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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE

Number 404

BANK

OF

DALLAS

Wednesday, September 25, 1957

F E E D 0 U T L 0 0 K
Based on early September indications, record supplies of feed grains and
forage crops are in prospect in the Nation for 1957-58, according to the current
issue of The Feed Situation released by the U. S. Department of Agriculture. This
year's combined output of the four feed grains - corn, oats, barley, and grain
sorghums - is expected to total approximately 135 million tons, or 4% larger than
in the past 2 years and about equal to the record output in 1948. While corn production is estimated to be 7% smaller than in the previous year, much larger crops
of the other three grains are expected to be harvested. The 1957 hay crop is a
record, and pastures during the May-September growing season have averaged better
than in any of the past 4 or 5 years.
The total supply of feed grains is now estimated at 184 million tons,
which is 6% above last year's large supply. The prospective carry-over is approximately 5 million tons larger than in 1956 and is more than double the carry-over of
5 years ago,
T E XA S
PRICES
AGR I CUL T URAL
The index of prices received by Texas farmers and ranchers on August Q
is placed at 271% of the 1910-14 average - unchanged from a month ago but 8% higher
than on th~ corresponding date last year. The livestock and livestock products
index accounted for all of the gain from the month-earlier level as the crops index was unchanged.
INCOME
FARM
Cash receipts from farm marketings in the states of the Eleventh Federal
Reserve District (Arizona, Louisiana, New Mexico, Oklahoma, and Texas) during JanuaryJuly totaled $1,405,442,000, reflecting a 1% decline from the corresponding period
in 1956. A 7% decrease in receipts from crops more than offset a 5% gain in those
from livestock and livestock products.
LIVESTOCK
Cattle and calf receipts at Fort Worth on Monday, September 11, were the
smallest for any Monday since April and were far below marketings on the corresponding date in 1956, according to the Agricultural Marketing Service. The cattle run
totaled an estimated 2,300, compared with 3,200 a week ago and 5,700 a year earlier.
Trading on slaughter steers and heifers was slow, and prices were about in line with
the previous week's close. The demand for stocker and feeder cattle was good, and
trading was active. Prices were fully steady to strong. Good 800- to 1,150-lb.
slaughter steers sold at $20 to $22; Canner and cutter cows, $10 to $12.50; and
Good 550- to 700-lb. stocker and feeder steers, $19 to $21.
Monday's calf offerings are placed at only 400, or about half the weekearlier total and only 27% of the receipts on the comparable date last year. Trading was active on all classes of calves. Prices of slaughter calves were mostly 50¢
per cwt. higher than in the past week. Most Good slaughter calves brought $18.50
to $20, and the bulk of the Good stocker and feeder steer calves were quoted at $20
to $23.
Hog receipts totaled an estimated 700, reflecting declines of 12% from a
week ago and 46% from a year earlier. Prices of most butchers were 15¢ per cwt.

higher than in the latter part of the past week, and those for sows were steady to
50¢ higher. U. S. mixed No. 1 through No. 3 Grades of 200- to 245-lb. barrows and
gilts brought mainly $19.25 and $19.50.
Sheep and lam~ marketings were very limited as a result of rains during
the past week end. The supply totaled only about 500, compared with 1,300 on the
previous Monday's market and 4,300 a year ago. Prices of slaughter lambs were
poorly tested, while those for slaughter ewes and feeder lambs held steady. The
small supply of Utility and Good 70- to 90-lb. slaughter lambs brought $19 to $21.

P 0 UL T R Y

During the week ended Friday, September .£!., the major Texas commercial
broiler markets opened steady, firmed slightly at midtrading, but declined again
at the close, reports the State Department of Agriculture. Closing prices were
generally unchanged from a week earlier, with the following prices quoted: South
Texas and the Corsicana F.O.B. plant, 18¢; east Texas, 17¢ to 18¢, mostly 17¢; and
Waco, 17¢. During the corresponding period last year, closing prices were 18¢ in
south Texas and Waco and were 17¢ to 18¢, mostly 18¢, in east Texas.
On Monday, September 23, broiler markets were quiet in south Texas and
were about steady in east Texas-;nd the Waco-Corsicana area. Prices were mostly
17¢ per lb. in east Texas and Waco and 18¢ at the Corsicana F.O.B. plant. There
were too few sales in south Texas to establish a price.

Area
BROILER CHICK
PLACEMENTS

Week ended
SeEtember 14, 1957

Percentage change from
Comparable
Previous
week, 1956
week

Texas •••.•.
Louisiana ..

1,835,000
379,000

-2
-9

0
51

22 states .•

24,873 000

-1

13

P 0 UL T R Y S T 0 CK S
F R 0 Z E N
Frozen poultry supplies on August l!_, at an estimated 199.5 million lbs.,
were 8% above the month-earlier level and wer.e 21% greater than on the corresponding date in 1956, reports the AMS. Turkey holdings, which accounted for about onehalf of the total stocks of frozen poultry, were 89% higher than a year ago and were
more than double the 1952-56 average for the end of August.

WH E A T

E XP 0 RT S

D 0 WN

Preliminary estimates place Q. ~· exports of wheat and wheat flour during
the first l months of the 1957-58 marketing season at 65.4 million bushels, according to the AMS. The-exports are about 24% below those for the July-August period
of 1956.
J. Z. Rowe
Agricultural Economist