The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 546 Wednesday, June 15, 1960 ACQU I RE 1 9 5 9 - C R 0 P L 0 A N C 0 T T 0 N C C C T 0 The Commodity Credit Corporation ·will take title to all 1959-crop loan cotton (upland and extra-long staple) on which loans have £2.! been repaid at the close of business on July 31, 1960, according to the U. S. Department of Agriculture. In accordance with the loan agreement, the CCC will not pay for any market value which the cotton may have in excess of the amount of the loan, plus interest and charges. Notice that the 1959-crop loan cotton will be acquired by the CCC at maturity of the loans is being given now to allow producers sufficient time in which to redeem their loan cotton before the maturity date. Prior to the close of business on July 31, producers and purchasers of loan equities may~ the loans on the cotton and then sell it in the open market. Any loan notes that are sent to local banks for collection at the request of produce~r purchasers of equities must be paid at the local banks by the close of business on July 31. Any repayments made by mail must be received by the CCC or the local bank prior to the July 31 deadline. LOCATION D I F F E RE NT I AL S COTTON F 0 R 1 9 6 0 The USDA recently announced the location differentials that will apply to 1960-crop Choice (~) and Choice (~) upland cotton under the price support program. Purchase rates for Choice (A) cotton and loan rates for Choice (B) cotton will vary according~ocation. For-the base qual~ Midciling ~ cotton~ gross weight, the purchase rate will vary from a high of 33.42¢ ~ lb. in the mill ~ of the Carolinas to a low of 31.62¢ per lb. in California~ Arizona, and the~ rate will vary from a high of 27.63¢ per lb. in the mill~ to a low of 25.83¢ per lb. in California and Arizona. These variations are based on a purchase~ of 32.42¢ per lb. for Middling ~ Choice (~) cotton at average location and a loan ~ of 26.63¢ per lb. for Middling 1 11 Choice (~) cotton at average location. F I R S T S T ATE BRUCE L L 0 S I S - F RE E New Hampshire is the first state in this country to qualify as a brucellosis-free area in the national fight against this costly livestock disease, reports the USDA. The State was certified brucellosis-free as of April 25, when testing of the entire cattle population, consisting of more than 113,000 animals in 6,833 herds, was completed. G 0 A T S MA Y B E H U MA N E L Y S T U N N E D , T 0 0 The USDA recently announced that regulations established under the Humane Slaughter Act have been amended to include goats among the animals that can be humanely stunned by electrical means before slaughter. The use of electric current previously was approved for the stunning of swine, sheep, calves, and cattle before slaughter. L I VE S T 0 CK Thunderstorms in the Fort Worth marketing territory, together with stepped !!,E. harvesting of small grains, during the week ended Thursday, June 2, were contributing factors to the reduced cattle and calf receipts, according to the Agricultural Marketing Service. The cattle~ was an estimated 9,700 head, compared with 12,000 in the preceding week and 6,500 a year ago. Demand for slaughter steers and heifers was narrow, and prices were 50¢ to $1 per cwt. lower than in the latter part of the previous week. Most of the 830- to 1,210-lb. slaughter steers cleared at $25 to $26, and Utility and Commercial cows sold at $15 to $17.50. Prices of stockers and feeders were fully steady to strong, with Medium and Good 500~ to 725-lb. yearling stocker steers quoted at $18 to $25.50. The calf supply was approximately 2,200, or 600 fewer than the week-earlier figure but 600 more than in the corresponding period of 1959. Closing prices of slaughter calves were fully steady to 50¢ higher than in the previous week. The majority of the Standard and Good calves sold at $18 to $25, and Medium and Good stocker and feeder steer calves brought $20 to $27. Hog receipts were about 2,500, reflecting declines of 4% from a week ago and 17% from a year earlier. Closing quotations on barrows and gilts were 25¢ to 50¢ higher than in the preceding week. Mixed U. S. No. 1 through No. 3 Grades of 185- to 250-lb. butchers sold at $16 to $16.50. A total of 23,400 sheep ~ lambs was received at Fort Worth during the week ended June 9, compared with 32,500 in the preceding week and 19,000 a year ago. Trading on most slaughter classes was fairly active, and prices were fully steady to $1 higher than a week earlier. Most Good and Choice 75- to 95-lb. slaughter spring lambs brought $21 to $22. P 0 UL T R Y During the week ended Friday, June 10, the principal Texas commercial broiler markets opened stronger, reports the State Department of Agriculture. Prices advanced steadily throughout the trading period and closed 1¢ to 1\¢ per lb. higher than at the opening. A shortage of birds in both south ~ and ~ Texas accounted for the higher prices. Friday quotations were: South Texas, 18¢ to 19¢, mostly 19¢; and east Texas, 18¢ to 18.3¢, although 53% of the sales were at undetermined levels. During the comparable 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 190,600, of which 107,400 sold at 16.8¢ to 18¢ (buyers absorbed 3% of rejected birds) and 23,800 sold at 17¢ to 17.3¢ (buyers absorbed all rejects). On Monday, June 13, commercial broiler markets were steady in south Texas and down slightly in east Texas, with the following prices quoted: South Texas, 19¢, and east Texas, 17¢ to 18¢ (52% of the sales in the latter area were at undetermined prices). BROILER CHICK PLACEMENTS Percentage change from Previous Comparable week week, 1959 Area Week ended June 4, 1960 Texas •••••• Louisiana •• 2,658,000 533,000 -2 8 11 31 22 states •• 39 2 360,000 -1 13 J. Z. Rowe Agricultural Economist
@FedFRASER