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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK Number 430 OF DALLAS Wednesday, March 26, 1958 P R 0 S P E CT I VE P L A NT I NG S F 0 R 1 9 5 8 JJased on March_!_ planting intentions of the Nation's farmers, the total crop acreage for harvest in 1958 is likely to be the smallest in over 40 years, according to a recent report of the U. S. Department of Agriculture. The acreage is forecast at 333 million acres, or less than a million acres under the low level of seedings in 1957. However, the acreage which is actually planted for 1958 crop production may be larger or smaller than the March _!_ indications depending upon weather conditions, price changes, labor supplies, financial conditions, changes in agricultural programs, and the effect of the prospective plantings report upon farmers' actions. The table below shows the percentage changes in acreages of selected spring er~ which farmers intend to plant in 1958 from the planted acreages in .!.2.21. for the states in the Eleventh Federal Reserve District and the Nation, - -- ----- PLANTINGS OF SELECTED SPRING CROPS Five Southwestern States and United States (Percentage changes, 1958 from 1957) Area All corn Oats Darley All sorghums All hayl/ -8 -35 33 -12 -7 -3 11 -2 -5 -17 -3 -1 -3 Arizona, ......... Louisiana ........ New Mexico ....... Oklahoma.,, ....•• Texas ............ -10 -3 -9 10 4 -13 42 12 35 Five states ..•. 2 -15 15 -5 United States .. 2 -8 -3 -13 -17 7 Peanuts ---- Rice 0 -17 1 -1 9 -2 -1 4 -2 -1 6 1./ Acreage harvested. SOURCE: u. s. Department of Agriculture. DAI RY P R I CE S UP P 0 RT S On March 21 the USDA announced estimated national average support prices of $3.03 ~cwt. for milk for manufacturing purposes and 56.2¢ per lb. for butterJ_at for the 1958-59 marketing y~. The dairy support level for the coming marketing year (which begins April 1) will be 75% of parity. During the 1957-58 marketing year, dairy supports are available at $3.25 per cwt. for milk for manufacturing purposes (reflecting 82% of the parity equivalent price at the beginning of the market- ing year) and 58.6¢ per lb. for butterfat (reflecting 79% of parity at the beginning of the marketing year). L I VE S T 0 CK The cattle run at Fort Worth on Monday, March 24, was the largest since the first Monday of this year, points out the Agricultural Marketing Service. The supply, at an estimated 2,900, compared with 2,100 a week ago and 1,600 on the comparable date in 1957. Trading on slaughter steers and heifers was active, and price ~ were fully steady. Some classes of stockers and feeders sold at the highest levels in over 5 years. Good 700- to 900-lb. slaughter steers were quoted at $26.50 to $27.50 per cwt.; Utility cows, $18 to $19.50; and Medium and Good 550- to 800-lb. stocker and feeder steers, $23 to $27. Calf marketings are placed at 400, or about the same as on the previous Monday but 100 more than a year ago. Trading on slaughter calves was active, and prices were strong. Good grades of slaughter calves brought $26.50 to $28, and steer calves sold at $27 to $29. Monday's hog supply totaled about 700, which was not materially different from either a week ago or a year earlier. Trading was moderately active, and prices of butchers were about steady with those in the latter part of the preceding week. No. 1 through No. 3 Grades of 190- to 250-lb. barrows and gilts cleared at $22 and $22.25 per cwt. About 11,000 sheep and lambs were received at Fort Worth on Monday of this week, or the largest supply since June 1957. The quality of the pre-Easter spring lambs was the lowest in many years. Trading on sheep and lambs was slow, and prices were generally 50~ to $1 lower than in the previous week. Most Good and Choice 80to 95-lb. slaughter spring lambs brought $23 to $23.50. P 0 UL T R Y During the week ended Friday, March £!, trading was moderate in the ~ mercial broiler markets of east Texas and Waco but was light in south Texas, reports the State Department of Agriculture. Closing prices - which were mainly unchanged from the week-earlier level - were: South Texas, 22¢; east Texas, 21¢, with several loads at 20¢; and Waco, 21¢. During the corresponding period in 1957, closing price ~ were mostly 18¢ in all these areas. On Monday of this week, broiler markets were steady in south Texas, weak to about steady in east Texas, and slightly weaker in Waco. The following prices were quoted: South Texas, 22¢ per lb.; east Texas, 20¢ to 21¢; and Waco, 20~¢. BROILER CHICK PLACEMENTS Percentage change from Previous Comparable week weekz 1957 Area Week ended March 15 2 1958 Texas .••... Louisiana .. 2,279,000 392,000 -6 -17 -2 22 states .. 29 191 000 -4 7 J. Z. Rowe Agricultural Economist 3
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