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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE
BANK OF
DALLAS
Number 385
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Wednesday, May 15, 1957
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T RADE
WE E K
s I GN u p
C 0 N S E R V A T I 0 N R E S E RV E
On May 7 the U. S. Department of Agriculture reported that, according to
incomplete tabulations, over 6.7 million acres of land had been placed under the
1957 Conservation Reserve Program of the Soil Bank, which closed on April 15. Of
the total, more than 500,000 acres are to be planted to trees. For the 6.7 million
acres of land placed under the program thus far, annual payments amount to $59,823,000
and payments for conservation practices totaled $48,494,000. When final reports
are tabulated, USDA officials estimate there will be a total of about 7 million acres
in the program.
In the states of the Eleventh Federal Reserve District (Arizona, Louisiana,
New Mexico, Oklahoma, an~Texas), 2,774,469 acres were placed under the 1957 Conservation Reserve Program as of May 7, or 41% of the national total. In these states,
annual payments account for $25,128,000 and payments for conservation practices,
$15,526,000.
C 0 T T 0 N
1 9 5 7 - C R 0 P
On May 9 the USDA announced premiums and discounts for eligible qualities
of upland cotton under the 1957 Cotton Price Support Program. The Department also
announced that the Commodity Credit Corporation will make price support loans on
1957-crop upland cotton available to eligible producers in the early harvesting
areas prior to August! this year at the announced minimum price of 28.15¢ ~lb.,
gross weight, basis 7/8" Middling, at average location. If the support price on
August 1 is higher than this rate, the difference will be paid to the producer upon
his application. If application is not made for the difference and if the loan is
not repaid, the difference will be paid upon maturity of the loans. All other provisions for loans prior to August 1 will be the same as for loans made after that
date.
On May 10 the USDA announced that the minimum level of price support for
1957-crop extra-long staple cotton will average 59.70¢ per lb., net weight, or 75%
of the current parity price. If 75% of the parity price for extra-long staple cotton
on August 1 this year (the beginning of the marketing year) is higher than the level
announced on May 10, the level of price support will be increased accordingly. The
support price for 1956-crop extra-long staple cotton averaged 56.62¢ per lb., or 75%
of parity.
L I VE S T 0 C K
Cattle and calf receipts at Fort Worth on Monday, May _!1, were below
expectations as a result of heavy rains and floods over a large part of Texas
during the past week end, reports the Agricultural Marketing Service. Trading
was active, and price changes reflected improvement. Monday's cattle marketings
totaled an estimated 2,900, or 1,000 fewer than a week earlier but 600 more than
a year ago. Prices of slaughter steers and heifers were strong, and those for cows
were steady to 50¢ per cwt. higher than in the preceding week. Demand for stocker
and feeder cattle was good, and price s were unevenly strong to 50¢ higher. Good
slaughter steers and heifers weighing under 650 lbs. sold at $19.50 to $21.50;
canner and cutter cows, $9.50 to $11.50; and most Medium 525- to 625-lb, stocker
yearling steers, $16 to $18.
The calf supply is placed at 600, or a fourth below that on the previous
Monday's market but double the receipts on the corresponding date in 1956. Good
slaughter calves cleared at $19 to $21, and Medium and Good stocker steer calves
brought $16 to $21.
A moderate supply of 700 hogs was received at Fort Worth on Monday, reflecting declines of 30% from a week earlier and 42% from a year ago. Trading was
active as a result of the smaller receipts, together with higher prices for pork
loins in the eastern wholesale meat trade. Prices of butchers were 25¢ to mostly
50¢ higher than in the previous week. Most U. S. No. 2 and No. 3 Grades of 180to 292-lb. slaughter hogs were quoted at $18.25 to $18.75.
Although sheep and lamb offerings were curtailed by the rains, the supply
was slightly above that on the previous Monday's market. Trading was uneven, espe cially on spring lambs. Prices of most slaughter spring lambs were 50¢ to $1 lower
than in the latter part of the past week, with late sales of Good and Choice 75- to
90-lb. slaughter spring lambs quoted at $21.50 to $22.50.
P 0 UL T RY
The major Texas commercial broiler markets followed a firming trend
throughout the week ended Friday, May 10, and closed fully steady, reports the
State Department of Agriculture. CIOsifig prices - which were 2¢ per lb. higher
than a week earlier - were 19¢ to 20¢ in east Texas and 19.5¢ in Waco. During
the corresponding period last year, closing prices were 22¢ in east Texas and 21¢
to 22¢ in Waco. (No prices were reported for south Texas, as ·marketings were too
limited.)
On Monday, May .!1, broiler markets were steady in south Texas and fully
steady in east Texas and the Waco-Corsicana area. Prices were mostly 20¢ per lb.
in south Texas, east Texas, and Waco and 20.5¢ at the Corsicana F.O.B. plant.
Area
BROILER CHICK
PLACEMENTS
Week ended
May 4 2 1957
Percentage change from
Comparable
Previous
week, 1956
week
Texas .••.•.
Louisiana ••
2,039,000
352,000
-3
-1
-6
22 states ..
27 2 916 2 000
1
3
J. Z. Rowe
Agricultural Economist
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