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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS umber 522 Wednesday, December 30, 1959 WI NT E R WH E A T The national winter wheat ~~2ge seeded for harvest in 1960 is estimated at 44.4 million ~> or fractionally below the seedings for the 1959 crop and 11% les s than the 10-year (1949-58) average, according to the Agricultural Marketing Se rvice. Based on December 1 conditions and other factors, the 1960 winter wheat crop is indicated at 926 million bu. A crop of this size would be up slightly from the 1959 outturn but 21% below the record production in 1958. The table below shows the acreage seeded for and indicated production of 19 60-crop winter wheat for the states of the Eleventh Federal Reserve District and comparisons with the crops of 1959 and 1949-58. WINTER WHEAT Five Southwestern States ~In Crop of 1960 ACREAGE SEEDED thousands of acres) Crop Crops of of 1949-58 12.22. PRODUCTION (In thousands of bushels) Crop of 1960.11 Crop of 1959 Crops of 1949-58 Arizona •••••••• Louisiana •••••• ew Mexico ••••• Ok lahoma ••••••• Te xas •••••••••• 40 90 280 5,034 4,373 109 84 280 5,034 4,287 44 ])74 490 5,720 4, 962 1,360 1,170 3,360 80,544 61,222 3,672 1,200 3,791 89,174 59,850 1,229 ])772 1,678 66,759 36,751 Five stat es •• 9,817 9,794 11, 290 147,656 157,687 107,189 ll Indicated December 1, 1959. 11 Short-time average. SOURCE: u. s. Department of Agriculture. CC C 0 F F E R S CE RT I F I CAT E S 0 F I NT E R E S T On December 21 the U. S. Department of Agriculture announced that the Commodity Credit Corporation is offering to commercial banks, savings banks, and ~ companies the opportunity to participate in financing a pool of price-support lo ans on agricult~ral commodities, other than cotton, by making funds available to the CCC at the Federal Reserve banks and their branches. (These institutions are fisca l agents for the CCC.) Special series certificates of interest, currently bearing interest at the r ate of 4% per annum, will be issued to evidence participation in the loan pool. Price-support loans in the pool for which certificates may be issued presently exceed .i!. billion. The certificates will mature on August 1, 1960, but may be tendered to the Federal Reserve banks or branches for purchase by the CCC at any time prior to ma turity. Certificates tendered prior to maturity will be paid on the fifteenth day af t er tender. 0 F D 0 W N TEXAS CR 0 P S VALUE The combined value of the principal Texas crops amounted to $1.4 billion during 1959, reflecting a 4% decrease from a year ago, reports the AMS. Lower prices for cotton and grain sorghums more than offset the larger production of these crops. Cotton lint and seed lead in value, contributing almost one-half of the total; sorghums rank next, with about one-fourth. P I G C R 0 P The total 1959 E.!li crop in the United States is placed at 101.6 million head, or 8% above the 121§. figure and the largest crop~ the rec~21.8 million produced l:!! 1943, points out the AMS. Reports on breeding intentions indicate that about 7,3 million sows are expected to farrow in the spring of 1960, which is 12% less than the number farrowed in the spring of 1959. If intentions for sprin farrowings materialize and the number of pigs saved per litter is approximately equa to the 1948-57 average, the 1960 spring pig crop will be about 52.0 million. A crop of this size would be 11% below the 1959 spring crop. In the District states (Arizona, Louisiana, New Mexico, Oklahoma, and Texas), the 1959 total pig crop is estimated at 3.6 million, representing a 15% increase over a year earlier. Approximately 243,000 sows are expected to farrow in the spring of 1960, or 16% fewer than in the spring of 1959. P 0 UL T R Y The principal ~ commercial broiler markets were ~ steady on Monday December 28, reports the State Department of Agriculture. Quotations per lb, were: South~' 15¢ to 16¢, mostly 15¢; and~~' 15¢, although 43% of the sales were at undetermined prices. Area BROILER CHICK PLACEMENTS Week ended December 19, 1959 Percentage change from Previous Comparable week week~ 195 Texas •••••• Louisiana •• 1,748,000 319,000 1 10 -18 -29 22 states.. 28,911,000 1 -5 C 0 N S E R V A T I 0 N R E S E R V E p ROG RAM Approximately 28 million ~ of Q. ~· cropland will be ~ ~ of production in 1960 under Conservation Reserve contracts which were in effect or were applied for--ru-1959, according to the USDA. Land in the Conservation Reserve is held out of production to help ease the farm surplus situation and is kept in conservation uses to meet future needs, About 22.4 million acres were out of production under this program during the 1959 crop season, and more than 5 million new acres are expected to go into the Reserve in 1960 as a result of the 1959 fall s ignup. Data on land placed in the Conservation Reserve in the states of the Eleventh Federal Reserve District during 1956-59 (and percentage of total cropland under contract) are as follows: Arizona, 7,353 acres (0.5%); Louisiana, 176,001 acres (3.2%); New Mexico, 872,503 acres (35.5%); Oklahoma, 1,187,611 acres (8.2%); and Texas, 3,238,504 acres (8.8%). J, z. Rowe Agricultural Economist