is": En 21/ WW M TINT" “a, 1955 Livestock Ma r/eet News Services m T exels TEXAS AGRICULTURAL EXPERIMENT STATION R. D. LEWIS, DIRECTOR, COLLEGE STATION, TEXAS SOURCES OF TEXAS LIVESTOCK MARKET NEWS ' FEDERAL LIVESTOCK MARKET NEWS OFFICES U. S. Department of Agriculture U. S. Department of Agriculture Agricultural Marketing Service Agricultural Marketing Service 233 Livestock Exchange Building 215 Livestock Exchange Building Fort Worth 6, Texas y San Antonio 6, Texas U. S. Department of Agriculture U. S. Department of Agriculture Agricultural Marketing Service Agricultural Marketing Service Amarillo Livestock Auction Co. Bldg. 4905 Calhoun Road Amarillo, Texas Houston 4, Texas STATE LIVESTOCK MARKET NEWS OFFICE Texas Department of Agriculture Market News Division Capitol Station Austin, Texas AUCTION SALES REPORTED BY DAYS Monday Thursday _ , Goldthwaite Mills County Commission Co. Goats Abilene Abilene Livestock Commission Co. v Abilene Ranchers’ and Farmers’ Livestock Co. Cattle Lubbock Lubbock Auction and Commission t Tuesday Vernon Vernon Stockyards Co. I S A l S A l L" t k A t’ Eastland Sig Faircloth Livestock Commission Cattle an nge 0 an nge o Wes 0c uc ‘on Abilene Abilene Livestock Commission Co. Cattle F .d Lubbock Lubbock Auction and Commission Co. Cattle _ _ n ay _ Goldthwaite MlllS County Commission Co. wednesdaY I San Angelo Producers Livestock Auction Co. Brownwood Brownwood Auction Barn Cattle San Angelo Producers Livestock Auction Co. Sheep Saturday Wichita Falls Wichita Livestock Auction Cattle San Angelo San Angelo Livestock Auction COMMISSION COMPANIES ISSUING MARKET NEWS REPORTS , Texas Livestock Marketing Ralls Commission Company Crowley-Thomasen-Thorton A Association Livestock Exchange Building Commission Co. ~ Livestock Exchange Building Fort Worth, Texas Livestock Exchange Buildin Fort Worth, Texas Fort Worth, Texas 4 woody-Kuw-commissawn {‘:i‘:..EL1YE:2%.§i;‘:§1:::;i.. iizzstzrszissazigrasaii, Company ‘ I» Livestock Exchange Building Fort Worth’ Texas Foft Worth’ TSXQS . Fort Worth, Texas _ _ _ _ Shirley Commission Comp . i Fifer Livestock Commission Company Livestock Exchange Buildin < F916)’ & Allen Commission Company Livestock Exchange Building Fort Worth, Texas » llsivciswcktifix¥hange Building Fort Worth, Texas Cossidy Commission Conn, 01' 01' ’ 9X35 N d H h C _ _ C IEIVGSWCK fxfihange Buildin Hunnicutt Livestock Commission - ore - utc ens ommission ompany ort ort , exas p‘ Company Livestock Exchange Building Jonn Clay and Company Livestock Exchange Building Fmt Worth’ Texas gum: sttoqkynrds Fort Worth, Texas an n 01110, 9X35 ' J. C. “Jimmie” Walsh Commission Rocky Reagan, Jr. Comnii Farmer Commission Company Company Company , Livestock Exchange Building Livestock Exchange Building Union Stockyards F0111 Wllrth, TeXaS Fort Worth, Texas - San Antonio, Texas AUCTIONS CIRCULATING MARKET NEWS REPORTS I a Amarillo Livestock Auction Company _ _ Houston County Livestock Box 663 Lometa Commission Company Commission Company Amarillo, Texas LOmeta, Tex“ Box 368 . . Crockett, Texas » Gulf Coast Commission Company fir; my Llvestock Auctmn Robertson County Auction A Box 95.” Beeville, Texas Box 26_4 a Bay Clty, Texas Franklin, Texas LIVESTOCK NEWSPAPERS Eie Zgggkly Livestock Reporter lvgVestlTexas Livestock Weekly " x ox 606 Fort Worth 6, Texas San Angelo, Texas LIVESTOCK MAGAZINES . The Cattleman Coastal Cattleman 410 East Weatherford Street _ Box 401 Fort Worth 2, Texas gfiiaiélgvestock 101111131 Beaumont, Texas Sheep and Goat Raiser - Am r’ B d Cactus Hotel San Antonio, Texas Texgslcfilieatlgze S San Angelo, Texas San Antonio 5, Texas PREFACE Modern farm production is performed primarily to sell agricultural and livestock products through e marketing channels established for each commodity. Market news provides a guide for these sales, Q ‘ving the producer specific information to use in estimating the current market price or value of his oduce. Livestock market news is especially important in Texas because of the large number of cattle, sheep " d hogs produced and marketed here. Three major stockyards and 154 livestock auctions provide tlets for livestock throughout the year. A statewide pattern of market news service disseminates g ormation on receipts of livestock at the major markets and the prices paid by grade, class, weight d species. The major source of livestock market news information is the Federal Market News rvice. Four Texas markets have a place in the nationwide network which provides market news verage for livestock and other commodities. This is supplemented by state coverage of individual ction markets. Reports from these sources are spread by radio, newspaper, circulars, television and f her media. It is essential that they be accurate and that they serve their purpose of providing useful l“: ormation on market conditions. p The basis for livestock market news reporting is the official grade standards established for each cies and class by the U. S. Department of Agriculture. Market reporters have the responsibility .1 accurate appraisals of market conditions in terms of these standard grades. i, The reporter must know livestock and be able to make accurate estimates of grades, weights and ughter yields to report prices properly. Uniform application of official grade standards by reporters ‘p each market is necessary if reports are to be comparable. Field supervisors check grading and price j orting at each market and require such adjustments as are shown to be necessary by continuous ding tests given to reporters. g In recent years, the increase in direct sales of livestock, for both slaughter and feeder purposes, has eived increased attention. Weekly range sales reports, including information on weather, pasture ‘ditions, feed supplies, volume of sales and prices, are prepared for Western areas having considerable ect sales. ' g Despite this effort to improve market coverage and adjust to changing conditions, the market iws system has met increasing criticism. Some of the reasons for this criticism are developed in this blication. Research workers are attempting to develop improvements in livestock market news. _ Experiments are being conducted in different parts of the country to develop a more complete V: ysis of the livestock market situation as a whole and in specific locations. This includes a piderable exchange of information between markets to permit a better understanding of existing ditions and to provide some basis for predicting future marketings, demand and price changes. A present market news system is being used as a basis for these analyses. Relatively complete erstanding of underlying price-making factors should permit producers to use market information ibetter advantage in selecting individual markets and in making necessary decisions. This publication gives a description of the existing livestock market news coverage in Texas. Each “estock producer should know how the system operates and what information is available for his use. y through use and through analysis of shortcomings can improvements be developed. SUMMARY AND CONCLUSIONS Texas is a leading livestock producing state. Cash income to Texas farmers and ranchmen on sal 0f livestock amounted t0 $449,631,000 in 1954. Livestock are sold through stockyards, auctions and b direct sales. Since producers usually have access to several markets, it is important that they accurate and reliable information for comparing net prices at alternative markets. The Federal Market News Service has offices at the Fort Worth, Houston, San Antonio and Amar‘ l livestock markets. A livestock market news reporter is in charge of each office with responsibility f _ the collection and dissemination of livestock market news at that market. The reporters ob . information at the market while trading is in progress. Leased wire, press associations, -~. television, newspapers, telegraph, mailed reports, bulletin boards, telephone, personal contact and oth means are used to disseminate livestock market information. Livestock market news reporting by the State is a recent development. The State Market Ne: Service has a livestock market reporter at Wichita Falls who collects livestock market news fr several Central and West Texas auctions. Livestock market information is obtained by telephone fr; auctions after the sale and the combined reports for each day are telephoned to Austin for summ ‘ and dissemination. Market information is disseminated by mimeographed reports. " Commission companies are located at the Fort Worth, San Antonio and Houston Stockyar They provide livestock market information to their customers by newspapers, mimeographed car letters and personal contact. Livestock auctions are an important part of the Texas livestock marketing system. Auctions -_ scattered widely over the State and farmers usually have access to several auctions. The auctio disseminate market news by newspapers, radio and mailed reports. More auctions distribute mark news by newspapers than any other method. The second most frequently used method is radio f mailed reports are used the least. t; There are three principal difficulties with present livestock market news reports: 1. Most livestock producers are unfamiliar with the USDA standard grades on which all reporti is presumably based. They are unable to grade their own livestock accurately enough to use mar reports in relating market values to these livestock. “‘ 2. Market news reports are not directly comparable among markets. Producers have a cho of markets but price quotations alone do not provide all of the information necessary to _choose t‘ market giving the greatest net returns. ‘ 3. Market news reports are inadequate for some classes of livestock, particularly stocker cla i‘ " The existing reporting system is inflexible and is aimed primarily at slaughter livestock. Cover could be extended to the benefit of producers. ' EXAS IS A LEADING LIVESTOCK PRODUCING STATE. _ The importance of livestock production as a turce of income to farmers and ranchmen in xas is shown by reports of the U. S. Depart- f nt of Agriculture. In 1954, cash receipts from 433.000 cattle and calves amounted to_$386,- 9,000; cash receipts from 776,000 hogs were 2,797,000; and 1,978,000 sheep and lambs ught $20,215,000. Since livestock sales provide ‘i. of the major sources of cash income to Texas jrmers and ranchmen, it is important that pro- t ers be provided with accurate and reliable _:_= rket news information. The types of livestock outlets used by Texas trmers and ranchmen are stockyards (or ter- ‘nal public markets), auctions and direct sales. I e three major stockyards in Texas are located Fort Worth, San Antonio and Houston. Sal- 1e receipts at these markets in 1954 included 65,481 cattle and calves, 1,125,241 sheep and and 112,250 hogs, according to the Live- J k Division of the U. S. Department of Agri- ture (Table 1). a There were 154 livestock auction markets erating in Texas in November 1954, according "the records of the Livestock Sanitary Commis- 1n of Texas. On these markets in 1954 we-re 3,484,087 cattle and calves, 1,280,663 sheep ‘i goats and 536,837 hogs (Table 2). These j res are inflated to the extent that the same ‘imal often is sold more than one time at the p. e or a different market. , Opinions vary as to which livestock market lys the best prices and when is the optimum time ‘market livestock. Market price relationships livestock change from day to day, depending the quantities available for sale and the interest “LE l. SALABLE RECEIPTS1 AT MAIOR STOCKYARDS . IN TEXAS. 1946-542 Q Cattle and Sheep and * Y9“! calves goats H°95 I 1946 1.995.495 2.653.702 218.650 1947 2.162.616 1.982.101 29‘4.754 f 194s 1.744.819 2.001.363 316.328 Y 1949 1.371.561 1.163.976 300.052 1950 1.381.680 1.091.369 323.670 5. 1951 1.463.060 878.757 317.551 i 1952 1.366.305 ’ 946.950 239.072 i’ 1953 1.725.344 955.680 92.554 ', 1954 1.665.481 1.125.241 112.250 udes livestock consigned for sale but not those sold or to arrival on market. .~ a supplied by Livestock Division. Agricultural Market- 1- Service. U. S. Department of Agriculture. pectively, research assistant and professor, Depart- 'nt of Agricultural Economics and Sociology, Texas Y ‘cultural Experiment Station. Livestock Mar/eel‘ News Service; in T exar WILBERT H. WALTHER and JOHN G. MCNEELY* TABLE 2. LIVESTOCK CONSlGNEDl TO AUCTIONS IN TEXAS. 1949-542 Cattle and Sheep and Year calves goats H°9s 1949 2.696.199 822.725 562.783 1950 3.595.574 1.009.247 644.932 1951 3.662.349 1.130.802 611.346 1952 3.161.464 653.562 533.027 1953 3.123.363 823.070 438.067 1954 3.484.087 1.280.663 536.837 1 Includes all livestock inspected at all auction sales. Zliata supplied by the Livestock Sanitary Commission of exas. of buyers in obtaining each class, type, grade, quality and weight. Farmers usually have access to several dif- ferent markets. Choosing the best market re- quires information for comparing net prices at alternative markets. The market reports must use common terminology in describing classes and grades, and they must be timely and reliable if farmers are to use them intelligently. THE FEDERAL MARKET NEWS SERVICE The Federal Market News Service was creat- ed to obtain information on marketings and prices of livestock and meat for dissemination to all interested parties. Its coverage in March 1955 included 35 public livestock markets, 2 direct CONTENTS Page Sources of Texas Livestock Market News .......... .. 2 Preface ...................................................................... .. 3 Summary and Conclusions .................................... .. 4 Introduction .............................................................. .. 5 The Federal Market News Service ....................... .. 5 Collection of Texas Livestock Market News.... 6 Estimating Receipts .......................................... 6 General Market News Procedures .................... .. 7 Use of Standard Grades in Reporting .......... .. 7 Dissemination of Livestock Market News ...... .. 8 Leased Wire and Telegraph ________________________ ._ 9 Press Associations and Newspapers __________ .. 10 Radio and Television .................................. 10 Mailed Reports ................................................ __ 11 Miscellaneous Activities ________________________________ __ 11 Reporting by Commission Companies ________________ __ 12 The State Market News Service __________________________ __ 13 Reporting by Auctions .......................................... __ 13 Evaluation of Livestock Market News Reports... 15 Producer Familiarity with Standard Grades.... 15 Comparability of Market News Reports __________ __ 15 Adequacy of Grade Classifications ____________________ __ 15 marketing areas, 6 wholesale meat centers and the national W001 trade reported from a central point. It provides information on market receipts, supplies, market conditions and prices at which livestock were sold for each species by class, grade and weight. This information is interchanged between markets, and smaller markets provide figures from the larger markets in their reports in addition to local data. Most of the information provided by the indi- vidual market news offices is collected locally. Procedures used are similar at all markets. COLLECTION OF TEXAS LIVESTOCK MARKET NEWS Four Federal Livestock Market News report- ing offices are maintained in Texas. These offices are located at the three largest stockyards and the largest livestock auction in the State. A reporter is in charge of each office to collect and dissemi- nate livestock market news at that location. Fort Worth is the largest livestock marketing center in Texas. In 1954, 687,053 cattle, 194,036 calves, 92,217 hogs and 871,587 sheep and lambs were sold through the Fort Worth Stockyards. This market is open to trading from 8 :00 a.m. to 3:00 p.m., Monday through Friday. ' The Federal Market News Service has two reporters at the Fort Worth office. One reports the cattle and calf market, and the other reports the hog and sheep market. The Fort Worth mar- ket news office is open from 6:30 a.m. to 4:30 p.m., Monday through Friday. San Antonio is the second largest livestock marketing center in Texas. Salable receipts in 1954 indicated 337,208 cattle, 156,569 calves, 90,451 hogs, 17,429 sheep and lambs and 161,374 goats were sold through the San Antonio Stock- yards. The sheep and goat market is open to trading from 8:00 a.m. to 3:00 p.m., and the cat- tle and calf market from 9:00 a.m. to 3:00 p.m., Monday through Friday. The Federal Market News Service has one reporter at the San Antonio office. He reports all species. This is the only office in the United States that reports a daily goat market. The San Antonio office is open from 6:30 a.m. to 4:30 p.m., Monday through Friday. Houston is an important Texas livestock marketing center and the fourth largest calf market in the United States. In 1954, 72,450 cattle, 218,165 calves, 2,704 hogs and 1,530 sheep and lambs were sold through the Port City Stock- yards at Houston. This market is open to trading from 7:30 a.m. to 3:00 p.m., Monday through Friday. During the winter season, trading opens at 7 :00 a.m. One reporter operates the Houston market news office, reporting the cattle, calf and hog trade. In addition, he prepares a “Wholesale 6 Meats Report” each afternoon, Monday throug, Friday. This is a brief summary of the trade ' wholesale meats including a breakdown of pri = paid for carcasses by classes and grades. information for this report is obtained each afte p noon by telephoning packing houses and wholf salers and by visiting several of these places an observing transactions. The Amarillo Livestock Auction is called th‘ world’s largest cattle auction. Amarillo is a important stocker and feeder market in th‘ Southern Great Plains area. In 1954, 347,86, cattle and calves were sold through the Amarill Livestock Auction. a a Sales are held from 9:00 a.m. to 7:00 u, each Monday and from 9 :00 a.m. to 7 :00 p.m. o Tuesday, or until all livestock are sold. A sally is held on Wednesday if sufficient livestock a _ available to warrant it. A stocker and feed‘ carlot sale is held each Friday during the J and spring. This sale starts at 1:15 p.m. an runs until all livestock are sold. _ A Federal Market News Service office =, opened at Amarillo in October 1952. In Ma u 1953, this service was suspended because of la of funds. This brief period of livestock pri reporting at Amarillo demonstrated its valu Public and private groups collaborated in requi that this office be reopened, and the Fede I Market News Service again began reporting t Amarillo livestock market April 5, 1954. a The cost of reporting the Amarillo market y shared equally by the State and Federal Mar News Services. Although the State provides a the funds, the reporting is under the supervisi of the Federal Market News Service. The offi is in the Amarillo Livestock Auction Comp A building and is handled by one reporter. Off‘ hours are from 8:00 a.m. to 6:00 p.m., Mond Tuesday, Wednesday and Friday. ESTIMATING RECEIPTS Upon arrival at the market each morni the market news reporters at the three stockya ' obtain an estimate of livestock receipts by visit’ ' the unloading docks or by calling the stockya company for the information. The additio» number likely to arrive during the remainder the day is estimated, being based on éxperie i weather conditions and other pertinent facto~ Current arrivals plus expected additional arri make up estimated receipts for the market that day. No early morning estimate of receipts 7? prepared at the Amarillo auction. At about 2 p.m., however, the auction manager gives i reporter an estimate of that day’s sales. At » close of the market day, a final sales figurl obtained for use in the market news report. i‘ Estimated receipts at markets perfo this service are posted on a bulletin board (s <1 the Houston board shown on the front cover) gether with an estimated total from the 12 prin- markets supplied over the teletype system by e Chicago market news office. This combined gure includes receipts for Chicago, Cincinnati, enver, Fort Worth, Indianapolis, Sioux City, nsas City, Oklahoma City, Omaha, St. Louis, uth St. Joseph and South St. Paul. This 12- rket total also is given for the preceding week. dditional receipts data are shown at Fort Worth or Wichita, Houston and San Antonio. The lable receipts information is made available in types of market news reports as in the follow- I g illustration : Cattle Calves Hogs Sheep ort Worth today (Estimated) 3,000 700 550 6,000 Week ago (Actual) 3,386 1,216 685 6,531 Year ago (Actual) 2,755 497 435 6,119 markets today (Estimated) 85,500 6,800 87,300 41,500 Weekago (Actual) 106,230 7,596 98,572 50,930 Yearago (Actual) 88,593 9,385 67,230 32,074 GENERAL MARKET NEWS PROCEDURES Livestock market news reporters obtain in- g rmation through personal interviews with yers and sellers on the market while trading is progress. The reporters enter the stockyards shortly gjfter the trading opens. They survey the stock- tards to determine the classes, grades, weights a if: condition of livestock on the yards and their xi tion by pens. The commission firms sort the 'vestock by classes, grades and weights into sep- grate pens and most of the livestock are sold by ns. As it is almost impossible for the reporters obtain information on all individual sales of vestock, they get a representative sample of sales the different classes, grades and weights of p vestock sold. q After the reporters have made their prelimi- survey of receipts, they walk among the s, mingling with the buyers and sellers, listen- w g in on the bargaining and asking questions it. ut prices paid and received for different pens g livestock (Figure 1). They also determine A evailing market conditions, including activity of ding, strength of demand and price trends for f. different grades, weights, quality and condi- ,n of livestock. They may stop at the scale uses to ascertain actual weights of specific lots y} livestock. After they have gathered the nec- f1 sary information, they prepare a brief summary “the market so far that day. This information p distributed by leased wire and telephone and ‘ posted on the bulletin board at the market Ween 9:30 and 10:30 each morning. g After the daily report has been distributed e reporters return to the stockyards. They llow approximately the same procedure as on eir first round, noting any trade changes which i: y have occurred. After the reporters have ished their second round they prepare a closing ort of the market. This report is distributed Figure 1. Market news reporter on the left observes bar- gaining process at the stockyards. by leased wire and telephone, and is posted on the bulletin board sometime after the noon hour. On days when the supply of livestock is extra large and trading is slow, the reporters revisit the stockyards in the afternoon and prepare a short report of the afternoon market for distribution. A different procedure is used in reporting from an auction because livestock are sold dif- ferently. The Amarillo market news reporter uses a work sheet listing the classes and grades of livestock sold through the Amarillo auction ring. Space is available below each grade for recording the price information. When the sale begins, the reporter finds a seat near the sales ring so that he may have a good view of the live- stock as they are sold. He records on his work sheet, below the appropriate class and grade, the price paid for each sale of livestock. These prices are summarized and disseminated by the market news reporter through the leased wire system. USE OF STANDARD GRADES IN REPORTING The market news reporters evaluate informa- tion received from buyers and sellers and report existing market conditions. The basis for their reporting is the standard grades for livestock adopted by the U. S. Department of Agriculture. Figure 6 shows some of the grades. Descriptions of each grade are available to the market news reporters. Judgment is required to determine the grade for a particular animal or group of animals since good and poor qualities are frequently inter- mixed (Figure 2). The following official descrip- tion of the Good grade of slaughter steers, heif- ers and cows indicates the importance of judg- ment in grading: “Cattle possessing minimum qualifications for Good grade may differ somewhat in appearance because of the numerous possible combinations of varying degrees of excellence of the grade factors. In conformation, Go-od cattle tend to be slightly low set and compact. They are slightly thick in natural fleshing and slightly wide over the back and loin. The shoulders and hips are usually moderately neat and sm-oothly laid in but may appear slightly prominent in older cattle. The twist and rounds 7 Figure 2. Reporter evaluates the quality oi hogs before re- porting prices. are usually moderately dee-p but may appear slightly flat with very little evidence of plumpness. There is usually a very slight fullness evident over the cro-ps, loin, and rump. The distribution of fat may be somewhat uneven, particularly in older cattle, as evidenced by ties, rolls of fat over the loin edge and ribs, and patchiness about the tailhead. Cattle over 30 months of age carry a slight thick covering of fat and the brisket, rear flanks, and cod or udder show a marked fullness. Good cattle 18 to 30 months of age carry a slightly thin fat covering with some fullness evident in the crops, brisket, flanks, and cod or udder. Cattle under 18 months of age may have somewhat limited finish, which is largely restricted t-o the back, loin, and upper rib. The brisket, rear flanks, and cod or udder are slightly full. Good cattle are usually moderately smooth, and slightly refined in appearance. Some coarse- ness may be evident in the relatively older cattle of the Good grade?“ Livestock market news reporters frequently must check their efficiency in grading to maintain accuracy and uniformity in the application of grade standards. A market news supervisor visits the reporters about every 6 months and checks their efficiency by having them grade specific lots of livestock alive and place them in the upper, middle or lower third of the grade. The identities of the animals are maintained through the slaugh- tering process, and the official grades of the car- casses are obtained for comparison. The carcass grades of the dressed animals are determined by USDA graders. DISSEMINATION OF LIVESTOCK MARKET NEWS A livestock market news office normally pro- vides daily information on cattle, calves, hogs, sheep and lambs. These species are subdivided into classes which include cattle, steers, heifers, cows and bulls, with similar categories for the other species. These classes are subdivided fur- ther into grades and weights for reporting pur- poses. The result is a relatively large number of potential groupings into which each day’s receipts of livestock can be divided. Receipts of livestock vary widely during the week. In Texas stockyards, at least 75 percent ‘Official United States Standards for Grades of Slaughter Cattle, Production and Marketing Administration, Service and Regulatory Announcement No. 112, December 1950. 8 of the livestock normally arrive on Monday an Tuesday. This leaves only 25 percent for the; other 3 market days. On days with light receipts, some classes, grades and weights for each species, are scarce or lacking entirely. This situation is accentuated further by seasonal fluctuations in} marketings of livestock. T The market news reporter is responsible for deciding whether a particular grade of livestock is available in sufficient quantity to provide a, good test of prices throughout the range of thfl . One steer may fulfill all requirements for the Good grade and lack but a little of being Choice. Another steer may barely fulfill th minimum requirements for the Good grade and vi just a little above the Commercial category. Thos two animals, if present and if sold at a fair price“ could establish the price limits for the grade. On any market day, some grades of livestoc are poorly represented. The market news repo er has the option of not reporting the grade or o combining it with another grade. The Prim grade, for example, is rarely quoted on Tex markets because it denotes a size and quality o fed cattle which seldom is found on these market A The Choice grade is relatively scarce. It is co bined frequently with the Good grade for repo i. v ing purposes. This widens the price range [Q the reported grades and increases the difficul of interpreting prices. The narrative portion of a market news j port during March 1955 follows. It illustrates t.’ use of classes and grades, the range of prices an’, the supporting statements aimed at clarifying ti situation for the reader. ' CATTLE The Monday cattle run at .......................... .- was a li i short o-f a week ago but was slightly above a year :7, Receipts at 12 markets showed a big reduction from Monday’s numbers and also were a little smaller thanj year earlier. a ‘ Fed steers and heifers made up most of the run h Hardly 20 percent comprised cows. -" ' Sales on beef steers and heifers were generally ste, to strong with last week’s close. Cows were steady9 strong, spots higher. Firm prices were paid for bulls l, stocker cattle. Good and Choice slaughter steers sold-from $1 to $23.50, Utility and Commercial $12.00 to $17.50. A f] of Club Yearlings brought $26.00. Good and Choice heifers cleared from $17.00 to $2 l, Utility and Commercial offerings $11.00 to $16.00. I, Utility cows bulked from $11.50 to $12.50. A Commercial cows brought around $13.00 and a load re _ $14.00. Most Canners and Cutters sold at $9.00 to $1 $015161 strong-weight Cutters to $11.50, Shelly Canners '- an ess. f» Commercial bulls sold mostly at $13.00, a few $ Cutter and Utility $10.00 to $12.50. - - Medium and Goodlstocker and feeder steers so $14.00 to $20.50, other grades scarce. Hardly any he sold o-n stocker account. A few cows brought $10., $13.00. _ ‘ CALVES T} The day’s calf receipts here were smaller than a week g and larger than a year ago. Supplies around the ket circle were smaller than a week and year earlier. »Fully steady prices were paid for slaughter offerings p spots higher. Stockers sold about steady. Good and Choice killers drew $17.50 to $20.50, a few ~ $21.00. Utility and Commercial $11.50 to $17.00, i’ $9.00 to $11.00. i Medium and Good stocker steer calves turned fro-m .00 to $20.50, Choice lots scarce. Heifers sold down- F- from $17.00. HOGS Offerings of hogs here today were slightly under a ‘- ago and total hogs offered at 12 markets today were :1 11,300 less than arrivals last Monday. » Prices paid for butchers at so-me of the other markets weaker, in spite of reduced receipts. Butcher hogs a local market were steady to 25 cents higher than g Friday. Sows held steady. Choice 190 to 235 pounds ht $16.00 and $16.25. Choice 245 to 350 pound a gers ranged from $14.00 to $15.75. Sows cleared from 00 to $14.50. SHEEP AND LAMBS = About 6,000 sheep and lambs arrived here today or a _' hundred short of last Monday. Offerings here today A largely lambs with shorn slaughter lambs predom- .3 g- iTrade proved very slow, with packers not entering the et until late. Prices paid for all classes appeared ly with late last week. Only a few lots of spring k»: were offered, with good and choice springers $22.00 3.50. One lot of Good and Choice wooled slaughter F brought $21.00. Good and Choice shorn slaughter ~e= crossed the scales from $18.50 to $20.00, latter for No. 2 pelt lambs. Cull and Utility clippers were d from $12.00 to $17.00. About 400 head of Good .3 pelt slaughter yearlings and two-year-old wethers lg: $17.00. Cull shorn slaughter ewes sold at $6.50. r lambs moved from $16.00 to $20.00, including shorn 'rs from $16.00 to $18.50, mostly $18.00 down. _ The prices paid at each market having mar- news are recorded each day, and weekly and Tthly average prices by grade are established i that market. The data which provide the ': for these averages are published in the fr and weekly market news reports. They 'de a concise summary of the market prices va basis for comparison with reports from markets. The summary data covering the day’s report presented earlier are included Y for comparison. v SLAUGHTER CATTLE & CALVES i. ................................ .. Choice 700-1100# $22.00-25.00 Good 700-1100# 18.00-22.00 Commercial All wts. 15.00-18.00 Utility ” ” 12.00-15.00 7 .............................. .- Choice 600- s00# 20.00-23.00 Good 500- 700# 16.00-20.00 Commercial All wts. 13.00-16.00 . Utility ” ” 11.00-13.00 i ........................ .. Commercial . ” ” 12.50-14.00 " Utility ” ” 11.50-12.50 8.00-11.50 Canner&Cutter ” ” Bulls ........................ .. Commercial ” ” 13.00-13.50 Utility ” ” 11.50-13.00 Cutter ” ” 10.00-11.50 Calves .............. .. Choice & Prime 500# Down 19.00-21.50 Commercial & Good 500# Down 14.00-19.00 STOCKER & FEEDER CATTLE & CALVES Steers ................................ .. Choice 500- 800# 20.50-22.00 Good 500- 800i]; 17.00-20.50 Medium 500-1000# 14.00-17.00 Common 500- 900i)‘; 12.00-14.00 Heifers .............................. .. Choice 500- 750# 18.00-20.00 Medium & Good 500- 750# 12.00-18.00 COWS .............. .. Medium & Good All wts. 10.00-13.00 Calves (Steer) Good & Choice 300- 500# 17.00-22.00 Medium 300- 500# 14.00-17.00 Calves (Heifer).._.Go~od & Choice 300- 500# 15.00-20.00 Medium 300- 500i]; 12.00-15.00 HOGS (Barrows & Gilts) Choice ................. __________________________ __ 160-13014, $15,25_15_75 " .............................................. .. 180-20041 15.75-16.25 ” .............................................. .. 200-220# 16.00-16.25 ” .................................... ........ .. 220-240# 16.00-16.25 ” .............................................. .. 240-2701;]; 15.50-16.00 ” .............................................. .. 270-3001;]; 14.50-15.50 SHEEP AND LAMBS Spring Lambs Good & Choice _____________________________________________ __$22.00-23_50 Lambs—shorn Good & Choice 105 lbs. down ................................................ .. 18.50-20.00 Feeder lambs Good & Choice .............................................. .. 18.00-20.00 This information is disseminated in several Ways. Individuals differ in their preference for obtaining market news by radio, television, news- papers or mailed report. Some people want to compare reports from different markets. The leased wire provides a fast means for bringing together the information from all of the major markets. Leased Wire and Telegraph The leased wire is open from 7:00 a.m. to 3:00 p.m., Monday through Friday. A teletype machine is located in the Fort Worth, San An- tonio, Houston and Amarillo market news offices for receiving and transmitting market news in- formation over the leased wire service. All offices from coast to coast connected to this system re- ceive the reports from all other offices imme- diately after release through the teletype arrange- ment (Figure 3). A report of‘ the morning’s hog trade at Fort Worth is sent at 9:00 a.m. and a report of the morning’s hog and sheep trade is sent at 9:30 a.m. At 10:30 a.m., a summary of the trade on all classes at Fo-rt Worth, San Antonio and Hous- ton is sent. After the noon hour, a closing report of the markets- at Fort Worth and San Antonio 9 Figure 3. Sending market news reports over the leased wire system. is transmitted. This includes a revised figure on receipts and any substantial change in prices since the earlier reports. At 2 :30 p.m. 0n each sales day, a summary of sales made so far that day is transmitted by the Amarillo office. The number of livestock expected to be sold that day also is given. Each morning at 8 :30, the Amarillo office transmits a summary of the preceding day’s sale, including the number of livestock sold. Each Friday morning, a sum- mary of range sales in the Panhandle area is transmitted. The Fort Worth and San Antonio market news office sends livestock market reports to Western Union by teletypewriter and telephone. Western Union transmits these reports to farm- ers, ranchmen, traders, packers, bankers, commer- cial papers and others on a subscription basis. Press Associations and Newspapers The Associated Press, United Press and In- ternational News Service obtain livestock market information from one or more market news offices by telephone. The press associations pass this information on to radio stations and news- papers throughout the State. A survey of daily newspapers in Texas made by the USDA in 1951 showed that 67 carried livestock market news. The market news offices furnish market informa- tion to the local newspapers by telephone. The Fort Worth Press is furnished informa- tion on local receipts and the hog and sheep trade at Fort Worth at 9:30 a.m. Before 10:30 a.m., the Fort Worth Star-Telegram is supplied with total receipts at the 12 major markets and other Texas markets, Fort Worth hog and sheep trade report and, if available, the cattle and calf report. The San Antonio Express carries a brief summary of each day’s trading in the following day’s newspaper. The San Antonio News and 10 San Antonio Light put a brief summary of the early morning trade in their evening edition. The; San Antonio Express and San Antonio News re-Q ceive their market news through their farm editor who gets the information at the market news“ office and calls it in to the paper. The San; Antonio Light receives livestock market news by: telephone from the market news office. The Houston Press and Houston Chronicles are given a summary of the morning’s trading.- around 11:00 a.m. This report is published in. their evening editions. The Houston Post gets a lengthy summary of the day’s trading Which is» published in the following morning’s paper. A messenger from the Amarillo News picks‘, up a report of each day’s trading at about 6:00 p.m. for publication in the morning edition. summary is given of the prices paid for the differ ent classes and grades and total sales at Amarill together with information received from othe markets. ~ A summary of Mo-nday’s trading at Amarill is sent each Tuesday morning over Western Uniof to the West Texas Livestock Weekly, a newspapei published in San Angelo. The market news =0 porter mails a summary of each Friday’s sale p g this newspaper. The Amarillo office sends A summary of each day’s sale over Western Unior; by night letter to the Pampa Daily Spokesma a newspaper published in Pampa. Radio and Television A survey of radio stations in October 19 by the USDA showed 91 Texas stations carryi e livestock market news. This survey also show that more radio stations carry livestock mar news in Texas than in any other state (Figure 4 f Broadcasts by remote control from the Fol Worth livestock market news office are made i one of the reporters at 6:55 a.m., 9:36 a.m. “QT ‘ 1 :50 p.m., Monday through Friday over Stat“ i WBAP. The early morning report includes e '1 Figure 4. Broadcasting direct from the marketnews --“ ww-Fvl "gpnwa- - era-awn»- 1 receipts for that day and a report of the ;_~ day’s trading. At 9:36 a.m., estimated j- at certain markets are given along with risons at 12 majo-r markets. Also, a brief of trading at Fort Worth until that hour en, and a report on the hog trade at Chicago. :50 broadcast includes a review of the day’s - k trade at Fort Worth and comments from centers. q e San Antonio market news reporter does v adcast information directly from his office veral radio stations use his information in "broadcasts. This includes a summary of the .~ day’s trading and estimated receipts KENS at 6 :15 a.m., on the Farm and Ranch ~ News program; from KITE at 6:45 a.m. USDA Digest; from KTSA at 7 :00 a.m. j- Old Trader program; and from WOAI at a.m. on their Farm and Ranch program. p; dditional broadcasts covering the market ‘for that day are made from WOAI at 12:15 _ I the News, Weather and Markets program; i-KTSA at 12:10 p.m. on News and Markets a 12:45 p.m. on Farm and Ranch News; and EIKONO at 1:00 p.m. on their Farm and ; program. Afinal market news summary dcast from KTSA at 4:15 p.m. by the Texas f- ~ k Marketing Association, including a 10- summary of receipts and prices plus indi- 3 livestock sales, weights and names and f1: of consignors. e reporter broadcasts by remote control the market news office Monday through .~ over Houston radio stations. At 5 :45 lie e reporter makes a remote control broad- §er KXYZ giving estimates of the day’s a and a summary of the previous day’s This same information is broadcast J TRH at 6:00 a.m. and KPRC at 6:10 a.m. 35 p.m. a tape-recorded broadcast is given ; RC including a summary of the morning’s f: at Houston, San Antonio and Fort Worth. ' makes a final broadcast at 12 :50 p.m. : h morning a summary of the previous ale at Amarillo is broadcast over a local §~ tion. The information used in this broad- lreceived from the local newspaper. An- i- l radio station obtains price information ernoon for use in its evening broadcast. y Fort Worth office furnishes livestock I news information for a WBAP-TV farm televised at 12:05 p.m., including Fort receipts, price trends and prices by grades u, classes of livestock. ;~ Houston reporter makes a similar report qTRK-TV each market day. He provides ‘nal market news data for programs over TV and KGUL-TV. These television ap- i es have been helpful in acquainting pro- with the appearance of animals falling into aividual standard grades. Mailed Reports Both the Fort Worth and San Antonio market news offices mail out a Monday and weekly live- stock market news report. Both carry similar information except that one is a summary of Monday’s trading and the other is a summary of trading through Thursday. The reports carry receipts, a general report of the local trade on all classes and reports from other markets. They also carry regular, special and periodical reports such as the USDA Meat Production Report, U. S. Cold Storage Holdings, Weekly and Monthly Slaughter Under Federal Inspection, Cattle on Feed, Pig Crop Report and Sheep and Lambs on Feed. These market news reports are available upon request. The Fort Worth office sends over a leased wire to the Denver Livestock Market News office each Friday afternoon a brief summary of country trading, weather information, contract sales in the country, prices of wool and mohair, condition of range and other data. This information covers the Texas and Oklahoma area and is gathered primarily from the Production Credit Associa- tions, banks, cooperatives and reports from the Amarillo and San Antonio offices. The Denver office receives similar reports covering the San “t Francisco, Billings and Spokane areas and pre- pares a report for the Denver area. These five reports are made into one release and are dissemi- nated by the Denver office in mimeograph form. This combined report is kno-wn as the “Range Sales Report” and is available upon request. The Market Information Service of the USDA at Dallas mails this range report to some 167 radio stations throughout Texas, Oklahoma, Kansas, New Mexico, Colorado and a few stations in Wyoming and Nebraska. Miscellaneous Activities A bulletin board is located in the lobby of the Livestock Exchange Buildings at Fort Worth, San Antonio and Houston and in the Livestock Auction Company Building at Amarillo. Receipt information on the local and other major markets is posted as it is received. Also a summary of the local prices is posted as soon as this information is compiled. As reports from other markets are received by teletype, copies are hung on individual clip boards below the name of the market. Calls are received for receipt figures, price trends, prices and other livestock market news information. This information is made available upon request. Many people come to the market news offices throughout the day for information on the local trade and trade at other markets. Records of receipts, prices and other livestock information are kept on file. Many inquiries are received for livestock market information from members of the livestock and slaughter industry, businessmen, statisticians, professors and college students. The information requested is given to interested parties if available. 11 The livestock market news reporters attend various meetings of agricultural, livestock and packinghouse groups. Occasionally, the reporters do grading and judging at contests held by high schools and other educational agencies. The reporters at Fort Worth, Houston and San An- tonio write a summary of each month’s trading of the markets they report for The Cattleman, a magazine published in Fort Worth with nation- wide distribution. REPORTING BY COMMISSION COMPANIES The commission companies are the sales agents for livestock producers at the stockyards, representing them in the sale of their livestock and performing many incidental services. The commission companies advise the livestock pro- ducers on marketing conditions by mail, telephone or personal visits. Commission companies are located at the Fort Worth, San Antonio and Houston Stockyards. The procedures used by the commission companies in disseminating livestock market news are similar, but certain procedures vary among markets. a According to the 1954 Directory of the Fort Worth Livestock Market Institute, Inc., 28 com- mission companies are operating at the Fort Worth Stockyards. The commission companies at Fort Worth send livestock market information to their customers by newspaper, mimeographed cards and letters. A major source of market information about the Fort Worth stockyards is the Weekly Live- stock Reporter, a newspaper published by the privately owned Livestock News Service located in the Fort Worth Livestock Exchange Building. This paper is sent out on a subscription basis to producers and others interested in livestock sales. Some commission companies, including Daggett and Keen Commission Company, National Live- stock Commission Company, Ralls and Company and occasionally others use this publication by purchasing advertising which gives rather com- plete market information. The commission companies that do not use the Weekly Livestock Reporter to send market information to their customers use mimeographed letters or cards. These cards and letters usually are sent weekly or semi-monthly. The cards and letters give a weekly summary of market condi- tions and the prices received for the different classes and grades of livestock. Some give a brief summary of weather and range conditions. These reports usually are prepared by the head salesmen of the commission companies. Prices used in reporting the market are those received fo-r con- signments handled by the commission companies. Market reports from commission companies use some of the U. S. grades for livestock but mix in a number of nonstandardized terms such 12 as “rannies,” “heiferette,” “fair kind” and “har canners.” Following is a typical market repo . of a commission firm: ‘ TUESDAY, FEBRUARY 1, 1955 Cattle receipts fairly light yesterday and today. Mar’ ket steady and fairly active on all classes of cattle an calves. 5 A few Club Calves 27.50 to 28.50 yesterday. w. heavy steers here this week 24.00. Yesterday We sold loads of cho-ice heifers av. wt. 951i]; at 23.50. ‘ Strictly good to choice steers and yearlings mostl’ 21.50 to 23.00. Medium, to good 18.00 to 20.00. Fair -7 medium 15.00 to 17.50. Common butchers around 12.00. . Good to choice stocker steer calves, yearlings a, feeders 18.00 to 21.00, fair to medium 15.00 to 17.50. A Just a few fat cows 12.00 to 12.50. ' Medium to g0‘ cows 10.00 to 11.50. Strong canners and cutters 8.50 9.50, common to medium canners 7.00 to 8.00, a few ha ‘ canners under. ' Best heavy bulls around 14.00. Good kind 13.00 i 13.50. Common to medium bulls 10.00 to 12.50. I Strictly good to choice fat calves 18.00 to 19.50, a f yearling weight kind up to 20.00. Medium to good 15.‘ to 17.50. Fair kind 12.50 to 14.00. Rannies and comm, 10.00 to 12.00. i Good to choice hogs weighing 180 i]; to 240 ji- 18.00 i‘ 18.25. Overweights and medium weights 16.50 to 17. l, Packer mostly s-ows 14.00 to 15.00. , Fat lambs 50¢ to $1.00 lower this week. Best woo‘ lambs here today at 20.00. Some choice No. 1 pelt clipp 19.00. Medium to good 17.00 to 18.00. Feeder trade slow. Some fat fresh shorn aged wethers at 12.00 ~: "Capable and experienced salesmen for all classes stock when you consign to .............................. .. Commiss Company. a Eleven commission companies have offi at the Union Stockyards in San Antonio. Th commission companies send copies of the US l. Weekly Livestock Market Report to- their cus o ers in ‘company envelopes each Friday. ,1 commission companies prepare mimeograp v cards about every 2 weeks and send them to th customers. These cards give a weekly summ of the prices paid for the different classes grades of livestock sold on the San Antonio p ket. Prices reported by the USDA are used preparing these cards. Representatives of the six commission y panies that do not distribute market informa indicated that the cost of preparing and mail the cards was greater than the benefits derir They felt also, that since the Federal Mar_ News Service reported the San Antonio ma information supplied by commission firms W0: be repetitious. Six commission companies have offices at, Port City Stockyards in Houston. In the :1 these commission companies have sent ma .31 news letters and cards to their customers, bu - have discontinued this practice. Since the ma is reported by the Federal Market News Se i and market conditions are broadcast shortly . they are determined, the company representa ‘l dicated little need for further reports. They _tated that the major value of individual market eWs letters and cards is t0 get the name of the commission company before potential customers. THE STATE MARKET ‘NEWS SERVICE ; The Texas Market News Service was estab- 'shed in September 1951 under the Texas Depart- '6 ent of Agriculture. Market news reporting by he State has been primarily in the fruit, vege- ble, poultry and egg markets. Livestock market Hews reporting is a recent development. e The State provides part of the funds used to upport the USDA market news offices on the $77. Antonio, Houston and Amarillo livestock arkets. The extent of the assistance varies, epending on appropriations made available by e State Legislature. _, In 1955 the State initiated market news re- rting covering several Central and West Texas yestock auctions. These auctions report by tele- I one at the end of their sale to a State market _ws reporter stationed at Wichita Falls. This port summarizes the prevailing price range for dividual classes and grades for each species ld. The reporter transmits this information 2v telephone the next morning to the State market ws office for each of the auctions reporting. yis then mimeographed and circulated to all ‘rsons on the mailing list. Reports from stock- prds are sometimes included. A typical State ‘rket news report follows: ILENE-—RANCH & FARM LIVESTOCK COMMIS- 1ON——MONDAY 7 MARCH—CATTLE 1,100. Receipts i al. Demand good. Trading active. Price trend - y. Clearance complete. SLAUGHTER CALVES— ‘d & Choice Slaughter 19.00-23.00, Commercial 16.00- -, Utility 14.00-16.00, Culls 13.00-14.00. STOCKER jLVES—Good Stocker Calves 18.00-22.00, Common & a. Stocker 14.00-18.00. SLAUGHTER STEERS— +1 & Choice Slaughter 20.00-23.00, Commercial 18.00- 510 Utility 16.00-18.00. STOCKER & FEEDER ' ERS—Good Stocker 18.00-21.00, Common & Medium 0-18.00. HEIFERS—Good Slaughter 18.00-20.00, .1 mercial 16.00-18.00, Utility 14.00-16.00, Good Stocker 00-1800, Common & Medium Stockers 14.00-16.00. ‘WS-—Commercial Slaughter 11.00-13.50, Utility 10.00- _-Jl Cutter 9.00-10.00, Canners 8.00-9.00, Good Stocker 9.00-12.00, Common & Medium Stockers 8.00-9.00. i S (PER PAIR)—Good Pairs 100.00-150.00, Common edium Pairs 70.00-95.00. BULLS—Commercial 12.50- Utility 11.00-12.00, Cutter 10.00-11.00. El ENE-ABILENE LIVESTOCK AUCTION COM- ION-—TUESDAY 8 MARCH—CATTLE 1,000. Re- ‘i = normal. Demand good. Trading active. Price trend y, to strong. Clearance complete. SLAUGHTER iVES-Good & Choice Slaughter 19.00-21.00, Commer- I 17.00-19.00, Utility 14.00-17.00, Culls 11.00-13.00. KER CALVES-—Good Stocker Calves 20.00-21.50, f on & Medium Stocker 14.00-20.00. SLAUGHTER *5 RS-Good & Choice Slaughter 20.00-22.00, Commer- f 6.00-20.00, Utility 12.00-14.00, STOCKER & FEEDER RS-Good Stocker 20.00-21.50, Common & Medium f? 18.00. HEIFERS—Good Slaughter 19.00-20.00, Com- 'al16.00-19.00, Utility 13.00-16.00, Good Stocker 15.00- , Common & Medium Stockers 13.00-16.00. COWS— ercial Slaughter 10.00-13.00, Utility 8.00-10.00, Cut- .00-11.00, Canners 8.00-9.00, Good Stocker Cows 9.00- 11.00, Common & Medium Stockers 8.00-10.00. PAIRS (PER PAIR)—Good Pairs 110.00-145.00, Common & Me- dium Pairs 85.00-110.00. BULLS—Commercial 12.00-13.50, Utility 10.00-11.00, Cutter 9.00-10.00. LUBBOCK—LUBBOCK AUCTION & COMMISSION COMPANY—TUESDAY 8 MARCH—CATTLE 1,816. Re- ceipts normal. Demand good. Trading active. Price trend steady. Clearance complete. SLAUGHTER CALVES —Go-od & Choice Slaughter 18.00-21.50, Commercial 15.00- 18.00, Utility 7.00-15.00, Culls 7.00-12.00. STOCKER CALVES—Good Stocker Calves 18.00-20.00, Common & Medium Stocker 14.00-17.00. SLAUGHTER STEERS— Good & Choice Slaughter 19.00-22.00, Commercial 16.00- 18.00, Utility 13.00-16.00. STOCKER & FEEDER STEERS —-Good Stockers 17.00-20.00, Common & Medium 15.00- 17.00. HEIFERS—Good Slaughter 19.00-22.00, Commer- cial 15.00-17.00, Utility 12.00-15.00, Good Stocker 16.00- 18.00, Common & Medium Stockers 12.00-16.00. COWS-— Commercial Slaughter 11.50-13.00, Utility 9.50-11.50, Cut- ter 8.00-9.50, Canners 6.50-8.00, Good Stocker Cows 9.00- 11.00, Common & Medium Stockers 8.00-9.00. PAIRS (PER PAIR)—Good Pairs 125.00-140.00, Common & Me- dium Pairs 90.00-115.00. BULLS—Commercial 13.50-14.50, Utility 12.00-13.50, Cutter 10.00-12.00. EASTLAND-—SIG FAIRCLOTH LIVESTOCK COMMIS- SION—TUESDAY 8 MARCH—CATTLE 704. Receipts lighter. Demand good. Trading active. Price trend strong on Fat Cattle, little weaker on Stockers, others steady. Clearance complete, SLAUGHTER CALVES- Good & Choice Slaughter 18.00-21.50, Commercial 16.00- 18.00, Utility 13.00-16.00, Culls 10.00-13.00. STOCKER CALVES—Good Stocker Calves 18.00-21.00, Common & Medium Stocker 12.00-18.00, SLAUGHTER STEERS— Good & Choice Slaughter 18.00-22.00, Commercial 15.00- 18.00, Utility 12.00-15.00. STOCKER & FEEDER STEERS —Good Stocker 17.00-19.00, Common & Medium 13.00- 17.00. HEIFERS—Good Slaughter 17.00-19.00, Commer- cial 14.00-17.00, Utility 12.00-14.00, Good Stocker 15.00- 17.50, Common & Medium Stockers 12.00-15.00. COWS— Commercial Slaughter 12.00-13.00, Utility 10.00-12.00, Cut- ter 8.00-10.00, Canners 6.00-8.00, Good Stocker Cows 10.00- 12.50, Common & Medium Stockers 8.00-10.00. PAIRS (PER PAIR)—Good Pairs 130.00-160.00, Common & Me- dium Pairs 60.00-110.00. BULLS-Commercial 13.00-15.00, Utility 12.00-13.00, Cutter 10.00-12.00. HOUSTON—WEDNESDAY 9 MARCH—CATTLE mod- erately active represented classes steady. Slaughter steers and yearlings and sto-cker classes scarce. Utility slaughter cows 11.00-13.00, Canner and cutter 9.00-11.00, few hard cows down to 7.00, Canner and Cutter bulls 11.00-13.00. CALVES moderately active mostly steady. Weak under- tone. Good Slaughter calves 19.50-21.00, Choice scarce, Utility and commercial 15.50-19.50, Cull 12.50-15.00, Few go-od Stocker Steer Calves 19.00.” A different group of auctions is reported each day. The full list of auctions covered by days is shown on the inside front cover of this publication. REPORTING BY AUCTIONS Livestock auction markets are an important part of the Texas livestock marketing system. According to the Livestock Sanitary Commission of Texas, 154 livestock auction markets were operating in Texas in November 1954. On these markets in 1954 were sold 3,484,087 cattle and calves, 1,280,663 sheep and goats and 536,837 hogs (Table 2). . Texas is a leading state in the number of livestock auctions and in the number of cattle, sheep and hogs marketed by this method. A few 13 auctions were established before 1930, but the greatest growth has occured during the past 15 years. Livestock auctions are scattered widely over the State, but are concentrated in areas with high cattle population. Farmers and ranchmen usually have access to several different auctions. Choos- ing the auction market that will give the greatest net return requires information for comparing prices at alternative markets. Questionnaires were sent to every auction in Texas to determine the type and frequency of market news reports circulated and methods of dissemination. The auctions disseminate market news by newspaper, radio and mailed reports. Newspapers are the most frequently used method, radio is second and mailed reports are used the least. Seven auctions reported distributing market news by radio broadcasts. The radio broadcasts are made direct from the auction either before or after the sale (Figure 5). Four auctions re- ported radio broadcasts direct from the auction. The Brenham Livestock Auction is an exam- ple of this type of broadcast. A 15-minute broad- cast is made each Monday at 3 :00 p.m. direct from the Brenham Auction over the Bryan, Conroe, Rosenberg and Brenham radio stations. At the beginning of the broadcast, a brief summary is given of the prices paid for the different classes and grades of livestock so far that day along with receipts broken down into classes. A description also is given of the sales made during the progress of the broadcast. At the close of the broadcast, trading activities so far that day are summarized again. Some of the higher quality livestock are sold during the broadcast. The Amarillo Livestock Auction is an exam- ple of an auction giving a broadcast in the morn- ing before the sale. A 15-minute broadcast is made each morning over a local radio station. It includes a summary of the previous day’s sale and the number of livestock sold. Comments also are made on what is expected at that day’s sale. The Lometa Commission Company auction f the only auction which makes a radio broadcas after the sale. This broadcast is made the Satur day following the sales day at 11:55 a.m. summary is given of the prices paid for th different classes and grades of livestock. Tota cattle receipts also are given. Several represen, tative sales are reported, giving the name an location of the seller, the type and weight 0, livestock sold and the price received. 3D Six auctions reported using mailed repo p to disseminate livestock market news informatio to their customers. These reports usually a 4 mimeographed cards which summarize the weekl sales at the auction from which the report ' initiated. Prices paid for the different classf and grades of livestock. the number of livestoc; that pass through the auction ring and commen about the sale are given. A major difference between auction mark reports and those issued by the USDA offices in the classifications covered and the terminolo used. Auctions usually handle a larger proporti of stocker and feeder livestock. They provi: price quotations on cows and calves sold as pai which are never quoted by the USDA. They lu g grades in the quotations and substitute local te l; such as “rannies,” “white-face,” “shelly kind”a other descriptive terms. " The narrative phase of auction reports vari widely in form and content. Information usu is provided on volume, unusual circumstances volved in the last sale which might have a bear’ on prices and finally the management invites f; ther business. A typical auction report folloi SALE REPORT, MONDAY, JAN. 31, 1955 One hundred thirty consignors sent a total of 558 _ I of livestock through the ring including-467 cattle, 74 =3 10 sheep and goats and 7 horses and mules. No choice butcher calves, offered; medium to g, calves, $17.00 to $21.00; common to medium calves, $1 to $16.75; rannies down to $10.00. j Butcher cows, $10.00 to $12.80; canner and cu cows, $6.50 to $9.50; shelly kind down to $5.00. J Figure 5. Broadcasting direct from the auction. 14 ,;Bulls, $10.00 to $12.80. White-face stocker steer calves, $16.50 to $19.25; 1- face- stocker heifer calves, $14.00 to $15.50. .Stocker cows, $8.50 to $10.50, no choice offerings. Cows and calves, $65.00 to $118.00 per pair, no choice .' gs. iTop hogs, $17.75; light and heavy weight hogs, $16.50 7.00; sows $14.00 to $15.50; stocker hogs $16.50 to ,0 ferings were lighter than usual, however, prices ' ed steady on all classes offered. Call upon us with your livestock buying and selling ;we will do our best to serve you in a satisfactory G1‘. i i, ...................................... .. LIVESTOCK AUCTION Newspapers are the most common method l; by auctions to disseminate livestock market , with 15 auctions using this method. The et information published in newspapers by ons is similar to that carried in mailed re- including a summary of prices paid and pts. Some auctions publish information on t er conditions, supply, demand and market i. Many auctions report representative The newspaper reports vary in length from lrt paragraph to several columns. UATION OF LIVESTOCK MARKET i NEWS REPORTS he existing system of livestock market news scussed with farmers and ranchmen, live- buyers and others interested in this type lrmation. It was agreed generally that the u system does not provide producers with _ the information they need to market their w k to best advantage. Some of their specific ms indicate the type of action needed to ve this situation. PRODUCER F AMILIARITY WITH STANDARD GRADES ndard grades for each class and species Ltock are essential if persons obtaining the ‘- news are to interpret it correctly. These ’ have been adopted by the USDA for re- and other purposes but only a few pro- T know and understand them. e grades are subject to change whenever _~ longer reflect accurately the price-quality ships accepted by the livestock trade. have been made in recent years in the i for hogs and cattle. Most producers send ; of mixed grade to market and cannot te price received to grades of individual Only a limited number of buyers and ' news reporters grade live animals every he result is that grades are interpreted ~ and price ranges for these grades remove l the uncertainty regarding the probable or any particular animal. The best attempt in Texas to show relation- ships between grades and prices is being made by the San Antonio Stockyards. standard picture for each grade of livestock from the USDA and initiated a system of weekly mar- ket news reports with the price shown opposite the picture. The purpose of the pictures is to acquaint users of the information with some of the visible differences between the individual grades. The Port City Stockyard at Houston uses television to acquaint livestock producers with the standard grades. Po-loroid pictures are taken showing cattle in a given shipment and these pictures are correlated with grade pictures and prices paid to show grade-price relationships on a given day. The pictures are shown on television within hours of the transaction affecting them and circumstances bearing on the price situation are discussed. This procedure offers real possi- bilities for educating producers on grade distinc- tions over a period of time. COMPARABILITY OF MARKET NEWS REPORTS Livestock at all markets must be graded in exactly the same way for market news reports to permit price comparisons between markets by the producers. Market news reporters must be able to grade animals and estimate weights and dressing percentages accurately to do a good job of reporting. Most auction operators lack knowledge of the standard grades. The terminology used by auction operators is understood only in the local market area. It is difficult to take market reports from several auctions and compare prices. It is even more difficult to compare prices reported by auctions with prices at terminal public rharkets. Ordinarily prices vary considerably at the same market during the day. Prices vary even for animals within the same grade. The result then is that prices are quoted as a range such as Good and Choice slaughter calves selling for $16.00-$22.00. Another market news reporter might quote the same grades at $16.00-$20.00. The midpoint of the range is a dollar lower at the second market. Yet the only difference between the two markets may be a few better calves at the one market or a more eager buyer. The bulk of the sales may have been at the same figure. The price paid for slaughter cattle actually is paid for meat and byproducts. In pricing cattle the buyer is thinking in terms of the weight and grade of the carcasses at the plant where they are to be slaughtered. He also considers trans- portation costs and the value of byproducts in determining the price to bid. Anything which affects costs affects prices. Price also is affected by competition and a number of other factors. An unpublished report of the Western Livestock Mar- keting Technical Committee indicates that the ' 15 They obtained the- following factors would have to be considered before conclusions could be drawn as to the reason for price differences among markets: 1. Names of buyers at the market, by seasons of the year, including the agency which they represent, their individual “strength” in this market (volume of cattle that they can or do handle) and their preferences as to type of livestock which they typically seek; what discounts they offer for condition. 2. The kinds and classes of cattle (sex, age, weight, grade) which come to this market, by seasons, from whom they co-me, i.e., producers, dealers, resales, the volume of such movement, the method of transportation to this market, the condition of the livestock, as to horns, color, fill, flesh, weight, etc. 3. The production characteristics of the area from which the bulk of livestock come to this market, also of the area to which the bulk of sales nor- mally move, including the influences of such factors as lack or presence of winter wheat pas- tures and feed and pasture conditions generally. 4. The dominant characteristic of this market by seasons, as to whether it is a stocker and feeder market, a fat livestock market or a two-way market. 5. The weather and climate characteristics of the area as they affect fill, shrink, etc. 6. The weighing, handling and feeding conditions which prevail (a) for livestock moving to this market and (b) prior to sale while in the yards, including typical feeding and watering practices at this market. 7. The yard and facilities conditions at this market which might contribute to ease of inspecting livestock or speed of handling livestock through the sale. 8. Reports from agencies at this market (Packers & Stockyards, B.A.I., brand inspectors, Livestock Sanitary Board) which would list factors influ- encing sale conditions, i.e., sanitation, bonding, inspection, insurance. 9. Selling ability of market agencies (auctioneers, commission men); their reputation as to emphasis upon securing top price for producer; their own - position in the market (agent, owner, buyer or seller of livestock); the sale policy of the market, singled, pairs, bunches, by head or by weight, and typical differentials as between these sales classes. ' 10. The transportation costs from this market to the ultimate destination of livestock purchased, i.e., to the Corn Belt, to wheat or Osage pastures, or to Denver, Oklahoma City or Kansas City, from Amarillo and Clovis, including feeding in transit rates, through rates, combination truck and rail rates. 11. Selling costs at this market, including commission, yardage, feed, other, and the effect of size of bunch sold on such costs. 12. The daily and seasonal variations in prices at market for each grade and weight of lives L sold. The subcommittee recognizes that any review such j this proposal must be kept current in order to reflect n influences or the general dynamic nature of this mar Preliminary analysis of available price data seems indicate that price differences at different markets at - same date, for the same grade and class of livestock : due to some one or some combination of the above i i 1. but that items 10 and 11 will of themselves fail to exp all price differences. It is for this reason that We some interpretative analysis of this general type sho be made a part of all market studies.” ' Most users of market news reports do 5 have information on the reasons for price va ' tions at different markets. There is a tende fo-r producers to use the same marketing chan for their livestock each year. This is attributa in part, to the difficulty of interpreting repo from competing markets. The existing sys 1 of market news reporting permits little more t a comparison of price ranges for each grade? livestock. Something more than this is requi a for persons not in daily contact with a num of markets. ADEQUACY OF GRADE CLASSIFICATIONS Stocker cattle sales are made mostly in F country since there is usually a ready market _, them nearby. Many small stocker buyers fin inconvenient to buy at terminal public mar, because of the distance to the market and o factors. Breeding bulls, pairs (cow and bred heifers, dairy cows and baby calves are quoted in USDA market news reports rel from public stockyards. Yet to many W these quotations would be most useful. v stocker sales are made at auctions and the Mas, News Service has neither the standard grad apply to these animals nor the organizatioi report auction sales. = Feeder cattle also are poorly reported.- relatively small number pass through the s = yards. The bulk of the feeders are bought» contract in the country either direct or at . tions. Prices paid are affected by risk, t portation, shrinkage and quality. g The establishment of a market news 5 at Amarillo has helped to relieve this situ somewhat. The market news reporter at Am, reports some country sales in the Panhandle : Also he reports feeder and stocker sales a Amarillo auction, but this is only a small pe gget of all feeder and stocker sales made in a e.