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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS

Number 628

Wednesday; January 10, 1962
R I C E

Secretary of Agriculture Freeman recently announced the following actions
concerning 1962-crop rice:
1.

A national acreage allotment of 1,817)856 acres has been
proclaimed, which is 10% above both the allotment for
1961-crop rice and the minimum permitted by law.

2.

Marketing quotas have been proclaimed.

3.

January 23, 1962, has been set as the date for a referendum to determine producer approval or disapproval of
quotas.

If marketing quotas are approved by two-thirds of the rice growers voting
in the referendum on January 23, price support will be available to cooperators.
The national average support price-=-which will be announced prior to the referendum will be at a level between 65% and 90% of parity.

P R I CE S
AGRICULTURAL
The index of prices received by the Nation's farmers rose nearly 1% during the month ended December 15, 1961, to 240% of the 1910-14 average, reports the
Statistical Reporting Service-.- Compared with a year earlier, the all-crops index
was up 3%, while the livestock and livestock products index was down 3%. The farm
product price index averaged 240 during 1961, compared with 238 in the preceding
year.
The parity index (which reflects prices paid for commodities and services,
plus interest,-"taxes, and wage rates) reached a new high for the month on December
15. At 302, the index equaled the record level prevailing in the spring of 1961 and
was 1% higher than in mid-December of 1960.
The parity ratio, as of December 15, 1961, remained at 79, which is 2%
lower than a year ago-.~~
P E 0 P L E C0 NF ERE NCE CAL LED
LAND
AND
Secretary of Agriculture Freeman has called a National Conference on Land
and People to be held at the U. S. Department of Agriculture in Washington) D. c.,
on Monday, January 15, 1962. The meeting will begin at 9:30 a.m. and will be open
to the public. The--=t°hreefold purpose of the conference is (1) to discuss the Nation's changing needs for products of land and water in relation to the output potentials of our farms; (2) to consider the human and community adjustments involved
in rural America; and (3) to review the opportunities available to agricultural and
urban leaders, in order to more fully utilize forest resources and wildlife and recreational facilities.
"SKIP-RO W "
COTTON
RESTRICTIONS
ENDED
On January 2, Secretary of Agriculture Freeman announced that the 4-row
limitation on "skip-row" planting (which was in effect for 1961 and earlier cotton

crops) will not apply to 1962-crop cotton. Under the new system) only land that is
actually planted to cotton will be counted as cotton land in determining compliance
with acreage allotments and marketing quotas.
The announcement applies only to cotton and does not change skip-row determinations in effect for 9theE_ crops.

L I VE S T 0 CK
Receipts of all classes of livestock at Fort Worth during the 3~day trading period ended ThursdaYJ January 4J 1962) were substantially larger than in t:tlecorresponding days of the preceding-weekJ reports the Agricultural Marketing Service. (The trading periods were shortened because of the Christmas and New Year's
holidays.) The cattle supply totaled approximately 6J4oo, or almost 2! times the
week-earlier figlire and 21% above the comparable period of 1961. Trading on slaughter steers was slow) and closing prices were mainly steady to 50¢ per cwt. lower than
on the preceding Thursday. Standard and low-Good 1,040- to 1)245-lb. slaughter steers
brought $23.50 to $24) and Utility and Commercial cows sold at $15 to $17.50. Closing quotes on feeder cattle ranged from 50¢ to $1.50 lower than a week earlier, with
Good and Choice 500- to 650-lb. feeder steers quoted at $22.50 to $26.
At an estimated 1,300, the calf run was more than triple that in the preceding week but was down 19% from a year ago~ Trading on slaughter calves was active,
and prices held generally steady. Good killing calves cleared at $23.50 to $25, and
prices for Good feeder steer calves ranged from $23.50 to $26.50.
Hog marketings are placed at· 1,400, or 600 more than in the previous week
but 300 below the year-earlier level. Thursday quotations on barrows and gilts were
steady to 50¢ lower than a week ago, with the majority of the U. S. No. 1 through
No. 3 Grades of 200- to 250-lb. butchers quoted at $16.50 to $17.
A total of 7,500 sheep and lambs was received at Fort Worth during the
3~day trading period ended Januar~, 1962, compared with 4J8oo a week ago and 7,600
during the corresponding period last year. Trading was active, and prices were fully
steady to 50¢ higher than in the previous week. Most of the 75- to 99-lb. slaughter
lambs, including offerings with No. 3 to full-wooled pelts, cleared at $15 to $16.
POULTRY
During the week ended Friday, January 5, 1962, the Texas commercial broiler
markets opened steady and then remained constant"-throughout the trading period,
points out the State Department of Agriculture. Closing prices in south Texas were
16¢ per lb., and those in east Texas ranged from 15.4¢ to 16.5¢. During the corresponding period in 1961, closing quotations were 15qS to 16¢ in south Texas, ana. the
weighted average price in east Texas was 14.7¢.
On Monday, January 8, commercial broiler markets were stronger in south
Texas and improved in east Texas. Prices were: South Texas, 16.5¢ to 17¢) mostly
17¢; and east Texas, 16.2¢ to 17¢.

BROILER CHICK
PIA CEMENTS

Percent change from
Comparable
Previous
week
week, 1960

Area

Week ended
December 30, 1961

Texas •..•••
Louisiana .•

2,104,ooo
427)000

-1
-1

-6

22 states ..

31,651,000

-4

-4

0