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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 525 Wednesday, January 20, 1960 G 0 0 D WI L L A MB A S S A D 0 R S The U. s. Department of Agriculture announced a joint program with the u. S. Air Force and various Iowa individuals and farm organizations to make breeding hogs and ~ available to typhoon-damaged Yamanashi Prefecture of Japan. Iowa farmers are donating 40 head of breeding hogs to b~ used by the Japanese Government to increase and improve the quality of hog production. The Air Force will supply air transportation to Japan as part of its community relations effort and as a contribution to the promotion of better understanding between Americans and Japanese. The Commodity Credit Corporation will provide up to 60,000 bushels of .£2.E!!. to feed the hogs and their offspring, which are expected to exceed 2,800 during the next two years. GRA I N S T 0 CKS Stocks of feed grains on the Nation's farms January 1, 1960, were 6% above the year-earlier record and about one-third above average, reports the Agricultural Marketing Service. Stocks of ££EE_ exceeded the previous year's high by 15%, and sorghum grain stocks were~ slightly above January 1, 1959, despite the somewhat smaller harvest last fall. Oats stocks were about one-fourth less than a year ago and the smallest since 1940. Farm stocks of food grains were more than one-fourth below 1959 levels. Quantities of wheat, barley, and rye stored on farms showed a sharp decrease. F I NA L R E S UL T S 0 F MA R K E T I N G Q U 0 T A S The USDA announced the final results of the national referendum on marketing quotas for the 1960 crops of upland cotton and extra-long staple cotton. Nationally, 95.2% of the farmers voted in favor of quotas on upland cotton, and 85% approved quotas for extra-long staple cotton. The percentage of farmers voting in favor of quotas on upland cotton in the states of the Eleventh Federal Reserve District are as follows: Arizona, 73.7%; Louisiana, 97.2%; New Mexico, 86.3%; Oklahoma, 88.9%; and Texas, 88.3%. In the Nation, 94.9% of the growers voted favorably on marketing quotas for the 1960, 1961, and 1962 peanut crops. Final results of those voting favorably on the peanut quotas in the states of the Eleventh Federal Reserve District are as follows: Arizona, 66.7%; Louisiana, 92.9%; New Mexico, 77.6%; Oklahoma, 91.8%; and Texas, 89.9%. WI N T E R VE GE T A B L E S Winter vegetable production is expected to be greater than a year ago, according to the AMS. Production forecast as of January 1, 1960, indicated that output will be 9% over last year and 7% above average. Substantially larger crops of cabbage, carrots, lettuce, and cucumbers are in prospect. Heavier supplies of snap beans, cauliflower, eggplant, and broccoli are also expected. Sharp declines are forecast in the production of celery, tomatoes, green peppers, and spinach. L I VE S T 0 C K Cattle marketings at Fort Worth during the week ended Thursday, January 14 , totaled an estimated 5,800 head, reflecting declines of 2% from the preceding week and 13% from the corresponding 1959 period, points out the AMS. Opening sales on slaughter steers were moderately active, and prices were fully steady to 50¢ higher than in the preceding week. At the close of the trading period the market weakened but remained steady to 25¢ higher than a week ago. The bulk of the Good and Choice 1,050- to 1,375-lb. slaughter steers cleared at $22.50 to $25.00, and the majority of the Utility and Commercial cows sold at $17 to $19. Trading on stockers and feeders was active, and quotations were fully steady to 50¢ higher as compared with the preceding week. Some Good 550-lb. yearling stocker steers were quoted at $26. Calf receipts are placed at 1,900, compared with 1,200 a week ago and 2,400 on the corresponding date in 1959. The bulk of the Good and Choice slaughter calves sold early in the week within a narrow range of $24 to $26 per cwt.; prices toward the end of the week declined to $23.50 per cwt. Good and Choice 425- to 528-lb. stocker steer calves were quoted at $26.50 to $27.25. The hog supply of 3,500 was more than double the receipts of the previous week and was 1,000 greater than in the comparable period of 1959. Prices for barrows and gilts were mainly 25¢ to 50¢ higher than in the preceding week. U. S. mixed No. 1 through No. 3 Grades of 185- to 260-lb. butchers brought $12 to $13. Sheep and lamb marketings were placed at 8,500, or 52% more than a week ago but 54% below the year-earlier level. Trading on slaughter lambs was fairly active, and prices were fully steady. Most of the Good and Choice 90- to 103-lb. wooled .and shorn slaughter lambs ranged from $17.00 to $17.50, while the bulk of the Good and Choice shorn slaughter lambs with No. 2 and 3 pelts were quoted at $16.50 to $17.00. P 0 UL T R Y During the week ended Friday, January 15, commercial broiler markets opene d steady in south Texas .and slightly unsettled in~ Texas, reports the State Depart ment of Agriculture. By mid-trading, both markets had become steady to fully steady and held steady through the close. Friday prices were 17¢ per lb. in south Texas and 16¢ to 17¢ in east Texas, with 61% of the sales in the latter area at undetermined levels. During the corresponding period in 1959, closing quotations were: South Texas, 16¢ to 17¢; and east Texas, 17¢ to 18¢. On Friday afternoon, the Southwest Poultry Exchange offered 76,500 broiler s of which 60,900 sold as follows: 3%, at 15.9¢; 32%, at 18.0¢ to 18.3¢; 65%, at 18. 4¢ to 18.6¢, Commercial broiler markets were steady in south Texas and fully steady in ~ Texas on Monday, January 18. Quotes per lb. we~South Texas, 17¢; and east Texas, 17¢ to 18-t¢, although 55% o.f the sales were at undetermined prices, BROILER CHICK PLACEMENTS Percentage change from Comparable Previous week, 1959 week Area Week ended January 9 ~ 1960 Texas ••••.• Louisiana •• 2,043,000 425,000 16 20 -54 22 states •• 32 223 000 3 5 J. Z, Rowe Agricultural Economist -8