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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS
u lber
L~94.
Ju~e
Wednesday,
F AR M
P R 0 DUCT I 0 N
17, 1959
C0 S T S
Prices paid by the Nation's farmers for production :soods and services
frou non farm sources have been ris in;~ at a illUch faster rate than have prices for
all ~;oods and services used in production, reports the Agricultural Research Service. Pr ic~paid for farm-produced it ens have lagged behind or declined since
l..,L(7-4-9,
Prices paid by farmers for production goods and services are expected to
reach new peaks in 1959. Although prices paid for feeder and replacement livestock
advanced during the--ri'rst 1..., months of this year, little - if any - further increase
is e~pected in the prices paid for these livestock or for feed, seed, or fertilizer.
The following table shows percentage changes in cost rates aad prices
paid by faruers for major groups of production items during the spring of 1959
as compared with a year ago.
Percentage
change
Itei.1
Cost rates
Wage rates (April!)............................
Taxes (annual average)..........................
Prices paid
FarLl real estate (March 1) ••••••••••••••••••.•••
Farm machinery (March 15).......................
Livestock (April 15)............................
Motor vehicles (March
Feed (April 15) •••••• , •••••••••••••••••• ,.......
Motor supplies (March
Building and fencing materials (March 15).......
Farm supplies (March 15)........................
Fertilizer (April 15)...........................
Seed {April 15) ••••••••••••••••••••••••• ,.......
15).......................
15).......................
ME X I C 0
RE S T R I CT S
CAT T L E
AND
BE E F
9
8
8
S
5
3
2
1
1
0
-2
-7
E XP 0 RT S
In order to protect her domestic meat supply, Mexico~has placed a quota
on the number of cattle that can be exported or slau~htered for export to th-e~~
United States~ according to the U.S. Department of Agriculture. The quota is
reported to have been set at 150,000 head for March-April 1959 and at 130,000
head for each of the periods May-June and July-August.
C R 0 P
W 0 R L D COTTON
A new record world cotton crop of L~L~. 7 million bales (500 lbs. gross
7eight) is estimated for the 1958-59 season, according to the Foreign Agricultural
ervice. A crop of this size would be 1.2 million bales larger than the previous
record crop in the 1955-56 season and is 3,0 million bales above the 1957-58 outturn. Foreign cotton production was 33.2 million bales in 1958-59, or a new
record for the second successive year. The trend toward higher yields per acre
continued; the world average yield is estimated at well over half a bale per acre.
P 0 UL T R Y
Durint::; the week ended Friday, June g, price trends in the major Texas
broiler markets diverged for the second consecutive week, according to the State
Depart1;ient of Agriculture. South Texas markets opened on a general 1¢ per lb.
advance, but declined at mid ·week. In~ Texas, markets were generally weak, but
prices strel1gthened at wid week to equal the closing prices in the previous week.
Closing prices were 16¢ in south Texas and LlOStly 15¢ in east Texas, with 54% of
east Texas sales at undetermined prices. In the corresponding period a year ago,
prices were 21¢ in both areas.
On Monday, June 15, prices in Texas markets were generally steady and
were 16¢ p;t:° lb. in south Texas and 15¢ per lb. in east Texas, with 30% of the
supplies in the latter areas at undetermined prices.
Area
BROILER CHICK
PLACEMENTS
Texas ••••••
Louisiana ••
Week ended
June 6, 1959
Percentage change fro ...
Previous
Comparable
week
week, 1950
2,.312,000
400,000
22 states •.
1 I VE S T 0 CK
5
-5
-23
-23
1
- 7
Cattle marketings at Fort Worth during the ~ ended Thursday, June .!.!.,
is estiwated at 6,400, or approxiQately one-third fewer than on both a week ago
and the corresponding period in 1958, according to the Agricultural Marketing Service. Demand for slaughter steers and heifers was narrow, although prices, held
mostly steady with those in the preceding week. On the other hand, demand remained
broad for stockers and feeders, and prices were fully steady to 50¢ per cwt. higher
than in the latter part of the past week. Standard and Good slaughter steers and
heifers, weighing 750- to 1,200-lbs., sold mostly from $24 to $27.50. Utility and
Commercial cows were quoted at $18.50 to $21, which was fully 25¢ to 50¢ per cwt.
higher than a week earlier. Medium and Good 400- to 675-lb. stocker and feeder
yearlings are quoted at $26 to $29.
Marketings of calves totaled 1,600, or 400 less than the previous week
and 600 below the comparable date last year. Demand was broad, and trading was
active at prices which were fully steady to 50¢ higher than in the past week. Good
and Choice slaughter calves moved at $28 to $30, and Medium and Good stocker and
feeder steer calves sold at $26 to $32.
Hog supplies totaled 2,900, or 19% less than in the latter part of the
past week, but 53% more than at the same time a year earlier. Barrows and gilts
sold weaker to 50¢ per cwt. lower than in the previous week. Most of the mixed
U. s. No. 1 through No. 3 Grades of 190- to 240-lb. butchers cleared at $15.65 to
$16.
Receipts of sheep and lambs totaled 18,800, which was L~>500 below last
week but only 200 less than in the comparable 1958 period. Slaughter spring
lambs were steady to 50¢ per cwt. lower than in the past week, while shorn
slaughter lambs and yearlings were mostly 50¢ higher. Good and Choice 70- to
95-lb. slaughter spring lambs sold at $22 to $22.50.
J. z. Rowe
Agricultural Economist
@FedFRASER