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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE· BANK OF DALLAS Humber L:.61 Wednesday, October 29, 1958 D I S T R E S S 11 L 0 A N S F 0 R G R A I N S 0 R G H U MS On October 22 the U. s. Department of Agriculture announced that special " distress 11 price support loans will be available for 1958-crop grain sorghums in areas where storage facilities are not available immediately and where these sorghums can be stored successfully for short periods either on the ground or in temporary structures. The temporary grain sorghum loans will be available in counties or areas designated by State Agricultural Stabilization and Conservation (ASC) Committees. The loans will be on a recourse basis at 80% of the regular county loan rates and will mature in 90 days .£!'.on March 31, 1959, whichever is earlier. ii P R ICE D I S P 0 S AL P L AN F 0 R S U P P 0 R T C0 T T 0 NS E E D The USDA recently announced a disposal plan for cottonseed acquired by the Commodity Credit Corporation under its price support operations in the ~' ~ Mexico, and Oklahoma area. Under the plan, the cottonseed (1) will be offered to crushers .£!! ~ competitive bid basis or (2) may, in some instanc;;:-be stored for later disposition. Under (1) the crusher will pay the support price for the seed, F.O.B. the gin or other point of delivery; will keep all the products except the oil; and will submit a bid on the price at which he will sell to the CCC the oil produced from the seed. The disposal plan will assure that producers receive the support price for their cottonseed and will still permit disposition of seed through normal trade channels. CAT T L E 0 N F E E D u p T E XAS 2 2 % The number of cattle and calves £!! feed for market in Texas on October 1 totaled an estimated 106,000 head, reports the Agricultural Marketing Service. The figure was 22% above a year ago and showed a seasonal gain of 2,000 head over July 1, 1958. Large commercial lots in the State, with a total of 90,000, were operating at the highest level since January l, 1957. The number of cattle and calves being fed on farms and in feed lots with less than 1,000-head capacity is placed at 16,000, reflecting a contraseasonal decrease of 33% from the number being grain-fed on July 1 and 1,000 head fewer than at the beginning of October last year. A contributing factor to the contraseasonal decline in cattle on feed in small feed lots is the abundant grass and field grazing available throughout practically the entire State. GRANDE S UR P L US F 0 0 DS F 0 R R I 0 F L 0 0 D VICTIMS Surplus foods donated ,Ex the ~ are being used to help feed approximately 200 persons in Rio Grande City, ~' who have been made homeless by recent floods along the Rio Grande River. These foods - which include cheese, nonfat dry milk, butter, rice, flour, and cornmeal - have been made available to the Texas State Department of Public Welfare and are being distributed by the Red Cross in emergency feeding operations, according to the Department of Agriculture. In addition, the Farmers Home Administration has offered prompt credit to the victims of heavy rainfall and floods in the Rio Grande area. Operating loans at 5% interest, repayable over periods of up to 7 years, are available for purchasing equipment, livestock feed, seed, fertilizer, and fuel, as well as for other farm and home operating expenses. Loans for repair and replacement of farmhouses and other farm buildings are available at 4% interest for periods of up to 33 years. P 0 UL T RY During the week ended Friday, October 24, commercial broiler markets were weak in south Texas and unsettled in east Texas at the opening of the trading period, ~rdin~the State Department of Agriculture. However, both market areas strength· ened at the close, following price gains in other states. As compared with the preceding Friday, closing prices were ~¢ per lb. lower in south Texas and unchanged to 1¢ higher in east Texas. Closing prices were 15¢ to 16¢ in both areas, although 60% of the sales in east Texas were at undetermined prices. During the corresponding period in 1957, the closing price in east Texas was 17¢. (There were too few sales in south Texas to report.) On Monday, October 27, the east Texas broiler market was steady to fully steady, with prices at 16¢ per lb. Area BROILER CHICK PLACEMENTS Week ended October 18, 1958 Percentage change from Previous Comparable week week, 1957 Texas •••••• Louisiana., 2,126,000 423,000 -2 5 18 22 states •• 25,820,000 -3 8 9 L I VE S T 0 CK Cattle marketings at Fort Worth on Monday, October ]]_, totaled approximatel y 3,500, or 52% above the limited supply of a week earlier but about the same as a year ago, points out the AMS. Prices of slaughter steers and heifers were firm, and those of most classes of stockers and feeders were steady to strong as compared with the previous week's close. Good and Choice 600- to 1,000-lb, slaughter steers were quoted at $25 to $26.50 per cwt.; Cutter cows, $17 to $18; Canner cows, $13 to $16.50 ; and Medium and Good 550- to 700-lb. stocker and feeder steers, $23 to $27. Calf receipts are placed at 1,000, compared with 800 on the preceding Monday and 2,000 on the corresponding date in 1957. Trading on slaughter calves was active, and prices were strong. Good grades of slaughter calves brought $25 to $26.50, and stocker and feeder steer calves were quoted at $29 to $31. Monday's hog offerings were about 600, or about the same as a week ago but 25% fewer than a year earlier. After a late start, butcher hogs sold at prices which were 25¢ to 50¢, mostly 25¢, lower than in the latter part of the past week. U.S. No. 1 through No. 3 Grades of 190- to 255-lb. barrows and gilts brought $18.75 to $19.25. An estimated 1,200 sheep and lambs were received at Fort Worth on Monday, which is 200 below the week-earlier figure but is about the same as a year ago, Prices of slaughter lambs ranged from 50¢ to $1 lower than in the latter part of the previous week, while those of other killing classes and feeder lambs were mostly steady. Utility and Good 80- to 95-lb. wooled and shorn slaughter lambs sold at $19 to $21, mostly $20.50 and $21. J. z. Rowe Agricultural Economist
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