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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS umber 523 Wednesday, January 6, 1960 AGRICULTURAL P R I CE S The index of prices received by Q. ~. farmers declined nearly 1% during the month ended December 15, 1959, to 228% of the 1910-14 average, according to the Agricultural Marketing Service. The index was 7% below a year earlier, with the livestock and livestock products index down 12% and the all-crops index up 2%. For the year 1959, the index averaged 240 as compared with 250 in 1958. The parity index (which reflects prices paid for commodities and services, plus interest, taxes, and wage rates) held steady at 297 and ended 1959 at less than 1% higher than a year earlier. The index was~ stable than in any year since 19 40, ranging from a high of 299 in April to a low of 296 in October. At 77, the parity ratio on December 15 was unchanged from the preceding mon th but was down 7% from a year ago. F H A L 0 A N S D 0 WN Funds loaned by the Farmers Home Administration to the Nation's farm families during 1959 totaled an estimated $333.S million, compared with $362.8 million in the previ~year, reports the U. s. Department of Agriculture, The principal £actor accounting for the decrease was a smaller deman~ for emergency credit by farmers hard-hit by drought, storms, and other production disasters. There were 237 counties designated for emergency loans in the 1959 crop year as compared with 543 in the preceding year. Estimated FHA loans outstanding on December 31, 1959, were ab out $1.1 billion, reflecting a 4% increase over a year ago. P URCHAS E D B E SOLIDS DR IE D W H 0 LE T 0 E G G The USDA recently announced the resumption of purchases of dried whole ~ solids as a means of stabilizing~ prices to producers. The program was termin ated in September 1959, when egg prices began their seasonal rise. In recent weeks, prices to producers have fallen to relatively low levels. The dried whole egg solids will be made available to states for distribution to the school lunch pro grams and to needy persons. Details of the program may be obtained from the Poultry Division, Agricultural Marketing Service, u. s. Department of Agriculture, Washington 25, D. C. M0 R E B 0 L L WE E V I L S I N S 0 UT H During the fall of 1959, ~boll weevils were found taking winter cover in woods trash near southern cotton fields than a year earlier, reports the USDA. Res ults of cooperative Federal-state surveys issued by the Agricultural Research Se rvice showed a higher degree of infestation in Mississippi, Louisiana, Tennessee, and the coastal plain district of North and South Carolina than in 1958. The survey was conducted in Texas for the first time in the fall of 1959. In McLennan, Falls, Hill, and Limestone Counties (located in the central part of the State), the average number of live weevils per~ was 6,631. Comparative fi gures are not available for previous years; however, observations indicate that the number of weevils was probably greater~ usual. P E A N U T S T 0 C KS Peanuts held in off-farm positions in the United States as of November 30, 19 59, totaled 1.2 billion lbs. (equivalent farmers ' basis), reports the AMS. The stocks showed a seasonal increase of 28% over a month earlier but were about 6% be low holdings at the end of November 1958. This publication was digitized and made available by the Federal Reserve Bank of Dallas’ Historical Library (FedHistory@dal.frb.org). L I VE S T 0 CK During the 2-day trading period ended Tuesday, December 29, 1959, cattle receipts at Fort Worth totaled an estimated 4,100, reports the AMS. The figure reflected increases of 71% over the same period in the preceding week and 58% over a year earlier. Trading on the larger supply of slaughter steers and heifers was somewhat slow, while other classes of cattle moved rather freely. Prices for slaughter steers were weak to 50¢ per cwt. lower than on Thursday, December 17 (the date of the last weekly report), while quotes for stockers and feeders were about unchanged. Good and Choice 1,035- to 1,315-lb. slaughter steers brought $20.25 to $24; Utility and Commercial cows, $16 to $18.50; and Good 575- to 725-lb. yearling stocker steers, $20 to $25. The calf ~was approximately 800, or 100 more than in the comparable 2 days of a week earlier and 300 above the level of a year ago. Quotations were fully steady to strong. Good and Choice killing calves sold at $24 to $26.50, and Medium and Good stocker steer calves cleared at $22 to $26. Hog marketings are placed at 500, compared with 1,200 in the 2-day trading period of the previous week and 1,000 a year ago. Prices were mostly 50¢ higher than in the middle of the preceding week, with mixed U. S. No. 1 through No. 3 Grades of butchers ranging from $12 to $13. Sheep and lamb offerings of about 2,500 were down 17% from a week ago and 11% from a year earlier. Prices of slaughter lambs were fully 50¢ higher than in the middle of the preceding week, while those of slaughter ewes were steady to strong. Good and Choice 85- to 105-lb. wooled and shorn slaughter lambs with No. 1 and fallshorn pelts were quoted at $17 to $17.50. P 0 UL T R Y During the week ended Thursday, December 31, 1959, the principal Texas commercial broiler marke~pened about steady, report-;-the State Department of Agriculture. The south Texas market closed fully steady, while the east Texas market was unsettled. Thursday quotations were 16¢ to 17¢, mostly 17¢, per lb. in south Texas. There were no confirmed sales in east Texas at the close of trade. During the comparable period in 1958, closing prices were 14¢ in both areas. The Southwest Poultry Exchange offered 101,500 broilers on Thursday after!!.2.2.!!' of which 70,500 sold as follows: 4%, at 17,5¢; 29%, at 18.1¢ to 18.2¢; 14%, at 18.3¢ to 18.5¢; 13%, at 18.6¢; 9% off-quality, at 13.5¢ to 14.0¢; 13% off-quality, at 14.4¢ to 14.7¢; and 18% off-quality, at 17.0¢ to 17.2¢. On Monday, January~' 1960, commercial broiler markets were stronger in south~ and slightly stronger in~ Texas. Quotations were: South Texas, 17¢ to 18¢, mostly 18¢; and east Texas, 17¢ to 18¢, with 51% of the sales at undetermined levels. Area BROILER CHICK PLACEMENTS Week ended December 26, 1959 Percentage decrease from Previous Comparable week, 1958 week Texas •••••• Louisiana •• 1,409,000 235,000 -19 -26 -33 -40 22 states •• 25,796,000 -11 -11 J. Z. Rowe Agricultural Economist
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