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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