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 1 umber 516 ~ Ued~esd&y) Novemb~r 18~ 1959 * * *** ************* *** ********************* NA T I 0 NA L F A R M - C I T Y WE E K * * The President has proclaimed November 20-26 as National 1•arm-City Heek . .,., Special emphasis will be on water for farm and city and on tec:..mwork for rural ·k development. The purpose ofFarm-City Week is to promote a better uuderstand- .,., ing between rural and urban people. Many private and public agencies nre co- * operating to promote this objective. Kiwanis International is the coordinat- .,.. ing agency. * k * ******* * ********* * ***** ********* * *** ** * * c c c P R I C E - S U P P 0 R T P R 0 G R A MS The U. S. Department of Agriculture recently reported that the Corrunodity Credit Corporation's investment in price-support programs totaled 09.0 billiou as of September 30, 1959. The cost value of inventories accounted for 84% of th~ total, llnd loai.1s outstanding cor11prised the remainder. On the comparable date last year, the CCC's investment was $7.5 billion, of which inventories were 74% nnd loans outstanding, 26%. The increase in upland cotton in the CCC's inventory as of S2ptember 30, 1959, accounted for about two-thirds of the $1.5 billion gain in the CCC's total investment in price-support programs as compared with a year ago. F ARM I N C 0 ME D 0 WN Cash receipts from farm marketings in the states of the Eleventh Federal Re serve District (Arizona, Louisiana, New Mexico, Oklahoma, and Texas) during January-September 1959 amounted to $2.3 billion, or 4% below the comparable months of 1958, according to the Agricultural Marketing Service. Receipts from crops \·J ere down Bio, and those from livestock and livestock products were fractioaally lower than a year earlier. BE E F BR E E D I NG CAT T L E 0 F During January-June 1959, Q. ..§_. exports of beef breed in;$ cattle were 9, L~71 hend, representing a 56% gain over the first half of the previous year, reports the .oreign Agricultural Service. However, the shipments were 23% below those in the l a st half of 1958. Of the beef breeding cattle exported during the first 6 months of 1959, 60% were Brahmans; 21%, Herefords; 8%, Santa Gertrudis; and 3% each, Charol a ise and Aberdeen Angus. E XP 0 RT S F A R M LAB 0 R The number of people working on U. S. farms during late October was an e stima ted 8.6 million, or about 1% fewer than a year earlier, reports the AMS. The average fo;-t°he first 10 months of 1959 was 1% below n year ago and 7% less than the 5-year (1954-58) average. In the District states, the number of farm workers during late October tot a led nearly 1.2 million, or 4% above the year-earlier figure and 6% more than t he 1954-58 average. L I VE S T 0 CK Fort Worth cattle and calf marketings during the week ended Thursday, November 12, showed marked expansion over both a week earlier and the correspo ndi t period last year, reports the AI1S. The cattle~ was an estimated 9,200 hend, co pared with 5,400 in the preceding week aad 7 3 700 a year ago. Quotations on mos t cl asses of slaughter steers were 50¢ to 91 per cwt. lower than in the precedin~ We · an d feeder steers closed weak to 50¢ lower. The bulk of the Standard and Good 91 to 1,155-lb. slaughter steers sold at $21 to $24; Utility and Commercial cows, 01 ~ to $17.50; and some Good yearling stocker steers weighing around 600 lbs., $23 . Calf receipts of about 4,100 reflected gains of 52% over the previous we and 64% over a year ago. Closing prices of slaughter calves generally were stead) to around $1 higher than a week earlier. The majority of the Good and Choice killi c al ves brought $23 to $25.50, and the bulk of the Medium and Good stocker and fe ed r steer calves ranged from $24 to $29. A total of 2,200 hogs was received at Fort Worth during the week ended Thursday, November 12, or 500 fewer than in the preceding week but 500 more than i n the comparable 1958 period. Prices showed some weakness in line with declines at other markets; Thursday quotations were weak to mostly 25¢ lower than L1 the lat ter part of the previous week. Most mixed U. S. No. 1 through No. 3 Grades of 190- to 250-lb. barrows and gilts cleared at ~12.75 to $13.25. Shee_p and lamb supplies of 5, L~OO were down 28% from the week-earlier figure but were up 20% over a year ago. Trading was generally slow, with slaughter lambs selling at prkes which were mostly $1 lower them in the latter part of the previous week. Good and Choice 87- to 100-lb. wooled and shorn slaughter lambs, with No. 1 and fall-shorn pelts, were quoted at $17.50 to $18.50. P 0 UL T R Y During the week ended Friday, November 13, the ~major Texas commercial broiler markets opened steady, points out the State Department of Agriculture. Th south Texas market held steady through the close, while the east Texas market becar:i ~tled by midtrading and closed on the unsettled conditio-;:--Demai.1d for broil ers slowed down as the holiday demand for turkeys increased. Friday quotations for broilers were: South Texas, 14¢ to 15¢ per lb., mainly 14~¢; and east Texas, 14¢ to 14~¢, with 58% of the sales at undetermined prices. During the comparable peri o in 1958, closing prices were 17¢ in south Texas and 16¢ in east Texas. The Southwest Poultry Exchange offered 99,100 broilers on Friday afterno u selling 66,900 as follows: 5% off-quality, at 13.0¢; 5% off-quality, at 14.2¢ ; 27 7.., at 14.5¢; 39%, at 14.6¢; and 24%, at 14.8¢. On Monday, November 16, commercial broiler markets were stronger i n south Texas and unchanged in east Texas. The following prices were quoted: South Texas 14¢ to 15¢, mostly 15¢; and east Texas, 14¢ to 14~¢, although 57% of the sales in this area were at undetermined levels. BROILER CHICK PLACEMENTS Percentage change from Compar able Previous week 2 1958 week Area Week ended November 7? 1959 Texas ••••.• Louisiana .• 1,490,000 279,000 12 -14 -2 l:. 22 states •• 25 976,000 2 -5 J. z. Rowe Agricultural Bconomist -31
@FedFRASER