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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE Number 391 BANK OF DALLAS Wednesday, June 26, 1957 WHEAT MARKETING QUOTAS APPROVED Preliminary returns from the wheat referendum held June 20 in the 36-state commercial wheat-producing area show that 83.3% of the farmers voting favor marketing quotas on the 1958 wheat crop. Quotas were approved for the 1957 crop by 87.4% of the growers voting. The referendum marks the seventh time the Nation's farmers have voted favorably on marketing quotas for wheat. PROGRAM W0 0 L PAYMENT R A T E S 1 9 5 6 F 0 R On June 21 the U. s. Department of Agriculture announced that shorn wool payments under the 1956 wool incentive program will amount to 40% of the dollar returns each producer received {or $40 for every $100 received) from the sale of shorn wool during the 1956 marketing year. The payment rate on sales of unshorn lambs to compensate for wool on them will be 71¢ per cwt. of live animals sold. This payment is designed to discourage unusual shearing of lambs before marketing. County Agricultural Stabilization and Conservation (ASC) offices will begin making payments soon after July 1. No payments will be made on mohair sold during the 1956 marketing year, since the average price of mohair, at 84.4¢ per lb., was higher than the support price of 70¢ per lb. MORE PIGS IN PROSPECT The Nation's 1957 spring and fall .Eig crops combined are forecast at approximately 90 million head, according to the Agricultural Marketing Service. If the forecast-;aterialize;:-this year's hog production will be 1% above both the 1956 level and the 1946-55 average. The spring pig crop, at an estimated 53.2 million, was only slightly below that a year earlier. The number of pigs saved averaged 7.12 per litter - an all-time high for spring farrowings. Reports indicate that 5.3 million sows will be farrowed this fall, or a 2% increase over the 1956 fall farrowings. L I VE S T 0 C K The cattle supply at Fort Worth on Monday, June 24, totaled an estimated 5,500, reflecting declines of 8% from a week earlier and 27% from the corresponding date in 1956, reports the AMS. Trading on slaughter steers and yearlings generally was slow, and prices were about steady with those in the previous week. Prices for slaughter cows were mostly firm. Demand for stocker and feeder cattle was good, and trading was fairly active, with most sales steady to strong. Good 800- to 1,100-lb. slaughter steers brought $21 to $22.50; Standard and Good heifers and mixed grades of yearlings, $17 to $21.50; Utility cows, $13.50 to $14.50; and Good 500- to 700lb. stocker and feeder steers, $20 to $21.50 per cwt. Monday's calf receipts, at an estimated 1,600, were 500 more than a week ago and 400 above the year-earlier level. Closing prices of slaughter calves were weak, with some sales 25~ per cwt. lower than in the precedin3 week. Most Good slaughter calves were quoted at $20 to $21.50, and Medium and Good stocker steer calves brought $17 to $22. Hog offerings are placed at 800, compared with 1,000 on the previous Monday's market and 1,100 on the comparable date last year. Barrows and gilts sold at prices which were 25¢ to 50¢ per cwt. higher than in the latter part of the past week. Most No. 1 through No. 3 Grades of mixed 200- to 280-lb. slaughter hogs brought $20.25 and $20.50. Monday's sheep and lamb marketings, at an estimated 6,200, were 21% below a week earlier and 18% fewer than a year ago. After a late start, trading was fairly active, and prices of all classes were about steady with those in the latter part of the past week. Good and a few Choice 70- to 85-lb. slaughter spring lambs brought $19.50 to mostly $20. P 0 UL T RY The major Texas commercial broiler markets were steady throughout the week ended Friday, June 21, reports the State Department of Agriculture. As compared with a week earlier, closing prices were unchanged in south Texas, east Texas, and Waco and were unchanged to ~¢ per lb. higher at the Corsicana F.O.B. plant. Closing prices were: South Texas, 22¢; east Texas and Waco, 21¢; and the Corsicana F.O.B. plant, 21.5¢ to 22¢. During the comparable period in 1956, the following closing prices were quoted: South Texas, 21¢; east Texas, 20¢ to 21¢; Waco, 20.5¢ to 21¢; and the Corsicana F.O.B. plant, 21.5¢ to 22¢. On Monday, June 24, broiler markets were unsettled in south Texas, fully steady in east Texas, and steady in Waco. Prices were 21¢ to 22¢ per lb. in south Texas and mostly 21¢ in east Texas and Waco. BROILER CHICK PLACEMENTS Percentage change from Previous Comparable week week 2 1956 Area Week ended June 15~ 1957 Texas ....•• Louisiana •• 2,338,000 379,000 5 -15 0 -7 22 states •. 28~824~000 1 2 HAT CHE R Y P R0 DUCT I 0 N The number of chicks produced Ex commercial hatcheries in the Nation during May totaled 236,325,000, or p% below the year-earlier level but 2% more than the 1951-55 average for the month. The number of chicks hatched for broiler production was about the same as in May 1956, while the number hatched for laying flock replacements was down 14%. In Texas, commercial hatchery output during May is placed at 10,188,000 chicks, reflecting declines of 11% from a month earlier and 10% from a year ago. Production of egg-type chicks was less than one-half the April outturn, while the output of broiler-type chicks was 5% greater. During the first 5 months of 1957, production of egg-type chicks in the State was down 25% from the corresponding period last year, while broiler chick output was 6% higher. J. Z. Rowe Agricultural Economist