February-1.---Xs compared with the previous week, CIOSing prices were--l~per lb, higher in south Texas and mostly 2¢ higher in east Texas and Waco. Closing prices were 20¢ in south Texas and Waco and 19¢ to 20¢, mostly 20¢, in east Texas. During the corresponding period in 1956, closing prices were: South Texas, 21¢ to 22¢; east Texas, 20¢ to 21¢; and Waco, 20.5¢ to 21¢, mostly 21¢. Texas commercial broiler markets were steady on Monday, February L. Trading was heavy in south and east Texas and about normal in Waco~. Prices were mostly 20¢ per lb, in all the areas. BROILER CHICK PLAC EMF.NT S Percentage increase from Previous Comparable week week, 1956 Area Week ended January 26, 1957 Texas •••••• Louisiana •• 2,25L,OOO 303,000 L 22 states •• 25,250,000 5 7 J. z. Rowe Agricultural Economist 24 7 15
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