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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 532 Wednesday, March 9, 1960 A GR I C UL T UR AL P R I CE S The index of prices received by Q. ~. farmers advanced nearly 1% during the month ended February 15, 1960, reports the Agricultural Marketing Service. At 233% of the 1910-14 average, the index was 4% below the year-earlier figure. The parity index (which reflects prices paid for commodities and services, plus interest, taxes, and wage rates) was unchanged from the 299 of the preceding month but equaled the record high first established in April 1959 and was nearly 1% higher than a year ago. The parity ratio rose 1% to 78 on February 15 but was 5% below a year earlier. In contrast to the Nation, the index of prices received by Texas farmers and ranchers for all farm commodities declined 2% during the month ended February 15. The Texas index was 255% of the 1910-14 average, or 9% below the year-earlier level. The all-crops index was down 5% from mid-January, while the livestock and livestock products index was up 1%. MANY T UR KE YS ? T 0 0 The Secretary of Agriculture recently warned that the Nation's farmers could be headed for another record turkey crop in 1960, which could have an adverse effect on prices later in the year. The warning was based upon a report indicating that producers intend to raise 6% ~turkeys than in 1959. The Secretary pointed out that adjustments still can be made and suggested that producers carefully review their production plans for 1960 and give considerable thought to the prospective demand for turkeys at market time. HALVED NU M BER FARM WORKERS NEARLY The annual average number of persons at~ on the Nation ' s farms during 1959 totaled 7.4 million, of which 5.5 million were family workers and the remainder was ~ labor, according to the AMS. In about 45 years, the total number at work on farms has been reduced by almost one-half, with the 1959 number estimated at only 54% of the 1910-14 average. u p E XP 0 RT S Exports of all kinds of cotton from the United States during the first ~ months of the current marketing season (which began August 1, 1959) were an estimated 2.2 million bales, reflecting a 71% gain over the shipments during the same months of 1958. According to the U. S. Department of Agriculture, total exports from the Nation this season (August 1, 1959-July 31, 1960) are expected to be at least 6 million bales, compared with 2.8 million in 1958-59 and 5.7 million in 1957-58. C 0 T T 0 N c cc I NDUS T R I AL S URP L US C 0 R N F 0 R ALCOHOL The USDA recently announced the development of a limited experimental program for the utilization of surplus .£2!!! in the manufacture of industrial alcohol and related products, excluding beverage alcohol. In addition to moving surplus £2..E!! stocks of the Commodity Credit Corporation, the chief objectives of the program will be to obtain actual conversion .£.£§.! data on processes necessary to produce industrial solvents and to explore the economic impact on the markets affected. P 0 UL T R Y The major ~ commercial broiler markets were stronger during the week ended Friday, March~' reports the State Department of Agriculture. Movement was moderate to normal in east~ and very light to light in south Texas. Friday prices were: South Texas, 19¢ per lb., with one light load at 19~¢; and east Texas, 18¢, although 81% of the sales were at undetermined levels. During the corresponding period in 1959, closing prices were 17¢ in south Texas and 16¢ in east Texas. The Southwest Poultry Exchange offered 150,600 broilers on Friday, of which 64,000 sold at 18¢ to 18.5¢ (buyers absorbed 3% of rejected birds) and 43,600 at 17.5¢ to 17.7¢ (buyers absorbed all rejects). Commercial broiler markets were slightly weaker in south Texas and unchange d in east Texas on Monday, March l· Quotations were: South Texas, 18¢ to 19¢, mostly 18¢, with one light load at 19~¢; and east Texas, 18¢ (74% of the sales in this area were at undetermined prices). Area BROILER CHICK PLACEMENTS Week ended Februari 27 2 1960 Percentage change from Previous Comparable week week 2 1959 Texas •••••• Louisiana •• 2,262,000 390,000 -1 0 0 -23 22 states .• 34 645,000 0 2 L I V E S T 0 CK Rains and icy roads continued .£2. hamper Fort Worth livestock movements during the week ended Thursday, March l, points out the AMS. The cattle supply totaled an estimated 2,700, reflecting decreases of 16% from a week ago and 65% from the comparable period last year. Weather conditions resulted in a more active and stronger slaughter cattle trade but a slower, weaker stocker cattle market. Most of the Good and Choice slaughter steers (including 890• to 1,365-lb. weights) brought $23.50 to $26 per cwt.; Canner and Cutter cows, $13 to $17; and Medium and Good 500- to 800lb. stocker and feeder yearling steers, $25 to $27.50. Calf receipts were about 800, compared with 1,300 in the preceding week and 2,000 a year earlier. Demand for slaughter calves was broad, and prices were mostly 50¢ higher than a week ago. The majority of the Good killing calves cleared at $24.50 to $26, and Medium and Good stocker steer calves ranged from $23.50 to $27. The 1,600 hogs received at Fort Worth during the week ended March 3 were down 20% from the previous week and 40% from the year-earlier figure. Barrows and gilts sold at prices which were steady to 25¢ higher than in the latter part of the past week. Most mixed u. s. No. 1 through No. 3 Grades of 180-to 250-lb. slaughter hogs sold at $14.25 to $14.75. Sheep and lamb marketings were about 5,000, or 800 fewer than a week earlier and 3,300 below a year ago. Prices of slaughter lambs were strong to mainly 50¢ higher than in the latter part of the preceding week. Most of the Choice and Prime 90- to 105-lb. wooled, fall-shorn, and No, 1 pelt slaughter lambs were quoted at $19.50. J. z. Rowe Agricultural Economist
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