View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE-

BANK OF

DALLAS

Wednesday, August 20, 1958

Number 451

B U MP E R C R 0 P S
I N P R 0 S P E C T
The 1958 output of farm crops in the United States is likely to be by far
the largest ~ produced in this country, according to the Agricultural Marketing
Service. Based on August 1 conditions, the all crop production index is placed at
113% of the 1947-49 average, compared with 106 for the previous record-high crops
of 1948, 1956, and 1957. Indexes for most crop groups are above the 1957 levels,
with food grains and oilseeds showing the most striking gains but with cotton,
tobacco, seed, and miscellaneous crops also registering important increases. The
national yield per ~ index {which covers 28 major crops) is 8% above the yearearlier figure.
OUTTURN
1 9 5 8
S H 0 R N
W0 0 L
The volume of wool to be shorn in this country during 1958 is estimated
at 240.4 million lbs,, reflecting increases of 2% over the 1957 production and 4%
over the 1947-56 average, reports the AMS. The 1958 crop is expected to be the
largest since 1947, when 251.4 million lbs. was produced. The gain from the yearearlier figure is the result of a 3% increase in the number of sheep shorn, since
the average fleece weight was down 1%.
In Texas - the leading sheep ~ - shorn wool output this year is estimated at 39.6 million lbs., or slightly above the 1957 outturn. An increase in the
number of sheep shorn is expected to more than offset a decrease in the average
fleece weight. The State's 1958 wool crop is indicated to be a fifth larger than
the 1947-56 average.

P R 0 DUCT I 0 N
MEAT
Red meat production in the United States during January-June 1958 totaled
11.9 billion lbs., or 7% less than the outturn during the same months of 1957,
according to the AMS. The output of beef declined 8% from the year-earlier level;
~' 20%; pork, 3%; and lamb and mutton, 2%.
Commercial meat production in Texas during the first half of 1958 amounted
to slightly over a half billion lbs., which is 15% below the volume for the corresponding period in 1957. The number of cattle butchered was down 25%; calves, 22%;
and hogs, 5%. On the other hand, the number of sheep slaughtered was up 6%.
E XP 0 RT S
Q. ~. agricultural exports amounted to approximately $4.1 billion during
the fiscal year ended June 30, 1958, states the U. S. Department of Agriculture.
The total compares with the all-time high export value of $4.7 billion reached in
the previous fiscal year. Declines in exports of cotton, wheat, and rice accounted
for about four-fifths of the decrease in total exports. Other commodities which
showed declines were fats and oils, ~' dairy products, and vegetables and vege~ products.
Feed grain exports~ 21% during the 1958 fiscal year to a record
$400 mill ion.

AGR I C UL T URAL

F HA L 0 ANS
During the fiscal year ended ~ 30, 1958, the Farmers Home Administration made and insured loans totaling nearly $330.2 million, reports the USDA. The

figure compares with $356.3 million advanced in fiscal 1957 and an average of $315. 7
million for the past 5 years. High lights of the year's operations were an expansion
of the farm housing loan program and an increase in the volume of insured loans - b ot
of which occurred mainly in the last quarter.

P 0 UL T R Y
During the week ended Friday, August 15, trading conditions in the Texas
commercial broiler markets were uncertain at the week's opening, points out the
State Department of Agriculture. Following price declines in other major broilerproducing states, weakness developed in the Texas markets at mid-trading; and the
markets remained weak through the close. The over-all trading volume was substantially reduced from the week-earlier level. Closing prices were unchanged to 1¢
per lb. lower than at the previous Friday's close, with the following prices quoted :
South Texas, 18¢ to 19¢; east Texas, 16¢ to 18¢; and Waco, 17¢. During the corresponding period in 1957, closing prices were 20¢ to 21¢ in south Texas and 20¢ i n
east Texas and Waco.
On Monday, August .!.§., commercial broiler markets were weak in south Texas
and Waco and unsettled in east Texas. Prices were: South Texas, 18¢, wi th one light
load at 19¢; east Texas, 16¢ to 17~¢; and Waco, 17¢.

BROILER CHICK
PLACEMENTS

Percentage change from
Previous
Comparable
week
week, 1957

Area

Week ended
August 9, 1958

Texas ••••••
Louisiana ••

2,283,000

-3

28

443,000

l

29

22 states ••

31,265,000

-1

16

LIVESTOCK
The cattle supply at Fort Worth on Monday, August 18, was an estimated
2,900 head, or 600 more than a week ago but 500 fewer than on the corresponding
date in 1957, according to the AMS. Trading on slaughter steers and heifers was
slow, but most offerings were sold by noon at steady to strong prices. Demand for
stocker and feeder cattle was fairly broad, and prices were fully steady. Good
950- to 1,100-lb. slaughter steers cleared at $23 to $24.50 per cwt.; Utility and
Commercial cows, $17.50 to $19.50; and Medium and Good stocker yearlings, $22 to $25 .
Calf receipts are placed at 900, or about the same as on both the preceding Monday and a year ago. Prices of slaughter calves were steady to slightly
higher than in the latter part of the previous week. Good and Choice slaughter cal ve~
sold at $23 to $25.50 , and most Good stocker steer calves were quoted at $25 to $30.
Monday's hog marketings totaled about 800, compared with 600 a week earlier
and 1,200 on the comparable date last year. Trading was slow, with most butchers
selling at prices which were fully $1 lower than in the latter part of the past week .
U. s. No. 1 through No. 3 Grades of 200- to 240-lb. barrows and gilts brought mainly
$21. 75.
Sheep and lamb offerings, at an estimated 900, were 25% fewer than a week
ago and 57% below the year-earlier level. Trading was active, and prices were generally steady with the preceding week's close. Good and Choice 75- to 95-lb.
slaughter spring lambs sold at $21 to $21.50.
J. z. Rowe
Agricultural Economist