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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 538 Wednesday, April 20, 1960 W I N T E R WHEAT The April l forecast of the 1960 winter wheat crop in the United States places output at 977 million bu., which would be 6% above the 1959 production and the fifth largest crop of record. According to the Agricultural Marketing Service, the expected yield of 22.0 bu. per seeded acre is second only to the record 1958 yield of 26.9 bu. and is substantially above the 10-year (1949-58) average of 17.0 bu. The following table shows the indicated production of winter wheat in 1960 for the states of the Eleventh Federal Reserve District as well as comparisons with 1959 and the 1949-58 average. WINTER WHEAT PRODUCTION Five Southwestern States (In thousands of bushels) Area 1960 Indicated April 1 1959 Average 1949-58 Arizona ••••••••••••••• Lou is iana ••••••••••••• New Mexico •••••••••.•• Oklahoma •••••••••••••• Texas ••••••••••••••••. 1,360 990 4,200 90,612 78.714 89,174 59.850 1,229 )j772 1,678 66,759 36,751 Five states ••••••••• 175,876 157,687 107,189 3,672 1,200 3' 791 1/ Short-time average. SOURCE: U. s. Department of Agriculture. c c c S E L L AND P R I 0 R - C R 0 P COTTON 1 9 5 9Beginning August 1, 1960, the Commodity Credit Corporation will ~ all 1959- and prior-crop upland cotton for sale, subiect to reclassification before final settlement, according to the U. s. Department of Agriculture. Detailed provisions regarding sampling, classification, and settlement for the 1959- and priorcrop cotton are now being developed. They will be contained in a cotton sales announcement to be released from the New Orleans Commodity Stabilization Service Commodity Office in sufficient time to begin sales under the new provisions on August 1, 1960. Cotton from the 1960 crop purchased by the CCC under the Choice (~) program will be offered for sale by local sales agencies and by the New Orleans off ice on the basis of the guality assigned the cotton by USDA Boards of Cotton Examiners prior !..£ its purchase by the CCC. T 0 L I VE S T 0 CK Fort Worth cattle receipts during the week ended Thursday, April 14, are estimated at 5,700, reflecting gains of 36% over the previous week and 43% over the corresponding period in 1959, points out the AMS. Trading on slaughter steers was rather slow, and prices were steady to 50¢ per cwt. lower than a week earlier. The bulk of the Good and Choice 700- to 1,200-lb. slaughter steers cleared at $24.50 to $27.25, and Utility and Commercial cows ranged from $16.50 to $19. Demand for stockers and feeders was fairly broad, and prices generally were fully steady. Good and Choice 500- to 650-lb. yearling stocker steers were quoted at $26 to $28. The calf!!!.!! totaled about 1,200, or 100 fewer than a week ago but 200 above the year-earlier level. Demand was fairly broad for practically all weights and grades, and closing prices were fully steady to 50¢ higher than in the preceding week. Good and Choice killing calves brought $24 to $27.50, and the majority of the Medium and Good 300- to 475-lb. stocker steer calves sold at $24.50 to $29. Hog marketings of 3,000 were about the same as in the previous week but 19% below a year ago, Trading was fairly active, and prices were 25¢ to 50¢ higher than in the latter part of the preceding week. Mixed U. S. No. 1 through No. 3 Grades of 185- to 255-lb. barrows and gilts were quoted at $15.75 to $16.50. A total of 24,200 sheep and lambs was received at Fort Worth during the week ended April 14. The supply was 8% above the previous week's figure and 50% greater than a year earlier. Prices declined sharply, ranging from 50¢ to $2 lower than in the preceding week. The closing price for Choice and Prime 80- to 90-lb. spring lambs was $22,50. P 0 UL T R Y The major Texas commercial broiler markets were generally steady during the week ended Friday, April 15, reports the State Department of Agriculture. Demand was slow to fair as a result of the Easter holidays. Friday prices were 18¢ per lb. in south~ and 17~¢ to 18¢ in ~ ~' although 66% of the sales in the latter area were at undetermined levels. During the corresponding period in 1959, closing prices were 16¢ in south Texas and 15¢ in east Texas. Friday's offerings of broilers at the Southwest Poultry Exchange totaled 150,800, of which 97,000 sold at 17,8¢ to 18.3¢ (buyers absorbed 3% of rejected birds) and 16,300 sold at 17.5¢ (buyers absorbed all rejects). On Monday, April 18, commercial broiler markets were steady in south Texas and unsettled in east Texas. Quotations were unchanged from the preceding Friday's close; however, 82% of the sales in east Texas were at undetermined prices. Area BROILER CHICK PLACEMENTS Week ended April 9, 1960 Percentage change from Comparable Previous week week, 1959 Texas •• •••• Louisiana •• 2 , 046,000 493,000 1 15 -23 1 22 states •• 34 691 000 0 -6 J. Z. Rowe Agricultural Economist