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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 587 Wednesday, March 29, 1961 P R 0 S P E CT I VE P L A NT I NG S F 0 R 1 9 6 1 Planting intentions of the Nation's crop producers, as of March 1, indicate approximately the~ total crop plantings for the 1961 harvest as last year, reports the Agricultural Marketing Service. However, growers' plans were reported prior to the ~ feed grain program and generally do not reflect changes which might occur as a result of the program, Other factors which may affect the acreage that is actually planted this year include weather conditions, price changes, labor supplies, financial conditions, changes in agricultural programs, and the effect of the prospective plantings report upon farmers' actions. The following table shows the percent changes in acreages of selected spring crops which farmers intend to plant in 1961 from the planted acreages in 1960 for the states of the Eleventh Federal Reserve District and the Nation, PLANTINGS OF SELECTED SPRING CROPS Five Southwestern States and United States (Percent changes, 1961 from 1960) All ~ .£Q£.!! Oats Barley 4 All sorghums All hay.!./ Peanuts Rice -3 0 5 -2 -1 0 2 0 4 -5 -4 8 -4 -1 -4 0 -3 3 -4 2 -3 0 0 -1 -4 -1 -2 0 Arizona, ••••• , •••••• Louisiana ••••••••••• New Mexico •••••••••• Oklahoma •••••••••••• Texas •• , •••••••••••• -3 -7 -15 2 0 -8 -15 -14 Five states ••••••• -14 United States, •••• -1 8 -15 0 -17 l/ Acreage harvested. SOURCE: U. s. Department of Agriculture. PROGRAM F E E D GR A IN l 9 6 1 On March 22, President Kennedy signed the Feed Grain Bill, which will be in effect only for 1961-crop feed grains. The program is on a voluntary basis and applies to~' grain sorghums, barley, ~' and rye. According to the Secretary of Agriculture, the purposes of the program are to (1) increase farm income; (2) prevent further build-up of the feed grain surplus and reduce the stocks, if possible; (3) help assure the cons1mer of fair and stable prices for meat, poultry, and dairy products; and (4) reduce ultimate feed grain program costs to taxpayers by about $500 million. In order to be eligible for support prices under the new program, the Nation's farmers must reduce acreages of .£2!.!!. and grain sorghums by at least 20% of their 1959-60 average plantings or at least 20 ~' whichever is larger. Farmers may retire as much as another 20% of their historic acreage, or 40% in all. The diverted acreage may!!£! be used for crops for harvest or pasture. Non-cooperators will be ineligible for price supports on 1961-crop corn, grain sorghums, oats, barley, or rye. L I VE S T 0 C K Fort Worth cattle receipts during the week ended Thursday, March 23, are placed at 6,700, or 100 below the week-earlier level but 200 more than a year ago, reports the AMS. Compared with the preceding week's close, quotations on slaughter steers weighing under 800 lbs. were mostly steady; prices on heavier weights were steady to 50¢ per cwt. lower. High-Standard and Good 930- to 1,220-lb. slaughter steers were quoted at $23 to $24, and Utility and Commercial cows closed at $16 to $17.50. Prices of stockers and feeders held about steady, with Good and Choice 500to 750-lb. stocker steers quoted at $23 to $26. The calf ~ of about 600 was down 33% from the previous week and 70% from the corresponding period in 1960. Slaughter calves sold at prices which were steady to 50¢ higher than a week ago. Good and Choice grades of killing calves brought $24.50 to $26.50, and 250- to 500-lb. stocker steer calves sold at $24.50 to $30. Hog marketings totaled an estimated 2,600, compared with 2,300 in the preceding week and 3,000 a year ago. Thursday prices of barrows and gilts were steady to 50¢ lower than a week earlier. The majority of the mixed U. s. No. 1 through No. 3 Grades of 200- to 250-lb. butchers cleared at $17.75 to $18.25. With the opening of the spring lamb season at Fort Worth on Monday, March 20, marketings advanced sharply during the 4-day trading period. Sheep and lamb sup· plies of about 23,000 were 80% greater than in the previous week and 51% above the year-earlier level. Prices rose early in the week but subsequently declined. Most Good and Choice 79- to 104-lb. slaughter lambs with No. 3 to fall-shorn pelts sold at $14.50 to $15. P 0 UL TRY The Texas commercial broiler markets reflected slightly unsettled conditions during the week ended Friday, March 24, points out the State Department of Agriculture. The market opened slightly stronger in south Texas but was weaker in ~ ~. The south Texas market held steady throughout the week; the east Texas market continued to strengthen and closed at slightly higher prices. Compared with the corresponding period in 1960, trading volumes were down approximately 22% in b6th areas. Closing guotations were 17¢ in south Texas, and the weighted average in east Texas was 16.6¢. During the comparable week last year, closing prices were 17¢ in south Texas and 17.8¢ in east Texas. On Monday, March ']]_, commercial broiler markets were steady in south Texas and weaker in east Texas. The following prices were quoted: South Texas, 17¢, and east Texas, 16¢ to 16.5¢, although 36% of the sales were at undetermined levels. Monday's offerings at the Southwest Poultry Exchange are placed at 202,900 broilers. Of this supply, 93,800 cleared at 16.1¢ to 16.5¢ (farm producers absorbed all rejected birds), and 13,000 brought 16.1¢ to 16.2¢ (buyers absorbed all rejects) BROILER CHICK PLACEMENTS Percent increase over Previous Comparable week week, 1960 Area Week ended March 18, 1961 Texas •••••• Louisiana •• 2,950,000 620,000 3 28 2 48 22 states •• 41 697,000 3 18
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