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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS umber 50 7 Wednesda y, Jeptember 15, 1959 L A N D BANKS L 0 AN RECORD L\ HOUNT The Nation's farmers borrowed a record $574 million from the Feder &l Lund B nks during the fiscal year ended June 30, 1959,~ording to the fJrm Cr e dit Admi n istration. Officials of the System compared the loan volume with that of the mid-1930's but pointed out that the money was used for different purposes. During the depression, the Land Bank System's job was to prevent farm foreclosures. In the fiscal year 1959, farmers used much of the borrowed mot1ey to (1) purchase addition al land, (2) modernize their farms, and (3) make their farms more efficient uni t s. C 0 N S E R VAT I 0 N RE S E R VE A P P L I C AT I 0 N D~ ~ DL I NE The U. S. Department of Agriculture recently announced that the de a dline for fa rmers to ~ for the establishment of basic annual rates ~ ~ for 1960 Conse rvation Reserve contracts has been extended from Jeptember 10 to 3eptember 30 ) 1959 . According to the USDA, this extension will allow time for the farmers to make applications after the clarification of provisions governing establishment o f land values for determining rates. R E G U L A T E D A RE A KHA P R A B E E T L E Ten premises in El Paso and Hudspeth Counties of Texas have been added to the Federal Khapra beetle regulated area under a USDA order effective September 9. ~ine teen properties where khapra beetle infestation had been found since early •ebruary have been fumigated under Texas State regulations. Some of these propertie s have been released from quarantine restrictions, while others will be kept unde r observation for a year following treatment. Another property in Arizona also has been designated as a regulated area. Two properties - one in Arizona and the othe r in New Mexico - have had their regulated status revoked. S URP L US F 0 0 D D0 NAT I 0 NS R E A C Il P E AK During the fiscal year ended June 30, 1959, the ~ donated a record to t a l of nearly l billion lbs. of surplus food for~ in school lunch programs , by charitable institutions in this country, and by needy persons both here and &br oad. Domestic outlets received all of the 5% gain from the preceding fiscal ye ar , ''i th donations to schools, institutions, and needy persons amounting to slightly mo r e than 1 billion lbs. Donations for foreign distribution decreased by about 100 mil lion lbs. from the fiscal year 1958. ME A T P R 0 DU C T I 0 N U P of red~ during January-July 1959 amounted to 14 . 7 billion lbs., representing a 6% gain over the comparable months of 1958, reports t he Agricultura l Marketing Service. Production of beef was up 1%; pork, 16%; and~ and mutton, 7"/o. On the other hand, the outturn of veal uas down 19/o from the prec e ding year . Q. ~ . output L I V E S T 0 CK Fort Worth receipts of all classes of livestock during the week ended Thurs day, September .!.Q, 1959, were below those of the preceding week as a result of the Labor Day holiday, according to the Lli~S. The 3-day cattle supply of 5,000 compared with 8,300 from the previous week and 7,400 a year ago. Trading in l ater sessions was more active than in the preceding week, and slaughter steers sold at prices which were steady to 50¢ per cwt. higher. Demand was fairly broad for practically all stockers aud feeders, and most sales were fully steady. Good and Choice 900- to 1,100-lb. slaughter steers sold at $26 to $27.50; Utility and Commercial cows, $15.50 to $18; and Medium and Good yearling stocker steers and hei fer $23.50 to $29.50. The calf ~was an estimated 1,800, reflecting declines of 28% from th previous week and 57% from the corresponding period in 1958. Prices of slaughter calves were steady to weak, with the majority of the Good and Choice offerings quoted at $25.50 to $27. The bulk of the Medium and Good stocker and feeder ste er calves cleared at $25 to $32. Hog marketings totaled approximately 1,900, or 800 fewer than a week ago but 400 more than the previous year. Closing prices were 25¢ to 50¢ higher than i the latter part of the preceding week. U. S. mixed No. 2 and No. 3 Grades of 190 to 240-lb. butchers brought $14.50 to $15.25. Sheep and lamb offerings were about 3,200 - down 40% from the previous week but up 23% over the year-earlier figure. Trading was active on all classes of sheep and lambs. Prices of spring lambs were fully 50¢ higher than at the prece din week's close, with Good and Choice wooled and shorn 75- to 95-lb. spring slaughter lambs with mostly Nor 1 pelts quoted at $19 to $19.50. P 0 UL T R Y The two major Texas commercial broiler markets showed divergent trends during the week ended Friday, September .!.!., points out the State Department of Agriculture. The east Texas market opened weak and unsettled but became steady by the close, while the south Texas market opened steady and then grew weaker. Closing prices were 16¢ per lb. in south Texas and 14~¢ in east Texas, although 60~ of the sales in the latter area were at undetermined prices. During the correspo nding period in 1958, closing quotations were mostly 18¢ in both areas, with a few sales in south Texas at 18~¢ to 19¢. The Southwest Poultry ~xchang~ offered 151,600 broilers on Friday afternoon, of which 99,500 sold as follows: 20% off-quality, at 13.7¢ to 14¢; 21%, at 14.5¢; 20%, at 14.6¢; 33%, at 14.7¢; and 6%, at 14.8¢. On Monday, September 14, commercial broiler markets were steady in south Texas and unchanged in east Texas. Prices were the same as the previous Friday's close; however, 58% of the sales in east Texas were at undetermined levels. Area BROILER CHICK PLL\CEMENTS Week ended Se Et ember 5, 1959 Percentage decrease from Compara bl Previous week 2 195 week Tex.ss .•.••• Louisiana .. 1,870,000 366,000 -5 -6 -8 22 states •• 26,939 000 -5 -4 J. Z. Rowe ~gricultural Economist -1