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Number 536

FED ER A L RESERVE BANK OF DALLAS
Wednesday, April 6, 1960

up
VOLUME
0 F
BUSINESS
FARMER
C 0 0 P E RAT I VE S
The gross business volume of farmer cooperatives in the United States
amounted to $14 billion during fiscal 1957-58, according to the latest annual survey made by the Farmer Cooperative Service of the U. s. Department of Agriculture.
The total reflected a 4% gain over the preceding fiscal year.
Other highlights of the 1957-58 survey show that 1. The number of farmer cooperatives in the Nation declined to 9,716 a net loss of 156 associations as compared with the preceding year.
2. A small decrease occurred in memberships, with the total number down
to 7. 5 million.
3. Dairy products continued to rank first in total marketing volume.
4. Feed remained in first place among farm production supplies.
I NT E RE S T RAT E 0 N P R I CE - S UP P 0 RT L 0 ANS
On March 31, the USDA announced that the interest ~ to be charged .E.!,£ducers on 1960-crop price-support loans will remain unchanged at 3~% .E!:.E. year on
all loan repayments received on or before the regular nonrecourse loan maturity
dates. On recourse loans - which were authorized by recent legislation limiting
nonrecourse price support to $50,000 - the rate will be 6% if the recourse advances
are not repaid on or before the maturity date for nonrecourse loans. The 6% rate
will be charged only on the balance of the loans not repaid by the regular maturity
date calculated from the date of the original disbursement.
F E R T I L I Z E R S I T UAT I 0 N F 0 R
1 9 5 9 - 6 0
The Agricultural Chemicals Staff of the Commodity Stabilization Service
estimates the Q. ~· supply of fertilizer materials for 1959-60 at almost 8.1 million
~ of primary plant nutrients - nitrogen, phosphate, and potash.
This quantity
would be 5% greater than the total available in the preceding season. The 1959-60
supplies of nitrogen for fertilizer and phosphate are placed at 11% and 4%, respectively, above those in the previous year; the potash supply is expected to be
unchanged.

w IND ER 0 s r· o N c 0 ND IT I 0 N s
Reports from 271 counties in the ~ Plains show that, as of March l,
1960, more than a million ~ have been damaged by winds this season which is 3%
below the year-earlier level. According to the USDA, another 12.3 million~
were in condition to blow on March 1, resulting from lack of ground cover, poor
soil structure, and insufficient protective practices. The total compares with 9.3
million acres in condition to blow at the beginning of March last year.
NEW
GRANT S
F 0 R
FOREIGN
R E S E A R C H PROGRAM
On March 30, the USDA announced Jd ~ grants for research to be performed
abroad under the Department's foreign research program. Three of the grants have
been made to institutions in Finland; five grants, to three Spanish technical institutions; two grants, to an Italian experiment station; one grant, to the Weizmann
Institute of Science at Rehovot, Israel; and one grant, to a British cereals research
association.
These foreign research and technical programs are paid !.2!. with foreign
currencies realized from the sale of surplus agricultural commodities under Public
Law 480.
1 2

P 0 UL T R Y
During the ~ ended Friday, April l, commercial broiler markets opened
stronger in south Texas and about steady in ~ Texas, according to the State Department of Agriculture. At the close, markets were steady in south Texas and fully
steady in east Texas. Trading volumes were mostly heavy. Friday prices were 18¢
per lb. in south Texas and 16~¢ to 18¢ in east Texas, with 59% of the sales in the
latter area at undetermined levels. During the comparable period in 1959, closing
prices were: South Texas, 16¢, and east Texas, 15¢ to 16¢.
The Southwest Poultry Exchange offered 183,800 broilers on Friday, of
which 73,600 sold at 17¢ to 18~¢ (buyers absorbed 3% of rejected birds) and 30,300
brought 16.7¢ to 17.1¢ (buyers absorbed all rejects).
On Monday, April ~' commercial broiler markets were fully steady in south
Texas and steady in east Texas. Quotations were: South Texas, 18¢, with a few
loads at 19¢; and east Texas, 16~¢ to 18¢, although one-half of the sales were at
undetermined prices.

BROILER CHICK
PLACEMENTS

Percentage change from
Previous
Comparable
week
week 2 1959

Area

Week ended
March 26 2 1960

Texas ••••••
Louisiana ••

2,122,000
435,000

-4
4

-19
-14

22 states ••

35 409 000

1

-5

L

I VE S T 0 CK

Warm, dry weather during the week ended March 31 enabled farmers and
ranchers to get started on overdue field work, resulting in reduced cattle and calf
receipts at Fort Worth, reports the Agricultural Marketing Service. The cattle
supply was approximately 4,900 head, compared with 6,600 a week earlier and 4,600
in the corresponding period of 1959. Demand for slaughter steers and heifers was
fairly broad, and prices generally were fully steady. The majority of the Good and
Choice 800- to 1,100-lb. slaughter steers brought $24.50 to $26.50 per cwt.; Utility
and Commercial cows, $15.50 to $19; and Medium and Good 500- to 650-lb. yearling
stocker steers, $24 to $26.50.
The calf !E.!! of about 1,900 was 100 below a week earlier but 500 more than
a year ago. Demand continued rather broad for most slaughter calves. The bulk of
the Good and Choice killing calves sold at $25 to $26, and Medium and Good stocker
and feeder steer calv~s ranged from $24 to $28.
A total of 3,600 hogs was received at Fort Worth during the week ended
March 31, reflecting gains of 20% over the preceding week and 38% over the yearearlier figure. Closing prices for 200- to 240-lb. butchers were 25¢ to 50¢ higher
than in the latter part of the previous week, while quotations on some of the mixed
grades and weights were steady to weak. Mixed U. S. No. 1 through No. 3 Grades of
190- to 255-lb. barrows and gilts brought $15.50 to $16.25.
Sheep and lamb marketings totaled an estimated 12,500, compared with 15,100
a week ago and 17,800 last year. The reduced supply was about sufficient to meet the
demand, and trading was fairly active. Prices of slaughter spring lambs were mainly
steady with those in the latter part of the previous week, with Good, Choice, and
Prime 69- to 90-lb. animals quoted at $21.50 to $23.50.

J. z. Rowe
Agricultural Economist