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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE l\lumber 452 BANK OF DALLAS Wednesday, August 27, 1958 WHEAT wheat supplies for the marketing year which began July l, 1958, are estimated at a record 2.3 billion bushels, or 13% above the previous peak reached in the 1956-57 season and 24% greater than the 1957-58 total, according to the Agricultural Marketing Service. A 50% larger crop indicated for 1958 more than offsets a slightly smaller carry-over. The wheat supplies consist of a carry-over on July 1 of 881 million bushels, an estimated 1958 crop of 1.4 billion bushels, and an allowance for imports (mainly of feeding quality wheat) of approximately 10 million bushels. Domestic disappearance of wheat in the Nation during 1958-59 is indicated at 610 million bushels, leaving about 1.7 billion bushels for export during the current marketing year and for carry-over July 1, 1959. Exports may reach approximately 400 million bushels; therefore, the carry-over at the beginning of July next year would total approximately 1.3 billion bushels, which would be about 420 million bushels more than on July 1, 1958. World wheat production in 1958 is expected to reach ~ new record. Increases indicated for the United States, the Soviet Union, and China - the leading wheatproducing countries - are so great as to more than offset any possible declines in other countries. These three countries normally account for almost half of the world wheat output. Q. ~· C 0 NS E R VAT I 0 N R E S E R VE DE ADL I NE S September 26, 1958, is the deadline for ~ farmers to file requests with their county Agricultural Stabilization ~ Conservation (ASC) Committees for maximum ~ for their farms under the 1959 Conservation Reserve Program of the Soil Bank, according to a recent announcement of the Texas Agricultural Extension Service. (Rates will average $12 per acre in the State.) After the maximum farm rates are determined, farmers will have until October lZ this year to apply for Conservation Reserve contracts. Under present legislation, the Acreage Reserve Program of the Soil Bank will !12! be in effect for 1959. CH I CK A N D P 0 UL T P R 0 DUCT I 0 N Nearly 187.4 million chicks were produced by commercial hatcheries in the United States during July, states the AMS. The output was a~ record-high for the month and was 21% above the July 1957 hatch. During the first 7 months of this year, production of broiler-type chicks totaled 1.1 billion, or 16%-above th;-c~ parable period in 1957. Outturn of egg-type chicks, at an estimated 515.6 million, was up 13% from the year-earlier figure. On August 1, more eggs were in incubators for production of both broiler- and egg-type chicks than a year ago. Production of heavy-breed turkey poults during July totaled 4.4 million, reflecting a 52% gain over the same month in 1957. The output of light-breed poults, at 1.9 million, was 3% above the year-earlier level. On the other hand, production of heavy-breed poults during January-July 1958 was down 5% from the comparable period last year, and outturn of light-breed birds was 4% less. The number of turkey eggs in incubators on August 1 indicates that the production of both types of poults in August will be larger than a year earlier. P 0 UL T R Y The principal ~ commercial broiler markets experienced a gradual price decline during the week ended Friday, August 1£, points out the State Department of Agriculture. Pressure from other broiler-producing states - together with the neces sity of moving the east Texas output- lowered closing prices 1¢ to 2¢ per lb. below the week-earlier level. The following closing prices were quoted: South Texas, 17¢' east Texas, 15¢ to 17¢; and Waco, 16¢. During the comparable period in 1957, closing prices were 20¢ in south Texas and 19¢ to 20¢, mostly 20¢, in east Texas and Waco. On Monday, August 25, broiler markets were about steady in all of the major producing areas of Texas. Trading was heavy in east Texas and was about normal in south Texas and Waco. Prices were about the same as at the previous Friday's close, Area BROILER CHICK PLACEMENTS Week ended August 16, 1958 Percentage change from Previous Comparable week week, 1957 Texas, ••••• Louisiana •• 2,196,000 392,000 -12 17 30 22 states •• 30,526,000 -2 15 -4 L I VE S T 0 CK Cattle marketings at Fort Worth on Monday, August 25, declined 11% from the week-earlier level, reports the AMS. The supply, at an estimated 2,500, compares with 4,000 on the corresponding date in 1957. Trading on slaughter steers and heifers was slow, but prices of most offerings were steady. Trading on other classes of cattle was active, and prices were fully steady. Good 1,025- to 1,125lb. slaughter steers brought $23 to $24 per cwt.; Utility and Commercial cows, $18.50 to $20.50; and the limited supply of stocker yearlings and 2-year-old feeder steers, $20 to $24. The calf run is placed at 1,000, which is about the same as a week ago but is 200 few;r.-t'han a year earlier. Prices for slaughter calves were steady to 50¢ higher than in the latter part of the preceding week, and those for stockers and feeders were strong. Good and Choice grades of slaughter calves sold at $23 to $26, and stocker steer calves weighing under 500 lbs. cleared at $28 to $30. Monday's hog supply was the largest in several weeks. The receipts totaled approximately 1,000, reflecting a 25% gain over both a week earlier and the comparable date last year. Trading was slow, and prices of butchers were 75¢ to $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 were quoted at $20.25 and $20.50. A moderate supply of 1,300 sheep and lambs was offered at Fort Worth, or about the same as on the preceding Monday but 200 fewer than a year ago. Trading was fairly active, and prices on all classes were about steady with those in the latter part of the preceding week. Good and Choice 75- to 90-lb. slaughter spring lambs sold at $21 to $22. J. z. Rowe Agricultural Economist