The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS umber 502 ~1 Jednesday, Au •u~ 12) 1959 T E XAS F ARM P R I CE 3 UP The index of prices received by Texas fari.11ers aud ra chers r r products advanced 6% during the month ended July 12., reports the A ric l ke ia~ Service. The L.1dex was 293% of the 1910-lL} average, co.1pare<l year ago. The all-crops index ~ sharply fro1n the mid-June level l idual crop prices showed mixed trends during the month. Higher cotto reflected the good quality of new-crop offerings. Slightly higher pri oats, and barley also contributed to the rise in the index. Partial y these advances were sharply lower potato prices and slightly louer feed hay prices. The livestock and livestock products index on July 15 ;as abo 1'% hi~her h > l! of than a month earlier. Prices of meat animals, except sheep, were belo mid-June . However, these decreases were slightly more than offset by dva1ces iu prices of poultry and eggs, dairy products, wool, and rnohair. A G R I C U L T U R A L E X I! 0 R T S Reflecting a 6% decrease from fiscal 1958, .!:!_. ~. _agricultural e poc s totale d an estimated $3.7 billion durir1g the fiscal year ende d June _.Q. 195~, 1..eports the Foreig~ Agricultural Service. Declines in exports of cotto11, iruits, dairy products, and hides and skins more than offset increases in ship el of graias, vegetable oils, oilseeds, vegetables, and meat. The principal d cl11~ was i1 cotton, which was down 51%. Exports of tobacco and animal facs ece about unchange d from a year earlier while feed grain and soybean exports \lere Re peak levels. In contrast to the decline in exports, the value of Q. Q. a 1 ric~lLural imports during fiscal 1959 was up 1% from the preceding year. VAL UE 0 F F ARM AS 3 E T S AT E The value of the Nat ion's farm assets and proprie tors' L1 L.hese assets reached new peaks of about ~203 billion aL1d $180 billion, respecti ely, on January 1, 1959, according to a recent report of th;-u-: S. Department of ~riculture . About one-half of the $17 billion gain in farm asset values dur ing 195 re ulted from the rising value of farm real estate. Livestock on farms showe d the r atest perceL.tage increase in value, with the major part of the gain res ulting [ · i,.;her cattle prices. Farm debts rose about $3 billion in 1958. Gro ss farm 11co1e ceache d a record high of $39. 4 billion while net income frorn agricul ture d to ~lo. 7 billion - up 16% over 1957. U N D E S I R A B L E \J H E A T T 0 B E D I S C 0 C The USDA recently named 37 wheat varieties which per bu. in price support rates on the 1960 wheat crop because of l.l [er.· ) or baking qualities. The list includes the 33 varieties desi gnated for the 1959 wheat price-support program and four additional varietic Cache, and Yogo of the hard red winter class aod C.T. 231 of the h .... d class. Beginning with the 1956 wheat crop, discounts to disco ura~e undesirab le wheat varieties have been included in the price-s ~pport L l v~ S T 0 CK Accordiug to the f\l·I:=: > cattle marketii.1~s at Fort Worth duriug the weel· ended Thursday> August 6, totaled 7,900 head - up 36% over the limited supply of ·the previous week and L~% above the year-earlier figure. Trading on slaughter steers and heifers was slow, aLtd prices were mostly SOC per cwt. lower than L1 th preceding week. In coatrast, trading on stockers and feeders was moderately acti, and prices generally were steady to weak. Standard 900- to 1,150-lb. slaughter steers sold at $2j to $25 per cwt.; Commercial cows, $16.50 to $17.50; and 550- o 700-lb. stocker and feeder steers, $23 to $28. Calf receipts were an estimated 2,300, compared with 1,700 a week earli and 3,300 a year ago. Oa Monday, demand for slaughter calves was good and tradil g was active, with prices fully steady with those in the latter part of the previous week, However, trading was slower during the remainder of the period, and prices declined SOC or more during the week. Good and Choice killing calves closed at 2 to Q27.50; and Good 350- to l~75-lb. stocker and feeder steer calves cleared at 29 to $33. A total of 2, L~OO hogs was received at Fort Worth during the week of Aug 6 - 600 fewer than in the preceding week but 500 more than in the corresponding period of 1958. Trading was fairly active, aad Thursday quotations were steady those of a week earlier. U. S. clo. 1 through No. 3 Grades of 180sold at $14.25 to ~14.75. Sheep and lamb offerings were 6,800, reflecting gains of 26% over the pr vious v-1eek and l'.i-5% over a year ago. Demand for ·i:uost slaughter classes was fair y broad early in the week but was poor the remainder of the period. As compared wit the latter part of the previous week, prices of slaughter spring lambs and yearli were $1 to 02 lower. Good and Choice 75- to 85-lb. slaughter spring lambs were quoted at $21 to $21.50. POULTRY During the week ended Fridays f<,.ugust ]_, the Texas commercial broiler ~ kets opened steady, according to the State Department of Agriculture. However, th east Texas market became unsettled on Tuesday as the Southwest foultry Exchan!J,e E_gan operations, The south Texas market felt the effects of the unsettled conditi and the closing undertone was u~settled in both areas. Closing prices were mainl 16C per lb. in south Texas and 14¢ to 15~ in east Texas, although 57% of the sales in the latter area were at uadetermined levels. During the correspo~ding week in 1958, closing prices were: South Texas, 19¢ to 20¢, mostly 19C; and east Texas, 17~¢ to 18c. Commercial broiler markets were weaker in south Texas and unsettled itl ~Texas on Monday, August 10. Quotations were: 3outh Texas, 15¢, with a very few 1¢ higher; and east Texas, 14¢ to 15¢, with 43% of the sales at undetermine d prices. BROILER CHICK PLL\CEHENTS Percentage Previous week fr Comparable week, 195 chaa~e Area Week ended August 1, 1959 Texas ...•. Louisiana .. 2,250,000 363,000 5 -14 -17 22 states .. 30,963 000 -5 -5 J. Z. Rowe Agricultural Economist -L~
@FedFRASER