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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS
Number 568
Wednesday, November 16, 1960
RANGE
F I R S T
C 0 N S E R V A T I 0 N S T A MP
The Post Office Department will issue the world's first range conservation commemorative postage stamp on February 1, 1961, at Salt Lake City, Utah, announces the U. s. Department of Agriculture. This 4¢ stamp depicts the importance
of grassland and livestock to the Nation's agriculture and dramatizes the development of range conservation from the pioneer days of the open range to today's scientific range management techniques. The new range conservation stamp will be released at the annual meeting of the American Society of Range Management in Salt
Lake City.
DA IR Y
0 UT L 0 0 K
Commercial supplies of milk products in the United States probably will
be at an all-time high in 1961, although only slightly above the levels of recent
years. The Agricultural Marketing Service points out that demand is expected to
increase less than population. Dairy product prices through March 1961 may average above a year earlier as a result of changes in price supports. Cash receipts
from farmers' sales of dairy products in 1961 are likely to rise slightly over 1960
to reach another new record.
P R 0 M 0 T I 0 N FINANCING
AND
LAMB
1 9 6 1
W 0 0 L
Funds for advertising, promotional, and related market activities on wool
and lamb will be obtained from deductions from 1960 wool payments made to producers
in the summer of 1961, according to the USDA. Deduction rates for this self-help
promotion program will be 1¢ per lb. from shorn wool payments and 5¢ ~ 100 lbs.
of live weight from unshorn lamb payments. These rates are the ~as those made
from payments by producers since the beginning of this promotion program in 1955.
C CC
P R I CE - S UP P 0 R T
P R 0 GRAM
The USDA recently reported that as of September 30, 1960, the investment
of the Commodity Credit Corporation in price-support programs totaled $8,964 million. The cost value of inventories accounted for 82% of the total investment, and
loans outst~ng were 18%. On September 30 last year, the CCC ' s investment in
price-support programs amounted to $9,008 million, of which inventories were 84%
and loans outstanding comprised the remainder.
Price supports extended (total loans plus direct purchases and purchase
agreements) on 1960 crops alone through September 30 this year totaled $923 million,
compared with $771 million on 1959 crops through the corresponding date last year.
F E R T I L I Z E R C 0 N S U MP T I 0 N R I S E S
A total of 25.3 million~ of fertilizer was used in the United States
during the year ended June 30, 1959, points out the Agricultural Research Service.
This quantity was 12% greater than the 1957-58 figure.
MEAT
P R 0 DUCT I 0 N H I GHE R
red meat output for the first 2 months of 1960 totaled 20,117 million lbs., or 6% above production in the corresponding period last year, reports
the AMS. The output of beef was up 10%; veal, 12%; pork, 2%; and lamb and mutton,
4io.
g.
~·
L I VE S T 0 CK
Fort Worth marketings of all classes of livestock during the week ended
Thursday, November 10, were substantially below the preceding week's levels, according to the AMS. The cattle supply of an estimated 9,400 was down 26% from a
week ago but was about the same as a year earlier. Trading on slaughter steers
was fairly active, and prices were 25¢ to 50¢ per cwt. higher than at the previous
week's close. Most mixed Good and Choice 900- to 1,250-lb. slaughter steers cleared at $23.50 to $24, and Utility and Commercial cows brought $13.50 to $16. Trading
on stockers and feeders was active, and prices were mainly steady. Good and Choice
SSS- to 710-lb. feeder steers sold at $22 to $24.50.
The calf~ was approximately 1,700, representing decreases of 35% from
a week earlier and 57% under the corresponding period in 1959. Trading on killing
calves was fairly active, and prices were fully steady to strong as compared with
the preceding week. Good and Choice Grades of slaughter calves were quoted at $21
to $23, and prices for 230- to 480-lb. stocker steer calves ranged from $23.50 to
$27.10.
Hog receipts are placed at 1,500, or 400 fewer than a week ago and 700
below a year earlier. A large proportion of the supply was mixed U. s. No. 1
through No. 3 Grades of 185- to 250-lb. butchers that sold at $17 to $17.75.
Sheep and lamb offerings totaled about 4,400, compared with 6,900 in the
previous week and 5,500 a year ago. Trading was active, and quotations were steady
to 50¢ higher than in the preceding week. Good and Choice 80- to 100-lb. wooled
and shorn slaughter lambs sold at $15.50 to $16.50.
P 0 UL T R Y
During the week ended Thursday, November 10, commercial broiler markets
opened stronger in~ Texas, while the south Texas market opened steady for the
fifth consecutive week. According to the State Department of Agriculture, supplies
in both areas were limited, and prices strengthened during the 4-day trading period.
Thursday quotations were 16¢ to 17¢ per lb. in south Texas and 15¢ to 17.4¢ in east
Texas, although 22% of the sales in the latter area were at undetermined prices.
During the comparable period of 1959, closing prices were: South Texas, 14~¢, with
a few lower and higher; and east Texas, 14¢ to 14~¢.
On Friday, November .!l, the Southwest Poultry Exchange offered 121,000
broilers, of which 100,100 brought 16.4¢ to 16.9¢ (farm producers absorbed all rejected birds) and 18,000 sold at 16.2¢ to 16.3¢ {buyers absorbed all rejects).
Prices in the south Texas commercial broiler markets were higher on
Monday, November 14, while those in east Texas were slightly lower. Quotations
were 17¢ in south Texas and 15¢ to 16.9¢ in east Texas (34% of the sales were at
undetermined prices).
BROILER CHICK
PLACEMENTS
Percentage change from
Comparable
Previous
week, 1959
week
Area
Week ended
November 5, 1960
Texas •.••••
Louisiana ••
1,642,000
345,000
-1
1
4
21
22 states ••
29 534,000
5
12
@FedFRASER