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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Wednesday, March Number 375 .H. '' ~~ 1957 .Jo'I\ ~~ ~*" lVT A R cH ~~ ~*" ~~ I s ,r M 0 N T H f• "E G G -;:.. ~~ ~~- G, ,, ~~ ~~ ~~ ~*' ~~ ~~ ~*" .. ~~ ~~ ~~ ~~- AGR I CU1 T UR A1 ~~ ~*' ~~- 1~- 1~- 1~ ~~ ~!- -;~ ~~ ~*" P R I C Fi S The index of -µrices received by U. S. farmers as of February 15, at ?JL% of the 1910-lL averai9:e, was 2% belo•'IT that month earlier but 3% abovP. the same date in 1956, reports the ilgricultural Marketing Service. On the other hand, the parity index (which reflects prices paid for commodities and services, plus interest, taxes, and wage rates) ro~P nea.rly 1% from the mid-Janua.ry levPl to an all-time hirh of 29L • .' s a result of the lower farm product nrices, the parity ratio on February 15 declined to 80 - the same as the post-World «far II lo point first establishecl in 11ovembP.r 19550 a I I\ C 0 M E FARM Cash receipts from farm marketings in the District states (Ari7ona, I.ouisiana, New Mexico, Oklahoma, -and Texas) during 1956 amounted to f~J,18J,161,000, or 2% below the year-earlier level. Receipts from crops ucre L% lower, while those from livestock and livestock products were 1% higher. A 6% decline in cash receipts in Texas more than offset increases in each of t,he other District states, which ranged from 3% in Louisiana to 10% in New Mexico. COTT ON EXPORT SALES PrlOGl AM On February 1) the U. S. Department of Ae-ricul turG announced a cotton export program for Commodity Credit Corporation stocks of ~pland cotton to be shipped after August 15, 1957. Under the program, sales will be made periodically on a comnetitive basiS-as-Under the current export program. The cotton products eX0ort program also will be continued through the 19 57-5° marketing year. - - - -- T 0 MA T 0 0 R D~ R R ~ C 0 M ME N D E D On February 21 the USDA recommended the adoption, subject to grower approval , of a proposed marketing agrePment and order for the handlin? of tomatoes grown in the Lower Rio Grnnde Valley of Texas. Tomato producers in CamPro~ Hidalgo, Starr, and1 Tillacy Counties Will vote in a referendum to determine whethPr they favor the proposed marketing a ~Tee 1nent 2.nd order program. T·hro-third. of the tomato [Towers, by number or volume of 1?roduction, voting in the referendum must favor ic:suance of the order before it con bP ma0e effective. P E ANUT P a I C1 S UP P 0 RT The USDA announced on February 25 that price support on 1957-crop peanuts will be available by means of nonrecourse rJarehouse storage loans to prowe r associations and nonrecourse farm storage loans to producer at a minimum national average level of $221. L10 per ton, which is 82% of the January 15 parity priGe:- Support on I95b="crop peanuts averared $227.0L per ton, or 86% of the parity lev~l on August 1 last year. F.MERGENCY GRAZING AGAIN EXTENDED The USDA recently announced that the program permitting emergency grazing of winter wheat Acreage Reserve land in certain drought-designated counties in 12 states has been extended from Febrliary 28 through April 15. The Eleventh District states affected by the extension are New~exico, Oklahom~ and Texas. L I VE S T 0 CK Cattle marketings at Fort Worth on Monday, March L, totaled an estimated 2,800, compared with l,SOO a week earlier and 2,LOO on the corresponding date in 1956, according to the AMS. As a result of the larger supplies of fed slaughter steers, prices were 25¢ to 50¢ per cwt. lower than a week ago. Trading on stocker and feeder cattle was less active than on the preceding Monday's market, and prices held mostly steady. Most Standard to Low-Good fed slaughter steers brought $16 to $18; most canner and cutter cows sold at $9.50 to $11.75; and Good stocker and feeder yearling steers weighing around 525 to 675 lbs. cleared at $18 to $19. Calf receipts, at an estimated l,OOO, were 600 above the week-earlier level and 46CS-more than at the same time last year. Trading on slaughter calves was rather uneven, and prices ranged from steady to 50¢ lower than a week ago. Good slaughter calves were quoted at $18 to $19.50, and Good and Choice 350- to 500-lb. stocker steer calves brought $19 to $21. Monday's hog supply is placed at 1,200, or 9% greater than a week earlier but 8% below the comparable date last year. Trading was slow in getting under wa;y, and prices were steady to 25¢ lower than in the latter part of the past week. No. 2 and No. 3 Grades of 190- to 250-lb. butchers sold at $17 and $17.25. Sheep and lamb offerings, at an estimated 1.1, LOO, wer e more than double the week-earlier supply and were about a fourth larger than on the corresponding date in 1956. Lambs comprised more than 95% of the total supply. Trading was slow in getting started as a result of lower bids; prices of slaught er lambs were steady to weak as compared ·with those in the latter part of the past week. Good and Choice 85- to 95-lb. No. 1 and fall-shorn slaughter lambs brought $18.50 and ~19. POULTRY The major Texas commercial broiler markets were generally firm during the week ended Fri~March 1, according to the State Department of Agriculture. Closing prICeS - which were-mostly 1¢ per lb. higher than a week earlier - were 20¢-rnsouth Texas, east Texas, and ' T aco and 21¢ to 21.)¢ at the Corsicana F.O.B. plant. During the comparable period last year, closing prices were: South Texas, 22¢; east Texas and Waco, 21¢ to 22¢; and the Corsicana F.O.B. plant, 23¢ to 24¢. On Monday of this week, broiler markets were fully steady in south Texas and steady to firm ir1the other areas. The following prices were quoted : South Texas, 20¢ to 21¢, mostly 20¢; east Texas, 20¢ to 21¢; Waco, 20.5¢; and the Corsicana F.O.B. plant, 21.5¢. BROILER CHICK PLACEllffENTS Percentage change from Comparable Previous week week, 1956 Area Week ended February 23, 1957 Texas •••••• Louisiana •• 2jl88,000 382,000 -3 11 15 23 22 states •• 25,173,000 0 6 J. z. Rowe Agricultural Economist
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