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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 498 ~ * Wednesday, July 15, 1959 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * ** S A F E T Y MA K E S S E NS E ; * The President has proclaimed the week of July 19-25 as N.::i.tionul Fana ·k Safety Week and ho.s requested all persons and organizations interested in ·k the welfare of fnru people to support it and participate in its observance. * liSafety M..::.kes Sense lt Sc::.ves Lives" is the theme of this year 1 s Furu ;•, Safety Week. ·k * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * ** COTTON u p ACREAGE Estimated at 15.9 million~' the national acreage. planted to cotton for the 1959 crop is 28% above a year ago but 29% below the lO-ye2r (1948-57) average, according to the Agricultural Marketing Service. Factors contributing to the increased plantings over the 1958 level are (1) an increose in allotu1ents on Choice ~ farr,1s and ( 2) the absence of the Acreage Reserve Progrm,1 this year. The ncreage planted to Arc1erican-Egypt ian cotton in the United States is placed at 09, 200 acres, reflecting a 13% reduction from 1958 but a 17% gain over the 10-year average. The following table shows cotton acreage planted this year in the states of the Eleventh Federal Reserve District as well as cowparisons with 1958 and the 1943-57 average. COTTON ACREAGE PLANTED Five Southwestern States (In thousands of acres) Area Ar izonn .....•.••...•. Louisiana ...••..••.•• New Mexico ..•.•••.•.• Oklahooa ...•....•...• Texas . •.•............ Five states SOURCE: 1959 1958 Average 1948-57 L~4s 390 386 550 205 .J60 G,700 379 184 5,675 ZL} 7 1,075 9,318 8,505 7,054 11) 881 l~30 796 U. S. Department of Agriculture. P 0 UL T R Y During the week ended Friday, July 10, pr ices in the ~ cow1aerc :u1l broiler 11wrkets were irregular at the opening trade but becmae generally steady oefore i.iid-i·Jeek and then held unchanged through the _close, reports the State Depc:-r 1Jent of Agriculture. As comp2red with a week earlier, closing quotations were generL:lly unchc:i..nged in south Texas and 1¢ per lb. higher in east Texns. Prices were: South Texas> 17¢, with one late purchase at 16¢; and east Texas, 15¢ to 16~, with 46% of the sales at undetermined prices. During the correspondins period in 1958, closing prices were 19¢ to 20¢ in south Texas; and 19¢ to 20¢, mostly 19¢, in east Texas. On Monday, July 13, broiler markets in south Texas were about stendy, following a general 1¢ decline during the past week end, and were weaker in east Tex ~s . The following prices were quoted: South Texns, 16¢; and east Texas, 15¢ to 10¢, al though l:-5/o of the sales in this area were CJ.t undetent1ined prices. Percentage change frol .. Previous Couparo.ole week week, 195 Area Week ended July l~, 1959 Texas •..... Lou is ic:tna •. 2,250,000 L~49, 000 r. -u -20 8 22 states .. 33,673 000 0 -5 BROILER CHICK PLACEM.Ei~TS -5 L i VE S T 0 C K Peflecting decreases of 3% from a week earlier and 1% from the comparable period last year, cattle illarketings at Fort Worth totaled 6,900 head during the week ended Thursday, July 9, 1959, points out the AMS. Prices were generally ste ... d with those in the preceding week. Most Good 300- to 1,100-lb. slaughter steers brought $26 to $27.50 per cwt.; Utility cows, 017.50 to $18.50; and Good stocker aad feeder yearling steers, $26 to $29. Calf receipts were an estii:.wted 2,000, or about the sar,1e as a week ago but 300 fewer thau a year earlier. TrCJ.ding on slaughter calves was Lloderately acti and prices were about steCJ.dy to 50¢ higher than in the previous week. Good sl~ucih ~ calves cleared at $27.50 to $29, and Good and Choice 350- to 500-lb, stocker and feeder steer calves sold at $30 to $35. The hog supply is placed at 2, 600, cm,1pared with 3, l~OO a week earlier and 1,900 during the corresponding period in 1958. The deLland for most butchers w . broad, and prices showed sol:1e strength despite the downward tre:nd at other markets. The major portion of the U. S, No, 1 through No. 3 Grades of 190- to 245-lb. barro and gilts was quoted at $15.50 to $16, A total of 9, 200 sheep and lm,1bs was received at Fort Worth during the week ended July 9. The supply was 700 below a week ago but 900 above the yearearlier figure. Trading was fairly active on all slaughter classes, and prices were strong to $1 higher than in the latter part of the preceding week. Good o.nd Choice 70- to 87-lb. slaughter spring lafL!bs brought $20 to $21.75. P R I CE F 0 R MINIMUM 1 9 6 0 - C R 0 P WHEAT S UP P 0 R T On July 8 the USDA announced an "advance'; rninir.1urn national average suppor price of $1.77 ~bu, for 1960-crop wheat if wheat marketing quotas are npproved by producers in the July 23 referendum. The advance support price reflects 75% of the estimated parity price for wheat as of the beginning of the 1960-61 marketing year on July 1, 1960. The national average support price for 1959-crop wheat is $1.81 per bu. J, Z. Rowe Agricultural Economist