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AGRICULTURAL NEWS OF THE WEEK - FEDERAL RESERVE BANK OF D ALLAS Wednesday, October 1, 1958 NATIONAL F I R E P R E V E N T I 0 N WE E K October 5-11 is National Fire Prevention Week! Fire pre~ion is the best defense again~ire. The Texas Farm and Ranch Safety Council says that the Nation's annual farm fire losses of about $150 million can be cut in half by~ giving fire a place to start. The Council suggests the following three general safeguards against fire: 1. Use foresight~~ to avoid all needless fire hazards in building, equipping, and maintaining and using farm property. 2. Be prepared to fight a fire as soon as it is discovered. 3. Organize to provide community fire protection with trained men and equipment sufficient to put out or control large fires. F A R M I N C 0 ME The realized net income of U. s. farmers during the first three quarters of 1958 is estimated at~ annual rate of about $13 billion, reflecting a 19% increase over the comparable period last year, according to the Agricultural Marketing Service. The gain resulted from higher average prices, increased marketings, and larger Soil Bank payments, which more than offset a further rise in production expenses. FE E D S UP P L I E S B I G The total national supply of feed grains and other concentrates for 1958-59 is placed at 239 million tons, or 9% greater than in 1957-58 and 30% above the 1952-56 average, according to the AMS. The large feed supplies, coupled with the favorable livestock-feed price ratios of the past year, are expected to result in an approximately 5% increase in the number of grain-consuming livestock to be fed in 1958-59. Therefore, heavier utilization of feed grains and other concentrates is in prospect. The AMS points out that this year's big feed grain crop is fully ample to meet these heavier requirements and probably also will boost carry-over stocks into 1959-60 by about 25% over the prospective 60 million ton carry-over into 1958-59. c c c P R I C E SUPPORT PROGRAMS The Commodity Credit Corporation's investment in price support programs as of~ 30, 1958, amounted to about~ billion, reports the U, s. Department of Agriculture. The cost value of inventories comprised 78% of the total and loans outstanding, 22%. As of June 30, 1957, the CCC's investment was $7.3 billi~f which inventories accounted for 73% and loans outstanding, 27%. F E W E R TURKEYS RAISED farmers are raising nearly~ million turkeys this year, or 4% fewer than in 1957, according to a preliminary report of the AMS. Heavy breeds (which comprise 84% of the 1958 total) are 3% below the year-earlier figure, and light breeds are down 9%. In the states of the Eleventh Federal Reserve District (Arizona, Louisiana, New Mexico, Oklahoma, and Texas), the number of turkeys raised in 1958 is placed at 5,040,000, reflecting a 17% decline from the 1957 level, Q. ~· P 0 UL T RY During the week ended Friday, September 26, the principal ~ commercial broiler markets were unsettled and weak at the opening of the trading period, points out the State Department of Agriculture. In early trading, prices in south Texas declined 2¢ per lb. below the level of the previous Friday's close, where they remained throughout the week, In~ Texas, closing prices were 1¢ to 1~¢ lower than the week-earlier figure. Closing prices were 16¢ in south Texas and 15¢ to 16¢ in east Texas, although about 76% of the sales in the latter area were at undetermined prices. During the comparable period in 1957, closing prices were 17¢ in south Texas and 15¢ to 17¢, mostly 16~, in east Texas. On Monday, September 29, broiler markets were barely steady in south Texas and slightly weaker in east Tex-a;. Prices were about the same as at the preceding Friday's close; however, 85% of the sales in east Texas were at undetermined prices. BROILER CHICK PLACEMENTS Percentage change from Previous Comparable week week, 1957 Area Week ended September 20, 1958 Texas •••••• Louisiana •• 1,618,000 355,000 -11 -15 -12 24,803,000 -6 2 22 st~tes •• ~1 L I VE S T 0 CK An estimated 3,600 cattle were received at Fort Worth on Monday, September 29, or 33% more than a week ago but 16% fewer than a year earlier, states the AMS. Trading on slaughter steers was slow, and prices were weak to 25¢ per cwt. lower than in the latter part of the preceding week. Although trading on stockers and feeders was not active, prices were fully steady. The limited receipts of Good and a few Choice slaughter steers weighing around 950 lbs. cleared mainly at $25; Utility and Commercial cows, $19.50 to $22; and Medium and Good 550- to 700-lb. stocker steers, $20 to $28. Monday's calf~ is placed at 700, or approximately 200 fewer than both a week earlier and the comparable date last year. Prices of slaughter calves were strong as compared with those in the latter part of the past week. Good and Choice grades of slaughter calves brought $25 to $27, and stocker steer calves weighing under 500 lbs. were quoted at $28 to $33. The hog supply totaled about 900, compared with 600 on the previous Monday's market and 1,200 a year ago. Trading was late in getting under way and was slow throughout the day. Prices for butchers were mostly $1 lower than in the lalter part of the preceding week, and those for sows ranged from 50¢ to $1 lower. u.. S. No. 1 through No. 3 Grades of 195- to 260-lb. barrows and gilts brought mostl y $20.75. Sheep and lamb offerings were an estimated 1,300, or 900 more than a week earlier but 400 below the level on the corresponding date in 1957. Trading was moderately active, and prices of all classes were generally steady with those in the latter part of the previous week. Good 80- to 100-lb. wooled slaughter lambs sold at $20 to $21, and Good and Choice 80- to 90-lb. shorn lambs with No. 1 and No. 2 pelts brought $20 to $22. J. z. Rowe Agricultural Economist