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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS

Number 602

Wednesday, July 12, 1961

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l 9 6 1 - C R 0 P WH E A T
S UP P 0 RT
P R I CE
UNC HANGE D
On July 6 the United States Department of Agriculture announced that the
national average support price for 1961-crop wheat will be $1.79 ~bushel, which
is 75% of the July 1961 parity price. The support price is unchanged from the minimum nadvance 11 support price used in setting county and terminal support rates which
were announced on May 19. The national average support price for 1960-crop wheat
was $1.78 per bushel, or 75% of the July 1960 wheat parity price.

C H A N G E S BA S I S
0 F
E S T I M A T I N G C 0 RN
CR0 P
The Crop Reporting Board of the USDA has announced that its monthly production forecasts of the 1961 £2!.!! crop (beginning with the July 11 report) will
include only .£Q!!! to be harvested for grain. The change in the basis of reporting
will eliminate estimates of corn equivalent for silage, forage, or hogging, which
have been included in estimates of ncorn for all purposes 11 in previous years. In
1960 the total U. S. corn crop was an estimated 4.3 billion bushels, of which 3.9
billion bushels were harvested for grain.
U S D A

SPECIAL
P R 0 G RAM E XT E NDE D
MILK
President Kennedy recently approved extension, for another fiscal year,
of the Special Milk Program for the Nation's youngsters. Legislation signed by
the President authorizes the use of $105 million of Commodity Credit Corporation
funds in the next 12 months for the milk program, or an increase of $10 million
over the 1961 fiscal year authorization.
The program is operated through~ agencies, which, in turn, reimburse
the schools and institutions for part of the ~ of additional milk purchased locally
and made available to youngsters through high-school age. This milk is in addition
to that served in conjunction with the National School Lunch Program. More than half
of the school children in the United States are now drinking milk at school provided
through the school lunch and the special milk programs, according to the USDA.
11
P E NAL T Y RAT E F 0 R 1 9 6 1
E XCE S S "
R I CE
On July 7 the USDA announced a marketing quota penalty rate of $3.93
~ ~. on 1961-crop rice.
This penalty will be assessed on "excess 11 production
from farms where acreage allotments have been exceeded.

S T R 0 NT I UM 9 0
REMOVAL
0 F
FROM MILK
A pilot plant for removing strontium 90 from milk is being tested at the
USDA ' s Research Center at Beltsville, Maryland. The purpose of the test is to provide a practical method of assuring safe food supplies in case of nuclear attack.

L I VE S T 0 CK
receipts of all classes of livestock during the 3-day trading
period ended Thursday, July&, were substantially below both the previous week's 4day supplies and the year-earlier offerings, according to the Statistical Reporting
Service. (The market was closed on Tuesday, July 4; the corresponding trading
period in 1960 also included the Fourth of July holiday.) Cattle marketings of an
estimated 3,700 compared with 9,500 a week ago and 8,700 during the corresponding
period in 1960. Trading on slaughter steers was . fairly active, and Thursday prices
for Good and Choice animals were 25¢ to 50¢ per cwt. higher than at the preceding
week's close; quotations on lower grades were about steady. Good 945- to 1,150-lb.
slaughter steers cleared at $21.75 to $22.60, and Utility and Commercial cows
brought $13.50 to $16. Trading on stockers and feeders was moderately active, and
prices held mostly steady. Good and Choice 500- to 700-lb. stocker steers sold at
$21 to $24,50.
The ~ I1!.!! totaled about 400, reflecting decreases of 79% from the preceding week and 64% from a year ago. Slaughter calves were in good demand, and
prices were steady to strong. Good and low-Choice killing calves were quoted at
$22.50 to $24, and prices for Good and Choice 250- to 500-lb. stocker steer calves
ranged from $22 to $27.
The hog supply is placed at an estimated 1,000, or 1,400 fewer than a
week earlier and 700 below the year-earlier figure. Trading was active, and closing levels were 50¢ to 75¢ .higher than a week ago. Most of the mixed lots of U. s.
No. 1 through No. 3 Grades of 200- to 235-lb. barrows and gilts brought $18.25.
A total of 5,900 sheep and l,ambs was received at Fort Worth during the
3-day trading period ended July 6, or 53% below the previous week's 4-day offerings
and 43% less than the corresponding period of 1960. Prices were generally fully
steady with the preceding Thursday's close, Good to mostly Choice 68- to 93-lb.
slaughter lambs cleared at $16.50.

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P 0 UL T R Y
During the week ended Friday, July
the principal Texas commercial broil·
~markets opened weaker, reports the State Department of Agriculture.
The south
~market became steady on Tuesday and remained at that level through Friday's
close. The east Texas market remained weak through Wednesday but strengthened on
Thursday and closed steady. The trading volume in south Texas was 33% greater than
in the comparable period in 1960, while that in east Texas was about unchanged.
Closing prices were 12.5¢ per lb. in south Texas, and the weighted average price in
east Texas was 12.3¢. During the corresponding period last year, closing prices
were 18¢ in south Texas, and the weighted average in east Texas was 17.7¢.
On Monday, July 10, commercial broiler markets were stronger in south Texas
but were slightly weaker in east Texas. Prices were~ South Texas, 12.5¢ to 13¢,
mainly 13¢; and east Texas, 11.9¢ to 12.3¢ (31% of the sales were at undetermined
levels).
·
The Southwest Poultry Exchange at Center, Texas, offered 303,700 broilers
on July 10. Of this number, 156,600 sold at 12¢ to 12.3¢ (farm producers absorbed
all rejected birds), and 24,000 brought 11.9¢ to 12¢ (buyers absorbed all rejects).

z,

Area
BROILER CHICK
PLACEMENTS

Week ended
July l, 1961

Percent change from
Comparabl;
Previous
week, 1960
week

Texas ••••••
Louisiana ••

2,843,000
571,000

3
3

24

22 states ••

40 444 000

-2

8

3