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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 569 Wednesday, November 23, 1960 C R 0 P P R 0 D U C T I 0 N I S AL L - T I ME HI GH ! Based on November 1 conditions, the 1960 total crop output in the United States is estimated to be the largest of record, according to the Agricultural Marketing Service. Favorable weather permitted late-growing corn and sorghums to attain full maturity and to reach peak outturns. As a result, the production index for all crops rose to a record 122% of the 1947-49 average; the previous high was 118 recorded in both 1958 and 1959. The composite yield-per-acre index, covering 28 leading crops, advanced to 141 and was exceeded only by the 1958 index. New record yields are being set this year for corn, sorghum grain, peanuts, tobacco, dry beans, and rice. U. S. R IC E 1 9 6 1 - CR 0 P On November 17, Acting Secretary of Agriculture True D. Morse announced the following actions regarding 1961-crop rice: 1. 2. 3. 4. Proclaimed a national acreage allotment of 1,652,596 acres the minimum permitted by law. Announced~ rice acreage allotments. Proclaimed marketing quotas. Set December 13, 1960, as the date for a referendum to determine producer-;pp~l or disapproval of quotas. If marketing quotas are approved by two-thirds of the rice producers voting in the referendum on December 13, price support will be available to cooperators at not less than 70% of parity, the statutory minimum. The national average support rate will be announced after the first of the year. The following are the 1961 acreage allotments for the major rice-producing states of the Eleventh Federal Reserve District: Arizona, 229 acres; Louisiana, 475,008 acres; Oklahoma, 149 acres; and Texas, 422,313 acres. OUTLOOK NAT I 0 NA L F 0 0 D Food supplies in the United States through 1961 are expected to be slight.1.l larger than in the current year, points out the AMS. Consumer demand probably will remain strong, and .P£!. capita food consumption may be about the ~ as in 1960. With supplies slightly larger and marketing margins approximately unchanged, retail food prices in 1961 are expected to average near the present year's levels. P R 0 G R A MS B E RESUMED E X P 0 R T T 0 On November 7 the U. S. Department of Agriculture announced that larger supplies of ~' resulting from harvest of the 1960 crop, permit the resumption of several export programs that were discontinued earlier this year. Effective November 14, the USDA resumed receiving bids to export oats under the payment-inkind export program. In addition, oats owned by the Commodity Credit Corporation will continue to be available for redemption of payment-in-kind certificates earned under the feed grain or rice export programs. CCC-owned oats are again offered for sale under the CCC Credit Sales Program and have been placed back on the list of commodities available for barter. 0 AT L I VE S T 0 CK The cattle supply at Fort Worth during the week ended Thursday, November .!l, totaled an estimated 12,200 head, or 30% above the preceding week and about double the year-earlier level. According to the AMS, trading on slaughter cattle was moderately active. Slaughter steers weighing over 800 lbs. sold at prices which were steady to 50¢ per cwt. lower than in the preceding week, while quotations on other slaughter cattle were mostly steady to 25¢ higher. The majority of the Good slaughter steers averaging around 970 lbs. brought $22 to $23.25, and Canner and Cutter cows sold at $10 to $14.50. Trading on stockers and feeders was fairly active, and quotations were strong to $1 higher than in the latter part of the preceding week; Good and Choice 525- to 720-lb. yearling stocker steers cleared at $22 to $25.90. At approximately 1,900, the calf receipts were up 200 from a week ago but were 800 under the corresponding period of 1959. Trading on killing calves was fairly active, and prices were about steady to $1 higher than the preceding Thursday's market. Quotations on Good and Choice Grades of slaughter calves ranged from $21.50 to $23.50, and those on 250- to 500-lb. stocker steer calves were $24 to $27.60. A total of 2,100 hogs was received at Fort Worth during the week ended November 17, reflecting gains of 31% over the previous week and 5% over a year ago. Prices showed some strength in the early part of the trading period but closed 25¢ to 50¢ lower than in the. latter part of the preceding week. Most U. S. No. 1 and No. 2 Grades of 195- to 235-lb. butchers cleared at $17.75 to $18. Sheep~ lamb offerings were approximately 7,600, compared with 4,400 a week ago and 3,700 a year earlier. Trading was active on high-Good and Choice slaughter lambs but was slow on other slaughter classes. Good and Choice 80- to 97-lb. wooled and shorn slaughter lambs sold mainly at $16 to $16.50. P 0 UL T RY During the week ended Friday, November 18, opening prices in the south Texas commercial broiler markets were higher while those in east Texas were lower, reports the State Department of Agriculture. The south Texa;-;arket remained steady throughout the trading period; quotations in east Texas fluctuated slightly and closed 0.3¢ per lb. lower. Trading volumes were very light in both areas. Friday prices were 17¢ in south Texas and 16¢ to 16.6¢ in east Texas (50% of the sales in the latter area were at undetermined levels). During the comparable period in 1959, closing prices were 15¢ in south Texas and 14¢ in east Texas. The Southwest Poultry Exchange offered 113,800 broilers on Friday, of which 78,200 sold at 16¢ to 16.4¢ (farm producers absorbed all rejected birds). No sales were reported under contracts by which buyers absorbed all rejects. On Monday, November ll_, commercial broiler markets continued steady in south Texas; however, quotations were slightly lower in east Texas. Prices were 17¢ in south Texas and 16¢ to 16.4¢ in east Texas, although 30% of the sales in the latter area were at undetermined quotes. Area BROILER CHICK PLACEMENTS Week ended November 12 2 1960 Percentage increase from Previous Comparable week week. 1959 Texas •••••• Louisiana •• 1,739,000 371,000 6 8 12 33 22 states •• 29,7872000 3 11
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