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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE

tfomber Ll-20

BANK

OF

DALLAS

Wednesday, January 15, 1953

P E ANUT S
i!:LIGIBLE
H I G H - D A MA G ~
F 0 R
L 0 AN
On January l the U. S. Department of Agriculture announced that peanuts
sh0win~ damage above 7% but not exceeding 25% ~ eligible for loan in all producing~·
Peanuts containing over 10% moisture will not be accepted for the loan.
Severe freezes and heavy rains during the peanut harvest season resulted in a significant quantity of high-damage peanuts in nearly all producing sections. Most of
these peanuts probably will have to be crushed for oil and meal. Loan advances range
downward from 6.1¢ per lb. for farmers' stock peanuts with 8% to 9% damage to 3.9¢
per lb. for peanuts with 20% to 25% damage. In the Southwest, loans will be made
through the Southwestern Peanut Growers' Association at Gorman, Texas.
F E E D
0 N
A N D L A MB S
S HE E P
The number of sheep and lambs £!! feed for market in the United States as
of January !, 1958, is estimated at 3.9 million head, reflecting an 8% decline from
the year-earlier level, reports the Agricultural Marketing Service. A substantial
part of the decrease occurred in the Western States. Feed supplies are ample in
all lamb feeding sections of the Nation; however, feeding operations are being curtailed because of higher feeder prices and because fewer lambs are available for
feeding.
In the priucipal lamb feeding states of the Eleventh Federal Reserve District - Arizona, New Mexico, Oklahoma, and Texas - the number of sheep and lambs on
feed on January 1 totaled 263,000, or about a third fewer than~ year ago.
L I VE S T 0 C K
Supplies of cattle and calves at Fort Worth on Monday, January 13, were
curtailed sharply, probably as a result of rains over the marketing area during the
past week end, according to the AMS. Cattl~eipts are placed at 1,800, reflecting declines of 47% from a week ago and 28% from the corresponding date in 1957.
Trading on mature slaughter steers was slow, and prices were about steady. On the
other hand, sales of yearling steers and heifers were active, and prices were mostly
strong as compared with those in the preceding week. Demand for stockers and feeders
was good, and trading was active. Prices were unevenly strong to 50¢ per cwt. higher
than in the past week. Standard and Good Grades of 900- to 1,100-lb. slaughter steers
were quoted at $22 to $23.50; the limited supplies of Commercial cows, $17.50 to $18;
and Medium and Good 550- to 750-lb. stockers and feeders, $19 to $24.50.
Calf offerings were about 800, compared with 1,500 on the previous Monday's
market and 600 a year ago. Trading on slaughter calves was active, and prices were
rong to generally 50¢ per cwt. higher than in the past week. Most Good slaughter
calves cleared at $23.50 to $25.50, and Good and Choice stocker and feeder steer
cal v s sold at $24 to $27.50.
Monday's hog receipts are placed at 600, or 200 fewer than a week ago and
300 under the year-earlier figure. Prices of butcher hogs were steady to 25¢ per
cwt. higher than in the latter part of the past week, while those for sows were
steady to $1 higher. Mixed U. S. No. 1 through No. 3 Grades of 190- to 250-lb.
barrows and gilts brought $20.
Sheep and lamb marketings totaled an estimated 2,300, of which about 95%
were lambs. The receipts were about three times those of a year ago but were less

than half the supply on the comparable date in 1957. Trading was active. Prices
of slaughter lambs were fully steady, and those of feeder lambs were strong to $1
per cwt. higher than in the previous week. Good and Choice 85- to 105-lb. slaughter
lambs were $23 to $23.50.
P R 0 DUC T I 0 N
M E A T
Red meat output in the United States during January-November 1957 totaled
23.444 million lbs., or 4% below the outturn in the corresponding months of 1956,
reports the AMS-.--Beef production amounted to 12,768 million lbs. (down 1% from the
year-earlier figure); veal, 1,337 million lbs. (down 7%); pork, 8,697 million lbs.
(down 7%); and lamb an~tton, 642 million lbs. (down 4%)-.~DA I R Y P R I C E - S UP P 0 RT
P UR C HA S E S
National dairy price-support purchases during 1957 totaled 173.5 million
lbs. of butter, 241.4 million lbs. of cheese, and 764.6 million lbs. of nonfat dry
milk, according to the USDA. The purchases were slightly higher than those in 19S6,
when 164.7 million lbs. of butter, 187.9 million lbs, of cheese, and 754.1 million
lbs, of nonfat dry milk were acquired under support operations. Despite the heavier
purchasing in 1957, uncommitted stocks at the end of the year were relatively small,
reflecting the continuing movement of Commodity Credit Corporation-acquired stocks
through disposal operations.

P 0 UL T RY
The maior Texas commercial broiler markets were stronger during the ~
ended Friday, January .!Q, as shortages of offerings prevailed in all the areas, according to the State Department of Agriculture. Closing prices were mostly 2¢ per
lb. higher than a week earlier, with the following prices quoted: South Texas, 21¢;
east Texas and Waco, 20¢; and the Corsicana F.O.B. plant, 20~¢. During the corresponding period in 1957, closing prices were 19¢ in east Texas and Waco and were
19~¢ to 20¢ at the Corsicana F.O.Il. plant,
There were too few sales in south Texas
to report.
The Texas broiler markets were steady on Monday of this week. Prices per
lb, were: South Texas, 21¢, with a very few higher; east Texas, 20¢, with a very
few higher; and Waco, 20¢.

BROILER CHICK
PLACEMENTS

Percentage change from
Comparable
Previous
week, 1957
week

Area

Week ended
January 4z 1958

Texas ••.•••
Louisiana.,

1,964,000
284,000

11
3

-2
-5

22 states ••

26~609,000

6

16

E XP 0 R T S
AG R I C UL T UR AL
The USDA recently announced that the Nation's agricultural exports reached
an all-time high of $4.S billion during 1957. Greater participation by private trad
and farm groups in USDA foreign market development programs was an important factor
in achieving the record exports, according to the report.
J. z. Rowe
Agricultural Economist