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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS lfomber 583 Wednesday, darch 1, 1961 l 9 6 1 - C R 0 P U P L A ND C 0 T T ON On February 21 the U. S. Department of Agriculture announced a minimum national average support price of 31.84¢ ~ lb, for 1961-crop upland cotton. The support price for Middling~ cotton will be at a minimum level of 33.04¢ per lb., gross weight, at average location. Both of these levels reflect 82% of parity. The minimum support price announced for Middling l' ' cotton represents a moderate increase of 0.62~ per lb. above the support price for the same quality of 1960crop cotton under the 'Choice A" program. NAT I 0 NAL F 0 0 D 0 U T L 0 0 K Civilian demand for food in the United States during 1961 is expected to be at the high level of recent years, reports the Agricultural Marketing Service. Consumers probably will spend about the ~ proportion of their income for food this year as in 1960. Food supplies in the next few months are expected to be slightly less plentiful than a year earlier but are likely to be somewhat more abundant during the second half of 1961. For the year as a whole, U. S. civilians probably will have about as much food per person as in recent years. Retail food prices in 1961 are expected to average about the same as last year. U. S. F 0 RE I G N AGR I C UL T URAL EXHI B I T S Secretary of Agriculture Freeman has announced that the USDA will join with the U. s. food industry in presenting two~ major food exhibits in Europe this year. An exhibit to be held in Paris, day 18-29, will be the first major food show the United States has ever held in France. An exhibit in Hamburg, Germany, November 10-19, will be the largest overseas agricultural market promotion exhibit the U. S. Government has ever sponsored and will be the first to accommodate private commercial exhibits on a major scale. In addition, U. S. agricultural products will be promoted through exhibits in other European countries, as well as in Asia and South America, during 1961. According to the Secretary, the purpose of the exhibits is to build dollar markets for U. s. agricultural products. C R 0 P CAL F The 1960 calf crop in the United States totaled nearly 39.3 million head, or 1% ~ than a year earlier, according to the AMS; 1960 was the second year of increase following the 1955-58 downtrend in calf crops. All regions except the South Atlantic showed larger calf crops in 1960. As compared with a year earlier, the increased national calf crop was due primarily to a larger number of cows and heifers on farms. In the states of the Eleventh Federal Reserve District (Arizona, Louisiana, rew Mexico, Oklahoma, and Texas), the 1960 calf crop is placed at 7.2 million, reflecting a 3% increase over 1959. L I VE S T 0 C K Inclement weather during the ~ part of the week ended Thursday, February 23, was a maior factor in the reduced livestock receipts at Fort Worth, points out the AMS. The cattle supply of an estimated 4,900 compared with 8,400 in the preceding week and 3,200 a year ago. Trading on slaughter steers and heifers was slow on Monday but was fairly active the remainder of the week. Compared with the previous week's close, slaughter steers weighing 800 lbs. and over sold mostly steady; animals weighing under 800 lbs. were steady to 50¢ per cwt. higher. The following prices were quoted: Good 825- to 1,175-lb. slaughter steers, $23.50 to $25; Canner and Cutter cows, mostly $12.50 to $16; and Good and Choice 510- to 740lb. stocker steer yearlings, $23 to $26.20. Calf offerings of about 500 reflected decreases of 76% from a week earlier and 62% from the comparable week in 1960. Demand for slaughter calves was broad, and trading was active. Quotations on slaughter calves were 50¢ to $1 higher than at the preceding Thursday's close. Prices of Good killing calves were $24 to $25.50, and quotes on Good and Choice 300- to 500-lb. stocker steer calves ranged from $23.50 to $28. A total of 1,700 hogs was received at Fort Worth during the week ended February 23, or 1,200 fewer than a week earlier and 300 below the year-earlier figure. Trading was rather uneven, and price trends were somewhat mixed; however, closing quotations were generally steady to 50¢ higher than on the preceding Thursday. Most mixed U. s. No. 1 through No. 3 Grades of 190- to 240-lb. barrows and gilts sold at $18 to $19. Sheep and lamb marketings are placed at 4,900, compared with 11,800 in the previous week and 5,800 a year earlier. Closing prices generally were fully steady with a week ago. The majority of the Good and Choice 87- to 101-lb. wooled and shorn slaughter lambs brought $16.50 to $17. P 0 UL T R Y Commercial broiler markets opened stronger in south ~ and about steady in ~ Texas during the week ended Friday, February 24, reports the State Department of Agriculture. During the week, prices fluctuated in east Texas but were about steady in south Texas. At the market's close on Friday, quotations in south Texas remained steady, but those in east Texas were weaker. The trading volume in east Texas was about 35% larger than in the corresponding week of 1960, and that in south Texas was approximately 42% greater. Closing prices in south Texas were 18¢ to 18.59 and the weighted average in east Texas was 17.4¢. During the comparable week last year, closing quotations were 18¢ in south Texas and 18.6¢ in east Texas. The Southwest Poultry Exchange offered 217,300 broilers on Friday. Of this number, 188,300 sold at 17.1¢ to 17.4¢ (farm producers absorbed all rejected birdsh and 4,000 brought 15.5¢ (buyers absorbed all rejects). On Monday, February ]J_, commercial broiler markets were steady in south Texas and slightly weaker in east Texas. Prices were 18¢ in south Texas and 15.5¢ to 17.4¢ in east Texas (20% of the sales in the latter area were at undetermined levels). Area BROILER CHICK PLACEMENTS Week ended February 18, 1961 Percent increase over Previous Comparable week week, 1960 Texas •••••• Louisiana •• 2,760,000 501,000 8 1 28 22 states •• 39,557,000 2 14 21
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