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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS umber 519 Wednesday, December 9, 1959 1 9 6 0 - CR0 P R I CE On December 1, 1959, the U. s. Department of Agriculture announced the f ollowing actions on 1960-crop rice: 1, 2. 3. Proclaimed marketing quotas. Set December 15, 1959, as the date for a referendum to determine producer approval or disapproval of quotas. Set the advance minimum national average support price at $4.36 per cwt., which is 75% of the December 1959 rice parity price. If marketing quotas are approved by two-thirds of the producers voting in the December 15 referendum, price support will be available to cooperators at not l ess than a national average price of $4.36 per ~· The national average support price to producers for 1959-crop rice is $4.38 per cwt., reflecting 75% of the Au gust 1959 parity price. P R I CE S AGR I C UL T URAL During the month ended November .!1, 1959, the index of prices received by the Nation's farmers declined 2% to 230% of the 1910-14 average, reports the Agricult ural Marketing Service. The index was 7% below the year-earlier level and was the lowest since March 1957. Higher prices for family living items boosted the parity i ndex (which reflects prices paid for commodities and services, plus interest, taxes, and wage rates) to 297, or a new November high. The mid-November parity ratio declined to 11 - a 19-year low. The index of prices received by Texas farmers and ranchers for all farm products also declined 2% during the ~ ended November 15. At 262% of the 1910-14 average, the index was 8% below the year-earlier level. A 4% decline in prices for l ive stock and livestock products more than offset a 2% gain in crop prices during the month. ACT S T 0 CKYAR DS P UBL I CAT I 0 N 0 N P A C K E R S AND The USDA recently issued an illustrated folder which answers livestock producers' questions about the Packers and Stockyards Act. The publication explains what the law is and gives details on the provisions that protect livestock producers. I t describes regulations on weighing, protection of funds, accounting facilities and r at e s, and competition. The publication also tells how the law is enforced and what a producer should do if he has a complaint or has suffered loss or damage in ma r keting his livestock. Single copies of the folder, "Questions and Answers on the Packers and Stockyards Act for Livestock Producers," AMS-348, may be obtained, free of charge, from the Marketing Information Division, Agricultural Marketing Service, U. S. Department of Agriculture, \Vashington 25, D. C. P 0 UL T R Y The ~ major Texas conunercial broiler markets opened steady to slightly stronger but became unsettled by the close during the week ~ Friday, December ~' po i nts out the State Department of Agriculture. Demand ranged from fair to good, and the trading volume was mostly light to moderate. Friday quotations were 16¢ per lb. in south Texas and 15¢ to 18¢ in east Texas, with 55% of the sales in the latter area~ndetermined levels. During th~parable week in 1953, closing prices were 17¢ in south Texas and 16¢ in east Texas. The Southwest Poultry Exchange offered 129,400 broilers on Friday after~' of which 91,000 sold as follows: 17% off-quality, at 14.0¢ to 14.9¢; 16% offquality, at 16.6¢ to 17.0¢; 21%, at 17.4¢ to 17.7¢; 21% 5 at 17.8¢ to 18.2¢; and 25% , at 18.3¢ to 18.5¢. On Monday, December comme1·cial broiler markets were stronger ~p south Texas and about steady in east Texas. Quotations were: South Texas, 17¢, with one light load at 19¢; and east Texas, 17¢ to 18¢, although one-half of the sales were at undetermined prices. z, Area BROILER CHICK PLACEMENTS Week ended November 28, 1959 Percentage change from Previous Comparable week week, 1958 Texas •••••• Louisiana •• 1,646,000 292,000 -3 -28 -37 22 states •• 27 267 000 1 -5 2 L I VE S T 0 C K Receipts of all classes of livestock at Fort Worth during the week ended Thursday, December l, were above both the 3-day trading period of the preceding week and the corresponding 4 days of 1958, according to the AMS. The cattle run totaled an estimated 6,300, compared with 5,000 in the previous week and 5,200 a year ago. Trading on slaughter steers and heifers was generally slow. Closing prices of animals grading Good and above were strong to 50¢ per cwt. higher than a week earlier, while other grades were weak to 50¢ lower. Quotations for stocker and feeder cattle were fully steady. Good and Choice 940- to 1,135-lb. slaughter steers brought $23 to $24.50; the bulk of the Utility and Commercial cows, $14 to $16.50; and most of the Medium and Good 475- to 700-lb. yearling stocker steers, $20 to $23. Calf supplies of 2,500 were up 19% from the preceding week and 47% from the year-earlier figure. Trading on slaughter calves was moderately active, and prices were mainly steady. The majority of the Good and Choice killing calves cleared at $23 to $24, and Medium and Good stocker steer calves sold at $23 to $26. A total of 2,500 hogs was received at Fort Worth during the week ended December 3, or 800 more than a week ago and 600 above the corresponding period last year. Closing prices were 25¢ to mostly 50¢ lower than the last trading day of the preceding week. Mixed U. S. No. 1 through No. 3 Grades of 190- to 275-lb. barrows and gilts sold mainly at $11.75 to $12.25. Sheep and lamb marketings were approximately 9,900, which is 55% above th previous week and more than four times the year-earlier level. Trading was very slow after Monday, and prices declined sharply. Slaughter lambs were fully $1 lower than in the preceding week, with Good and Choice 85- to 97-lb. wooled and shorn slaughter lambs quoted at $16 to $16.50. J. z. Rowe Agricultural Economist
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