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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE

1fomb r

423

BANK

OF

DALLAS

Wednesday, February 5, 1958

AL L 0 CAT I 0 NS
F 0 R R I CE
S T A T E
The U. S. D partment of Agriculture recently announced state allocations
of funds for the 1958 !ice Acreage Reserve program. The action, which was taken
becnusc of larger than anticipated initial interest in the program, will permit
Stat Agricultural Stabilization and Conservation (ASC) committees to make a check
of agreements off red during the first week of the signup against these allocations,
according to USDA officials.
The table below shows allocations for the 1958 rice Acreage Reserve and
commitments under the 1957 program for states in the Eleventh Federal Reserve District.
~--~~~~-

State
Louisiana .. .
Oklahoma ... .
T xas ...... .

-~--~~---------

19 58 Allocations

1957 Commitments

$2,302,000
5,500
3,148,300

$2,436,858
7' 89 7
4,203,048

PRICES
AGR I C UL T UR AL
The ind x of prices received by the Nation's farmers rose 2% during the
month cnd·d January .:!1, 1958, reports the Agricultural Marketing Service. Sharply
higher prices for commercial vegetables and moderately higher prices for meat animals were primarily responsible for the gain. Decreases in prices for eggs, dairy
products, cotton, and corn were only partially offsetting. The index, at 247% of
th 1910-14 averag , was almost 4% above the year-earlier level and was only slightly
b low th 1957 p ak of 248 reached in August.
The mid-Jnnu~ry parity index (which reflects prices paid for commodities
and s rviccs, plus interest, taxes, and wage rates) was an all-time high of 301.
Th increase in farm real estate taxes and the advance in prices of feeder livestock
w r mainly responsible for the gain from the December 15 index, although increases
in mortgnge int r st and in farm wage rates also were contributing factors.
The parity rati~ is placed at 82, or 1% above the month-earlier figure but
th same as in January 1957.

C0 NS E R VAT I 0 N RE S E R VE
S I GNUP
Slightly over ~ million acres of ~· ~· cropland had been placed in the
1958 Conservation R~scrve Program through January 10, according to preliminary reports of State ASC committees. The acreage was more than double that signed through
th ~period last year for the 1957 program. Farmers can earn an estimated $10.9
million in practice payments (up to 80% of the cost of establishing such practices)
for
rrying out soil nnd water conservation practices or wildlife habitat improvem n m asurcs on the land for which contracts have been signed under the 1958 Cons ·rva · n Rcscrv Program. If they remain in compliance with the program, they will
r ccivc n estimated $10.2 million in annual payments during each of the years their
conserva ion contracts ure in force. The acreage signed under the 1958 Conservation
R serve is in addition to the 6.5 million acres placed in the program during the 1956
nd 1957 signup p riods. The deadline for signing 1958 Conservation Reserve contr·1cts is April _!2.
In the states of the Eleventh Federal Reserve District (Arizona, Louisiana,
N ·w Mexico, Oklahoma, anClTcxas), 245,269~s had been placed under the 1958 Conservation Rcserv Program through January 10. Practice payments for this acreage

are estimated at about $2.L:. million, and annual payments are placed at about $2.8
mill ion.

P 0 UL T R Y
During the week ended Friday, January 11., the principal Texas commerc1a_!_
broiler markets opened steady but declined at midtrading, points out the State Department of Agriculture. Closing prices ranged from%¢ to 3¢ per lb. lower than i n
the preceding week, with the following prices quoted: South Texas, 22¢ to 23¢; eas
Texas, 21¢ to 22¢, with several loads at 19¢; and Waco, 21~¢. During the correspond ing period in 1957, closing prices were mostly 20¢ per lb. in all the areas.
On Monday, February 3, broiler markets were weak in south Texas and Waco
and were unsettl;a-in east Tex;s. Prices per lb, were: South Texas, 21¢; east Texas
20¢ to 21%¢; and Waco, 20~¢ to 21¢.

Area
:3ROILER CHICK
PLACEMENTS

Week ended
January 25, 1958

Percentage change from
Previous
Comparable
week
week, 1957

2,188,000
372, 000

8
7

~~~~~~~~~~2~2_s_t_a_t_e_s-:...·~·--~~~2-J.8,415,000

6

Texas ..... .
Louisiana ..

-3
23

12
·-----

L I VE S T 0 CK
Livestock marketings at Fort Worth were comparatively small on Monday,
February 1, states the AMS. Cattle receipts, at an estimated 1,700, were 41% below
the weet -earlier level and 37% fewer than a year ago. Trading on some classes of
slaughter cattle was delayed because of higher asking prices, and a clearance was
not made until late in the day. On the other hand, trading on stocker and feeder
cattle was moderately active, and prices generally were fully steady with those in
the preceding week. Good 800- to 1,050-lb. slaughter steers sold at $23.50 to $24.5
most Utility cows, $16 to $17; and Medium and Good 550- to 750-lb. stocker and feeder
steers, $18.50 to $24.50 per cwt.
The calf run totaled 400, which is about one-half of the previous Monday's
offerings and two-thirds of the receipts on the corresponding date in 1957. Slaughter calves weighing under 500 lbs. sold at prices which were strong to 50¢ higher
than in the previous week, while others were weak to 50¢ lower. Good and Choice
slaughter calves cleared at $2Y· to $26.50, and Good stocker and feeder steer calves
were quoted at $24 to $27.
The hog supply is placed at 600, compared with 800 a week earlier and 1,30
a year ago. Trading was slow in getting under way as a result of sharply lower bids.
Prices of butchers were 50¢ to 75¢ lower than in the latter part of the past week,
while those for sows were steady. Mixed U. S. No. 1 through No. 3 Grades of 195 to
250-lb. barrows and gilts brought $20.25 and $20.50.
Sheep ~~ lamb receipts are estimated at 1,900, or . 200 more than a week
earlier but 1,700 fewer than on the comparable date last year. Prices ranged frotn
steady to $1 per cwt. lower than at the preceding week's close, The small supplies
of Good and Choice milk-fed lambs were quoted at $23 and $23.50, and Choice wooled
slaughter lambs brought $23.

J. Z. Rowe
Agricultural Economist