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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESE·RVE BANK OF DALLAS Number 472 Wednesday, January 14, 1959 HAY G R A I N AND S T 0 C K S 0 N F A R MS Feed grain stocks on the Nation's farms on January!, 1959, were nearly one-tenth above the year-earlier level and almost one-third above the 1948-57 average, according to the Agricultural Marketing Service, Stocks of corn were up 9% from a year ago; ~' 12%; and barley, 7%. On the other hand, grain sorghum stocks were 6% lower, since the record 1958 sorghum crop had moved swiftly from farms during the last 3 months of the year. Food grains on U. S. farms were over one-half larger than on January 1, 1958, and were more than one-fourth above the 1948-57 average. Wheat stocks were up 56% from a year ago, and holdings of rye were nearly one-third larger. The alltime high 1958 soybean crop moved from farms more rapidly than in 1957; however, the New Year started with an unequalled volume still farm-stored. Flaxseed stocks were nearly four-fifths greater than the small amount on farms at the beginning of 1958. A record tonnage of hay was stored on the Nation's farms on January 1, 1959. Supplemental feeding has been heavier than usual from the abundant supplies of the peak 1958 harvest. 1 AM B S 0 N F E E D S H E E P AND The number of sheep and lambs on feed for market in the United States on January 1, 1959, totaled~st 4.3 millI;;n head~r 7% above the year-earlier level, according to the AMS. Feed supplies are abundant in all important lamb-feeding---sec= tions except a few localities. Gains have been good, and lambs are being marketed at heavier weights than usual. In the principal lamb-feeding states of the Eleventh Federal Reserve District (Arizona, New Mexico, Oklahoma, and Texas), the number of sheep and lambs on feed as of January 1 is placed at 306,000, reflecting a 2% gain over the corresponding date last year. USDA HOG PRICE QUOTATIONS On January 5, the u. s. Department of Agriculture announced that, effective immediately, price qu~tations on live hog sales will include additional information to show more clearly price differential between grades. Space is provided in USDA daily market news tabulations for establishing prices by weight groups on individual grades, as well as the usual combination of mixed grades. This change is in line with the trend toward selling hogs on a grade basis. L I VE S T 0 CK Cattle and calf receipts at Fort Worth on Monday, January 12, 1959, were the largest number since mid-November of last year, states the AMS. The cattle supply was an estimated 3,000, compared with 2,300 a week earlier and 1,800 on the corresponding date in 1958. Trading on most classes was slow, and prices were as much as 50¢ per cwt. lower than in the latter part of the preceding week. Good 800- to 1,000-lb. slaughter steers brought $26 to $26.75; Commercial cows, $20 to $21; and Medium and Good 550- to 700-lb. stocker and feeder steers, $23 to $28. The calf run was approximately 1,000, which was 2~ times the supply on the previous Monday and 43% greater than a year ago. Trading on slaughter calves was very slow, and prices were weak to 50¢ lower than in the latter part of the past week. Most Good grades of slaughter calves sold at $26 to $28, and stocker and feeder steer calves were quoted at $30 to $33. Monday's hog marketings are estimated at 1,000, or about double the receipts of both a week ago and a year earlier. Trading was very slow, with most butchers selling at prices which were 75¢ lower than in the latter part of the preceding week. A major portion of the No. 2 to mostly No. 3 Grades of 195- to 240-lb. barrows and gilts cleared at $17. Supplies in the sheep yards were the largest since the first Monday of last June. Sheep and lamb offerings totaled approximately 7,900, compared with 3,900 a week earlier and 2,000 on the corresponding date in 1958. Trading was very slow, Prices of slaughter lambs were steady to 50¢ lower than in the latter part of the past week. Good and Choice 87- to 107-lb. shorn slaughter lambs with No. 1 and fall-shorn pelts sold at $17.50 to $18. M0 R E P 0 U L T R Y P R 0 C E S S E D Approximately 238.9 million lbs. of poultry (ready-to-cook weight) were processed during the first 11 months of 1958, points out the AMS. This total refle ct s a 16/o gain over the c~able periodin 1957. P 0 UL T R Y The major ~ commercial broiler markets showed slight improvement durjng the trading week ended Friday, January 2, reports the State Department of Agriculture. Over-all trading was normal in south Texas and normal to heavy in east Texas. As compared with a week earlier, ~n~ces were 1¢ per lb. high~r in south Texas and mostly unchanged to 1¢ higher in east Texas. The following ~losing prices were quoted: South Texas, 15¢, and east Texas, 14¢ to 15¢. In east Texas, 65% of the sales were at undetermined prices. During the corresponding period in 1958, closing prices were 21¢ in south Texas and 20¢ in east Texas. On Monday, January .!l,, commercial broiler markets were steady and trading was about normal in south Texas. In east Texas, commercial broiler markets were firm and trading was moderate to normal. Prices were 15¢ per lb. in both areas; however, about one-half of the sales in the east Texas market were at undetermined prices. Area BROILER CHICK PLACEMENTS Week ended Januarz: 3, 1959 Percentage increase from Comparable Previous week week, 1958 Texas ••••.• Louisiana •. 2, 277 ,000 8 18 16 470,000 states •• 31,347,000 10 17 22 65 L ONG - S T A p L E C 0 T T 0 N E X P 0 R T S UP ~· exports of American-Egyptian cotton during the first quarter of :he 1958-59 marketing season (August-October 1958) totaled 6,150 bales as compared with 208 bales during the corresponding period a year earlier, according to the Foreign Agricultural Service. All of this cotton went to Spain except 55 bales, Q. J. z. Rowe Agricultural Economist