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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK Number 372 OF DALLAS Wednesday, February 13, 1957 SUPPORT P R I CES The U. s. Department of Agriculture has announced the 1957 price supports on many farm commodities. In the table below are summarized the minimum dollar-and~t~ support levels and percentages of parity which have been announced for various commodities produced in the states of the Eleventh Federal Reserve District (Arizona, Louisiana, New Mexico, Oklahoma, and Texas) for 1957, with comparisons for 1956. 1957 Commodity and unit ............ ........ ............ ............... ... .............. ............ Cotton, lb. Cottonseed, ton Oats, bu. Barley, bu. Rye, bu. Grain sorghums, cwt. "Wheat, bu. Rice, cwt. Flaxseed, bu. Manufacturing milk, cwt. Butterfat, lb. 0 ••••••••••••• • •••••••• 0 ......... 70¢, Support price $ .2815 L6.oo .60 .94 1.15 1.83 2.00 4,43 2 .92 3.25 .586 1956 Percent of parity 77 65 70 70 70 70 82.6 80 65 83 80 Support price $ .2934 48.00 .65 1.02 1.27 1.97 2.00 L .57 3,09 3.25 .586 Percent of parity 82.5 70 76 76 76 76 82.5 82.5 70 8L 81 The incentive price for 1957-crop wool is 62¢ per lb. and that for mohair is Both are the same as the year-earlier levels. CONSERVATION RESERVE DEADLINE EXT ENDED On February 8 the USDA announced that the deadline for signing 1957 Soil Bank Conservation Reserve contracts is being extended to April 15 from the original closing date of March 15. The USDA officials explained that the action is being taken because of the current heavy work load in County Agricultural Stabilization and Conservation committee oifICes-:--In addition to Conservation Reserve contracts:;-agreements are--nGw being signed in the ASC offices on spring-planted 11 basic 11 crops for the 1957 Soil Bank Acreage Reserve Program. Under-the Acreage Reserve, farmers have until March 1 to sign agreements placing cotton and tobacco allotment land in the program and until March 8 for agreements covering corn, rice, and spring 1' heat. T EX AS F ARM P R I CE S The index of prices received by Texas farmers and ranchers rose 2% during the month endedJariuaryl5,°l957, reports the Agricultural Marketing Service. The all farm products index,-at 259% of the 1910-14 average, was 5% higher than a year earlier. The increase from the mid-December level resulted from a rise in the livestock and livestock products index as the all crops index wa'S'Urichanged.-Increase"S in prices received for meat animals and wool much more than offset declines in nrices for dairy products, poultry, and eggs. Lower prices for commercial vegetables and fruit offset higher prices for cotton lint, sweet potatoes, feed grains, and hay. 1 I VES T 0 CK Cattle ma rketings at Fort Worth on Monday, February 11, totaled an estimated 3,000, reflecting increases of 11% from a week earlier and 20% from a year a go , according to the AMS o The market for slaughter cattle was fairly broad, and prices were fully steady to strong . Recent rains over sizable areas of Texas stimulated t he Eemand for stocker and feeder cattle;-and prices were also fully steady to st rong . Good 950- to 1,100-lb. slaughter steers sold at $18.50 to $19; canner and cutter cows, $9 to $11.75; and Medium stocker and feeder steers, $1L to $16 per cwt. Monday's calf receipts are estimated at 700, or 100 more than both a week a go and at the same time in 19 56. Trading was active, and prices were fully steady to strong . Slaughter calves were quoted at $17 to $18, and most Good stocker and feeder steer calves sold at $17.50 to $18.50. The hog supply is nlaced at l,OOO, compared with 1,300 on the previous Monday's market and 1,10() a year earlier. Prices for butchers were steady to 25¢ lower than at the past week's close, and those for sows were steady. No. 1 through No. 3 Grades of 190- to 2LO-lb. barrows and gilts cleared at $17.75. A moderate volume of 3,800 sheep and lambs was received at Fort Worth on Monday of this week. The supply was 200 more than a week ago but 1,600 fewer than a year earlier. Sales of shorn slaughter lambs (which made up most of the sheep and lamb offerings) were slow, and prices were steady to weak. Most Good and Choice 80- to 95-lb. wooled slaughter lambs sold at $18 to $18.50. POULTRY The principal Texas commercial broiler markets were steady during the week ended Friday, February 80eports the State Department of Agriculture. Trading was i1'0"Tirial to heavy in east-Texas, above normal in south Texas, and moderate to normal in Waco. Closing p rices were generally unchanged from a week earlier, with the f ollowing prices quoted: South Texas and Waco, 20¢; east Texas, 20¢, with a very few at 20.5¢ and 21¢; and the Corsicana F.O.B. plant, 21¢ to 21.5¢ per lb. During the comparable period in 1956, closing prices were: South Texas, 21¢; east Texas, 20 ¢. to 21¢, mostly 20¢; Waco, 20¢; and the Corsicana F.O.B. plant, 21.5¢ to 22¢. The Texas broiler markets continued steady on Monday of this week, and prices were about in line with the previous week's close. - -- -- Area BROILER CHICK PLACEMTi'NTS Week ended February 2, 1957 Percentage change from Previous Comparable week week, 1956 Texas •••••• Louisiana •• 2,179,000 315,000 -3 L 16 2L 2? states •• 25,652,000 2 13 J. z. Rowe Agricultural Economist
