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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS

Number 531

Wednesday, March 2, 1960

S UP P 0 RT P R I CE S
The U. s. Department of Agriculture has announced the 196Q support price
levels for a number of~ commodities. The following table shows the minimum
national dollars-and-cents support levels and percentages of parity which have been
announced for various commodities produced in the states of the Eleventh Federal
Reserve District (Arizona, Louisiana, New Mexico, Oklahoma, and Texas) for 1960 and
comparisons with 19S9.
1960
Commodity and unit

Support
price

Upland cotton, lb.
.2897
Choice 11A11 • • • • • • • • • • • • • • • • • • • • $
.2318
Cho ice 11 B11 • • • • • • • • • • • • • , • • • , • •
.5304
Extra-long staple cotton, lb, •••
Cottonseed, tonl/ ••••••••••••••• 38.00
1.06
Corn, bu. • •.•••••••••••••••••••
.so
Oats, bu. • •••••••••••••••••••••
• 77
Barley, bu. ••••••••••••••••••••
.90
Rye , bu,
•••••••••••••••••••••••
1.52
Grain sorghums, cwt. •••••••••••
1. 77
Wheat, bu. • ••••••••••••••••••••
4.36
Rice, cwt • • ••••••••••••••••••.•
Peanuts, ton •••••••••••••••••••• 201.24
2.38
Flaxseed, bu, ••••••••••••••••••
1.85
Soybeans, bu. ••••••••••••••••••
5.35
Dry beans, cwt ••••••••••••••••.
Milk for manufacturing, cwt •••••
3.06
.566
Butterfat, lb. •••••••••••••••••
.086
Honey, lb. •••••••••••••••••••••

l/

1959

Percent
of parity

75
60
65
57
65
60
60
60
60
75
75
78
62
64
60
77

77
60

Support
price

$

.3040
.2470
.5291
38.00
1.12

.so
.77

• 90
1.52
1.81
4.38
193.SO
2.38
1.85
5.35
3.06
.566
.083

Percent
of parity
80

65
65
57
66
60
60
60
60

75
75
75
60
64
60

77
77
60

Loan rate on farm-stored cottonseed,

The incentive prices for the 1960 crops of wool and mohair are 62¢ and
70¢ per lb., respectively, which is the same as the 1959 figures.

CAL F
1 9 5 9
C R 0 P
LARGER
The 1959 calf crop in the United States totaled 41 million head, or 2%
above the 1958 figure, according to the Agricultural Marketing Service. The increase - which reversed the downtrend of the previous ~ years - resulted primarily
from the greater number of~ and heifers 1 years old and~ on farms.
In the Eleventh District states, the 1959 calf crop is estimated at 7.4
million, representing gains of 5% over the year-earlier level and 6% over the 10-year
(1948-57) average.

L I VE S T 0 CK
Bad weather and icy roads curtailed Fort Worth livestock marketings during
the week ended Thursday, February 25, reports the AMS. The cattle ~was an estimated 3,200, or two-fifths below the week-earlier figure but about the same as a year
ago. Demand was fairly broad for all classes, and prices generally were 50¢ per cwt.
higher than in the preceding week. Standard and Good 820- to 1,115-lb. slaughter
steers were quoted at $20 to $24.50; Canner and Cutter cows, $12.50 to $17; and Good
500- to 700-lb. stocker and feeder yearlings, $25 to $26.
The calf supply was about 1,400, compared with 1,600 in the previous wee k
and 1,100 last year. A generally broad demand and active trading resulted in a 50¢
to $1 gain in slaughter calf prices. The majority of the Good and Choice grades o f
killing calves sold at $24 to $26.50, and 125- to 450-lb. stocker steer calves
brought $28 to $30.
A total of 2,000 hogs was received at Fort Worth during the week ended
Thursday, February 25, reflecting declines of 20% from a week ago and 26% from the
corresponding period in 1959. Trading was active, and prices of barrows and gilts
were 25¢ to 75¢ higher than in the latter part of the preceding week. Mixed U. s.
No. 1 through No. 3 Grades of 190- to 230-lb. slaughter hogs cleared at $13 to $14. 50.
Sheep and lamb offerings of approximately 5,800 were 1,600 fewer than a
week ago and 1,500 below the year-earlier level, Trading was active on slaughter
classes, and prices were a little higher, in line with recent upturns at other markets. Good and Choice 90- to 105-lb. wooled, fall-shorn, and No. 1 pelt slaughter
lambs sold at $18 to $19.
P 0 UL T R Y
The principal Texas commercial broiler markets were generally steady during the week ended Friday, February 26, points out the State Department of Agriculture. Movement was light to moderate in east Texas and mostly light in south
Texas. Friday quotations were 18¢ per lb. i~uth Texas and 17~¢ to 18~¢ in east
Texas, although 81% of the sales in the latter area were at undetermined prices.
During the comparable period in 1959, closing quotes were 17¢ in south Texas and
16¢ in east Texas.
The Southwest Poultry Exchange offered 76,900 broilers on Friday after~' selling 52,500 at 17.9¢ to 18.7¢ (buyers absorbed 3% of rejected birds) and
12,400 at 17.1¢ to 17.4¢ (buyers absorbed all rejects).
On Monday, February 29, commercial broiler markets were stronger in sout h
Texas and slightly improved in east Texas. Prices were: South Texas, 19¢; and eas t
Texas, 17~¢ to 18¢ (66% of the sales were at undetermined levels).

Area
BROILER CHICK
PLACEMENTS

Week ended
Februar:l 20, 1960

Percentage change from
Comparable
Previous
week
week 2 1959

Texas ••••••
Louisiana ••

2,290,000
391,000

-2
7

0
-23

22 states,,

34,5832000

0

3

J. z. Rowe
Agricultural Economist