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AGRICULTURAL NEWS OF THE TIBER Number 117" Wednesday,_M arch 26, 19.62 Federal Reserve Bank of Dallas F A R M E R S 1 __ P_JL A N T T ILG , I N T E N T I O N S Early each year the*1173, Department "of Agriculture makes a "survey among a large number of farmers to obtain information concerning their plans for the forth coming crop season. The results of the survey made th is month show that U•S farm ers ■ plans f or' the 19.62 crop season are not greatly ’d ifferen t from those of Tast year. However, the 2?2 m illion acres indicated as a to ta l of the i6 .major c ops included in the survey is about a m illion acres l e s s :than. in 1961. For individual crops the tendency is to s h ift from crops of high-labor requirements to those of a less intensive nature. Of course, weather and other factors during the spring planting season may cause changes in these plans. Of the major crops included in the survey in 'Texas (cotton excluded), farmers have indicated increases in acreages of corn, flaxseed, sweet sorghums, sweet potatoes, soybeans, and hay. On the other hand, there are substantial reduc tions in intended acreages of wheat, r ic e , barley,' grain sorghums, Irish potatoes, and peanuts. No change is reported for oats. The to ta l acreage of a l l of these crops is s lig h tly below that planted in 1951» Although there is much uncertainty regarding acreages that w ill fin a lly be planted in Texas, says the USDA, present indications are for acreages of most crops somewhat below those requested by the Secretary of Agriculture in the announced goals. Flax acreage probably w ill exceed the goal. Rice and hay acreages are expected to approximate the goal. For most other crops other than cotton, pros pective acreages are below the goals. Legislation prohibits the gathering of information on intentions to plant cotton. The f i r s t estimates of cotton acreage w ill be announced on Ju ly 8. For the fiv e stares of the Eleventh Federal Reserve D is tr ic t - A r iz ., L a ., N. M.,, Ok].a., and Tex. - reports on flrlners^plantijng intentions show that th is area probably w ill have larger acreages of hay, soybeans, flaxseed, and sweet potatoes; but farmers are planning a curtailment in acreages of corn, r ic e , sorghums, and Irish potatoes. They also have smaller acreages of oats and barley. COTTON Spot cor ton, markets advanced la s t week. Middling 1.6/l6-inch cotton on the Dallas market' reached'TjTTl^' cents per pound - the highest since February 6* The marmet th is week was o ff a few points. Texas cotton ginned during the 1961-62 season averaged lower in grade and shorter in staple length" than th a t■ ginned during the 1960-61 season, according to the USDA. ^ • Upland cotton ginned in Texas for the 1962-62 season amounted to it,016,707 bales? American -Egyptian cotton totaled 21,607 bales; the to ta l was 14,037,2lh b ales, according to the Bureau of the Census. Last season’ s ginnings amounted to 2,867,623 bales. Total ginnings for the U .S. amounted to 15,050,262 bales (including American-Egyptian), compared with 9,899,111? bales la s t year. G R A I N~S Grain prices are a l i t t l e lower th is week. No. 1 hard wheat on the Fort Worth market closed Tuesday, March 25, at $2,75-1/2 per bushel, or 2 cents under a week e a r lie r . No. 2 white oats at $ 1 . 114- 1 /2 were o ff l-l/ U cents. Sorghum grain brought a top price of $3 . lB"~per cwt. - o ff 1 cent. Corn prices showed l i t t l e change. AGRICULTURAL NEV'iS OF THE WEEK_________________________ ________ _ Wednesday, March Number 117 ' ...* " ‘ “ " ........ " " 2 6 j _ 1 9$ 2 Page 2 Rough rice markets in Texas and Louisiana advanced 10 to 20 cents per 100 pounds la s t week. Rough rice trade was confined largely to lower grades, as bids on better grades generally were below the Government loan value. P K A M TJ T S The TJSDA has announced that price support for peanuts in 195*2 w ill be available to producers at a national average'.le v e l of not less than $ 2.3 9 . hO per ton. This average minimum support p ric e , which is 90 percent of the February 15 parity p rice , w ill be increased proportionately i f the parity price rises before the sta rt of the marketing season on August 1. The minimum support le v e l for the 193*2 crop, represents an increase of about $9 per ton over the average. support price of la s t year's crop. However, in the 19.52 program the producers of peanuts, either in d ivid u ally or through co operative associations, w ill assume resp o n sib ility for. storage and certain storage co sts, as is done by producers of other basic commodities. Price support on 1952-crop peanuts w ill be available through CCC loans and purchase agreements instead of through the program of direct purchases used in recent years. Loans made d ire c tly to individual producers w ill be available through PM county committees on either approved farm- or warehouse-stored peanuts. During and since World War I I , the production of peanuts has been fa r in excess of requirements for use as nuts, and CCC purchase programs were needed, says the USDA, to assure price support to a l l producers of peanuts. In 19.52, fo r the f ir s t time since the war, the national acreage allotment is in lin e with anticipated requirements for peanuts for use as nuts. Under these conditions, i t is to the producer’ s advantage to protect his prices through CCC loans or purchase agreements rather than through" direct sales to CCC, since by either of the f i r s t two method's he is able to share in any price increases that may come after the heavy harvest and marketing period is over. LI VES TOCK Prices of ca ttle on the Fort Worth market fluctuate from day to day but have shown l i t t l e over-all tendency to rise or f a l l in the past several weeks. Prices of hogs and l ambs are up s lig h tly . Choice l80-2S0-lb. hogs sold Tuesday, March 25, at $17.25 and $17.50, compared with a top price of $17.00 a week e a r lie r . In cid en tally, th is top price of $17.00 on Tuesday of la s t week was the lowest since A pril 1950. Good and Choice shorn slaughter Iambs sold Tuesday at $25.00 to $25.50, or $1.00 above a week e a r lie r . Choice spring lambs cashed at prices ranging up to $27.00. P 0 ULTRY AND E GGS Commerc ia l hatchery production in Texas during February was estimated by the BAE at 12*9 m illion chicks - the largest February output on record and 58% above a year ago. Placement of commercial b ro iler chicks on Texas farms totaled a record 1,650,000 in "the weeF"ended March 7?T. PTacemeries thus far th is year are more than 16.5 m illion chicks vs. 1 1 .7 m illion a year e a rlie r and 7 .7 m illion 2 years ago. W. M. P r itc h e t t A g r ic u ltu r a l Economist