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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS
1~urnb("r
468
Wednesday, December 17, 1958
C C C - 0 WN E D
B I N S
F 0 R
T 0
BE
I NCR E AS E D
Effective March 1, l222_, the rertal charge for Commodity Credit Corporation-owned bins !!21 being used ~or storage of Government-owned grains will be .!.!!creased from 3/4 of a cent per ~u. per mo~ ~ h to 1~¢ .E..E:.E. bu. per month, according to
the u. s. Department of Agricul~u-re. This a~..t .i en is designed to encourage the expansion of commercial and fa~m storage i U-areas where grain storage facilities are
1 imited, rather than yeat:.-:f..o~ear reliance o CCC bins which were purchased for emergency use only. County Agricultural Stabili~ati'on and Co9servation Committees have
charge of renting CCC bins temporarily n&t.. in use by th~ Gpvernment.
RENT
F UT U R E
Futures rading during
according to ~ USDA 'report based
ity. Increases are reported fPr
and decreases are shown for mi>st
I
I
T R A D I NG
I N
1 9 5 8
1958 has shown ixed trends among commodities,
on informatjpn from the Commodity Exchange Authorcotton, wool, e~s~ potatoes, and soybean meal,
grains and fa.t's and o'W.,.s.
POULTRY
INSPECT!ON
ACT
EFFECTIV~
JANUARY
1
The USDA recently pointed out again that the Poultry Insp..ection Act will
become fully effective on ' January l, 1959. With the exception of eximpeed poultry
producers and retail dealers, all processors of poultry and poultry products must
have their plants officially approved in order to ship their ~oducts i interstate
commerce after t)lis date. Processors who have not taken appropri~te act .on to comply with the Act will be res~icted to intrastate transactipns.
The USDA ha also nnounced amendments to its in ection regulations governing the administration of he Poultry Inspection Act.
etails concerning the
amendments are contained in the DE!$embef 10 issur of t
ederal Register, or they
may be obtained from the Poultry Division, Agricultural Marketing Service, Washington
25, D. C,
The value of g. ~. agricultural exports during the irst 4 months of the
1959 fiscal year (whi h began July 1, 1958) totaled nearly $1. billion, or 5% below~ year-earlier
evel, reports the Foreign Agricultural S rvice. As compared
with the first 4 mon s of the 1958 fiscal year, there were dee ines in exports of
cotton, tobacco, cot onseed oil, soybeans, flaxseed, fruits, an·mal fats, hides
and skins, and dairy roducts. On the other hand, gains were r gistered for wheat,
feed grains, rice, ry , and soybean oil.
M (}\ R E
p 0
u
L T R
y
p R 0
c
E
s s
E
DI
A total of 21~.3 million lbs. of poultry (ready-to- t ook basis) was used
in canned and other proce~sed foods during the first 10
ths of 1958, reports
the Agricultt:ir~rketing Ser~ The amettnt--represents an 18% iilCrease over
the corresponding period last year.
P 0 UL T R Y
Prices held unchanged in the principal ~ commercial broiler markets
during the trading week ended Friday, December .!1; however, the closing undertone
in both south and east Texas was unsettled ~ weak, according to the State Department of Agriculture. Closing prices in east Texas were 16¢ to 16~¢ per lb., with
75% of the sales at undetermined prices. There were too few sales in south Texas
to establish a market (the price on the preceding day was 17¢). During the corresponding period in 1957, closing prices were 16¢ in both areas.
The Texas commercial broiler markets were weak on Monday, December 12·
Prices were 16¢ in south Texas and 15¢ to 16¢ in east Texas. (In the latter area,
52% of the sales were at undetermined prices.)
BROILER CHICK
PLACEMENTS
Percentage change from
Previous
Comparable
week
week, 1957
Area
Week ended
December 6, 1958
Texas ••••••
Louisiana ••
2,165,000
457,000
-6
2
24
49
22 states ••
28,878,000
2
16
L I VE S T 0 C K
The cattle supply at Fort Worth on Monday, December 15, totaled approximately 2,300, or 12% below the week-earlier figure but 21% greater than a year ago,
according to the AMS. Trading on slaughter steers was slow, and prices were about
steady with those in the past week. Trading on stocker and feeder cattle was fairly
active, and prices were steady to strong. Good 1,000- to 1,200-lb. slaughter steers
brought $24 to $26.25 per cwt.; most Utility cows, $19 to $20; and Medium and Good
550- to 700-lb. stocker and feeder steers, $25 to $28.
Monday's .£!!!.! receipts are placed at 700, compared with 1,100 a week ago
and 800 on the corresponding date in 1957. Trading on slaughter calves was moderately active, and prices were generally steady. The bulk of the Good grades of
slaughter calves sold at $27.50 to $28.50, and stocker and feeder steer calves cleare
at $30 to $32.SO.
Hog marketings are estimated at 700, or about the same as on the previous
Monday but 400 fewer than a year earlier. Trading was fairly active, and prices
were mainly steady with those in the latter part of the past week. u. s. No. 1
through No. 3 Grades of 195- to 245-lb. barrows and gilts brought $18.75 and $19.
Sheep and~ offerings were around 1,050, reflecting declines of 47%
from a week ago and 34% from the comparable date in 1957. About 85% of the receipts
were lambs, of which over one-half were feeders. Prices of slaughter lambs were
50¢ lower than in the latter part of the preceding week, while prices of feeder
lambs and goats were mostly steady. Medium and Good 60- to 80-lb. feeder lambs
were quoted at $15 to $17.50.
c c c P R I CE S UP P 0 R T P R 0 G R A M S
The Commodity Credit Corporation's investment in price support commodities
on October 31 totaled almost $7.9 billion, points out the USDA. The cost value of
inventories-Comprised 71% of ~investment, and~ outstanding made up~re:
mainder. On the corresponding date in 1957, the CCC's investment was $7 billion,
of which inventories accounted for 79% and loans outstanding were 21%.
~ supports extended (total loans made, plus direct purchases and purchase agreements) on 1958 crops through October 31 this year amounted to $1.6 billio1,
compared with $782.6 million on 1957 crops through October 31 last year.
J. z. Rowe
Agricultural Economist
@FedFRASER