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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF umber 453 DALLAS Wednesday, September 3, 1958 AND LIVE STOCK MEAT OUTLOOK Hog marketings and slaughter are expected !.2 increase seasonally in the Nation this !i:!.!, and a higher supply level and considerably lower prices are in prospect for 1959, according to the U. S. Department of Agriculture. The 1958 calf crop is expected to be slightly smaller than the 1957 crop; however, ~ghter of cattle - and particularly of calves - has been reduced so much that an increase is indicated in the inventory of cattle and calves on farms at the beginning of 1959. Fed cattle supplies may be so large as to prevent more than a small recovery in prices this fall, but prices are expected to average fairly high during much of 1959. Sheep and lamb slaughter in the United States this year has been below that in 1957; therefore, numbers £!! farms and ranches £!!January!, 1959, are expected to be up substantially from those at the beginning of the current year. Lamb prices may be seasonally lower this fall but probably will be around the levels of the fall of 1957. Q. ~· output of all red~ in 1958 is expected to total about 25.9 billion lbs., or 4% less than a year earlier. Consumption per person is forecast at 150 lbs., which is 9 lbs. below the 1957 level. Most of the reduction is in beef and veal. U. S. E X H I B IT AT B R IT I S H F 0 0 D FA IR According to the USDA, this country is a leading exhibitor at the British Food f!!! being held in London from August 28 through September 11. Q. ~· products being featured at the Fair exhibit include wheat, flour, rice, ~products, tobacco, fruits, poultry, lard, and ~· The United Kingdom imports 40% of its food supplies and is one of the two most important foreign markets for U. s. farm products, (Japan is the other major market.) 0 I L S E XP E CT E D M 0 RE F A T S AND Based on August 1 indications, supplies of edible fats, oils, and oilseeds are expected !,2 ~ ~ ~ record in the 1958-59 marketing year beginning October 1, 1958. The Agricultural Marketing Service points out that the supplies are likely to be about 10% greater than the current year's 11.7 billion lbs. Domestic disappearance of food ~ per person next year probably will continue at about the 1957-58 level; but with the increasing population, total utilization of fats and oils is expected to be up. MAN-MADE FIBERS of man-made fibers totaled 6.3 billion lbs. during 1957, according to a recent report of the Textile Economics Bureau, This was the fifth successive year in which world production rose to a~ record level. Outturn of rayon accounted for 79% of the man-made fiber output; cellulosic fibers, 14%; and acetate, 7%. U. s. production of rayon and acetate accounted for 21% of the world total in 1957; Japan was the second largest producer, with nearly 18% of the total. ~output P 0 UL T R Y The ~ commercial broiler markets were steady throughout ~ of the preholiday trade week ended Friday, August 29, although conditions became unsettled ~ ~ ~' reports the State Department of Agriculture. Closing prices were mainly unchanged from the week-earlier levels, with the following prices quoted: South Texas, 17¢ per lb.; east Texas, 15¢ to 16¢; and Waco, 16¢. During the corresponding period in 1957, closing prices were: South Texas, 19¢; east Texas, 18¢ to 19¢; and Waco, 18~¢. Area BROILER CHICK PLACEMENTS Week ended August 23, 1958 Percentage change from Previous Comparable week week, 1957 7 Texas •••••• Louisiana •• 1,948,000 457,000 -11 17 22 22 states •• 28,991,000 -5 12 L I VE S T 0 C K Cattle receipts at f2!! Worth during the~~ Thursday, August 28, totaled 6,300 head, or approximately the same as a week earlier but about one-third below the corresponding period in 1957, states the AMS. Stockers and feeders accounted for around 65% of the total supply, and cows comprised about 20% of the mature offerings. Trading on slaughter beef steers was a little more active, and closing prices were 25¢ to 50¢ per cwt. higher than in the latter part of the preceding week. Demand for stockers and feeders was broad, and prices were mostly strong. The limited supply of Choice 950- to 1,000-lb. slaughter steers sold at $25.75 to $27; Utility and Commercial cows, $18 to $20.50; and Medium and Good 550to 700-lb. stocker and feeder yearling steers, $21 to $26. The week's calf marketings are placed at 2,500, which is 100 fewer than a week ago but about the same as a year earlier. Prices for slaughter calves were 50¢ to $1 higher than in the latter part of the past week as buyers of slaughter calves had to compete with purchasers of stockers for the supply. Good and Choice grades of slaughter calves brought $24 to $26.50, and stocker and feeder steer calves weighing under 500 lbs. cleared mainly at $27 to $30. A total of 2,000 hogs was received at Fort Worth, or 17% below the weekearlier figure but about the same as in the corresponding period last year. Prices broke sharply at the beginning of the week and at the market's close were mostly $1.25 lower than a week earlier. Mixed u. s. No. 1 through No. 3 Grades of 200- to 240-lb, barrows and gilts were quoted mainly at $20. Sheep and lamb supplies during the week ended August 28 totaled approximately 4,300, compared with 3,800 a week ago and 4,000 during the comparable period in 1957. Spring lambs (nearly three-fourths of which were sold for slaughter) comprised most of the receipts. Prices of spring lambs advanced 50¢ to $1 during the week, and those of other classes of sheep and lambs were strong to $1 higher. Good and a few Choice 75- to 95-lb. slaughter spring lambs sold at $21 to $22.50. J. z. Rowe Agricultural Economist
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