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AGRICULTURAL NEWS OF THE WEEK ---~•~-----F-E-D~E-R_A_L__R_E_S_E_R_V__E__B_A_N_K__O__F__D_A_L_L_A_S____________~ ll Number 542 Wednesday, May 18, 1960 * ***************************************** MAY 2 2 - 2 9 I S S 0 IL S T E WA R D S H I P WE E K ! ********** ** * ***** *** * ** ** * ** * * * * ******* ** Q PROCLAIMED F 0 R 1 9 6 1 - CR 0 P WHEAT On May 11, the Secretary of Agriculture took the following actions concerning 1961-crop wheat: (1) Proclaimed marketing quotas on the 1961 crop; (2) proclaimed a national wheat acreage allotment of 55 million ~' which is the minimum permitted by law; (3) announced~ shares of the national allotment; (4) set July 21, 1960, as the date for a referendum to determine producer approval or disapproval of quotas; (5) announced 39-state commercial and 11-state noncommercial wheat-producing ~ for 1961; and (6) announced that the minimum national average support price for the 1961 production will be determined prior to the wheat referendum on the basis of the latest available supply information. The following are the 1961 acreage allotments for the commercial wheatproducing states of the Eleventh District, with 1960 comparisons in parentheses: Arizona, 35,665 acres (30,042); New Mexico, 475,831 acres (478,681); Oklahoma, 4,869,786 acres (4,865,230); and Texas, 4,047,136 acres (4,092,251). U 0 T A S RAT E S GRA I N S T 0 RAGE NEW The Secretary of Agriculture recently announced the ~ storage ~ and handling charges under a revised Uniform Grain Storage Agreement, which will be effective for the storage year beginning July l, 1960. The commodities covered are wheat, .£2!!!, ~' grain sorghums, barley, rye, soybeans, and flaxseed. Under the new agreement, storage~ are reduced from about 16~¢ to 13~¢ per bu., reflecting an average reduction of 19%. Reduced expenses for storage alone are estimated to ~ about $75 million in CCC ~· With the addition of savings from lower handling charges, total savings to the CCC in 1960-61 are expected to be between $85 million and $100 million. P R 0 DUCT I 0 N C 0 T T 0 N cotton production in 1959 reached 14.6 million bales, according to a recent report of the Agricultural Marketing Service. The output (as indicated by ginnings for the season) was 26% above the relatively small 1958 crop and 4% larger than the 10-year (1948-57) average. The nearly 6 million tons of cottonseed produced was up one-fourth over the preceding season. The combined value of cotton lint and cottonseed, at an estimated $2.5 billion, was 18% above the 1958 figure. In the states of the Eleventh District (Arizona, Louisiana, New Mexico, Oklahoma, and Texas), the 1959 cotton output totaled 6.3 million bales, reflecting a 6% increase over the preceding year. Cottonseed production of 2.6 million tons was also up 6%. The combined value of cotton lint and cottonseed amounted to approximately $1 billion, or slightly below the 1958 total. g. ~. L I VE S T 0 CK Fort Worth supplies of all classes of livestock increased during the week ended Thursday, May 12, according to the AMS. The cattle~ totaled an estimated 7,400 head, or 10% more than a week earlier and 19% above a year ago. After a slow start, trading on slaughter steers was moderately active, and prices were fully steady to 50~ per cwt. higher than in the latter part of the preceding week. Good and Choice 855- to 1,185-lb. slaughter steers cleared at $26.50 to $27, and Utility and Commercial cows brought $15.50 to $18. Demand for stockers and feeders was slightly improved; however, prices showed little advance. The majority of the Medium and Good 470- to 675-lb. yearling stockers sold at $18 to $25.50. Calf receipts of about 2,300 compared with 1,900 in the previous week and 1,300 in the corresponding period of 1959. Trading on high-Good and Choice slaughter calves was active, and closing prices were 50¢ to $1.50 higher than a week ago; however, movement of all other killing calves was slow, and prices showed very little change. Most of the Good and Choice slaughter calves were quoted at $24.SO to $27.50, and Good 300- to 475-lb. stocker steer calves ranged from $24 to $28. Hog marketings during the week ended May 12 were placed at 3,300, or 100 more than in the preceding week but 400 below the year-earlier level. Trading was generally slow, and Thursday prices were 75¢ to $1 lower than a week earlier. Mixed U. S. No. l through No. 3 Grades of 185- to 260-lb. barrows and gilts were quoted at $14.25 to $15.50. Sheep and lamb offerings of approximately 44,900 were the largest for this season and were up about one-fourth from a year ago. Despite the big supplies, prices for slaughter classes showed very little change. Good, Choice, and Prime 75- to 90-lb. slaughter spring lambs brought $22 to $23.50. P 0 UL T R Y The principal Texas commercial broiler markets were generally steady during the week ended Friday, May 13, reports the State Department of Agriculture. Friday quotations were 18¢ per lb. in south Texas and 17~¢ to 17.3¢ in east Texas, although 49% of the sales in the latter area were at undetermined levels. During the corresponding period in 1959, closing prices were: South Texas, 15¢ to 16¢, mostly 15¢; and east Texas, 15¢. The Southwest Poultry Exchange offered 183,300 broilers on Friday, selling 86,500 at 16.7¢ to 17.6¢ (buyers absorbed 3% of rejected birds) and 41,000 at 16.2¢ to 16.9¢ (buyers absorbed all rejects). The Texas commercial broiler markets were steady on Monday, May 16. Quotations were: South Texas, 18¢; and east Texas, 17¢ to 17t¢, with 63% of the sales at undetermined prices. BROILER CHICK PLACEIYtENTS Percentage change from Previous Comparable week week. 1959 Area Week ended May 7. 1960 Texas •••••• Louisiana •• 2,685,000 461,000 6 8 14 -4 22 states •• 37,960,000 4 9 J. Z. Rowe Agricultural Economist