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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS
Number 631
Wednesday, January 31, 1962
FARM
INCOME
An increase of $750 million each for cash receipts from farm :marketings
and Government payments raised the realized gross income of ·the Nationts farmers
in 1961 by $1.5 bfllion, according to the Economic Research Service. However, the
rise in gross returns was partially offset by a $500 million increase in production
expenseso Realized net income of u. S. farm operators in 1961 amounted to $12.7
billion, or $1 billion-more than in 1960.
CAT T LE 0 N F E E D
As of January 1, 1962, the number of cattle and calves on feed for slaughter market in the 26 major feeding states totaled an estimated 7.8 million, or 2%
above the year-earlier level, according to the Statistical Reporting Service. '.I'he
number of cattle and calves on feed normally rises during the last quarter of the
year. Between October 1, 1961, and January 1, 1962, cattle on feed rose 40% as
compared with a 49% increase a year earlier. Reports from cattle feeders in the
26 states indicate that they plan to market 42% of the January 1 inventory during
the first ~uarter of this year, or 3% more than the marketings during the comparable
period of 1961.
In Texas, the number of cattle and calves on feed for market as of January 1, 1962, was 323,000) which was 27% above the corresponding date last year.
The State's cattle feeders intend to market about one~half of the number of animals
on feed during January-March of the current year, which would be 13% above marketings in the comparable period of 1961. Large-scale feeding continued to increase
during the past year. Currently, there are 145 feed yards in Texas with a capacity
of 1,000 or more animals, compared with 124 yards at the beginning of January last
year. The largest increase occurred on the High Plains, where lots with over 1,000
capacity began operations.
S U P P 0 R T P UR CHA S E S
DAIRY
Data recently released by the u. s. Department of Agriculture show that
dairy price-support purchases in the Nation during the 1961 calendar year totaled
329.5 million lbs. of butter, 124.4 million lbs. of cheddar cheese, and i,193.3
million lbs. of nonfat dry mill{. These figures compare with 1960 purchases of
145.3 million lbs. of butter, 0.3 million lbs. of cheese, and 872.9 million lbs.
of nonfat dry milk.
R I CE P R 0 DU C ER S A P P R 0 VE
QU 0 T A S
In the referendum held January 23, the Nation's rice growers approved marketing quotas for 1962-crop rice by a favorable vote of 94.2%, according to preliminary reports of the USDA. Of the 8,862 growers voting, 8,352 approved the quotas,
while 510 voted against them.
D 0 N A T E D TO MIGRATORY WORKERS
IN
TEXAS
USDA-donated foods are being distributed in three Texas counties to migratory and other farm laborers who are without work as a result of January freeze damage to crops, according to Secretary of . Agriculture Freeman. In Cameron, Hidalgo,
and Willacy Counties (located in the Lower Rio Grande Valley), heavy losses were
F 0 0 D
~~.,..-~--~~~~~~~~~~-
sustained by the citrus fruit crop and vegetables that were ready for harvest. An
estimated 15,000 to 20,000 persons in these counties - most of them migratory workers
and their families - are in need of emergency food assistance.
L I VE S T 0 CK
Fort Worth receipts of all classes of livestock were sharply curtailed by
inclement weather during the week ended Thursday, January 25, according to the Agricultural Marketing Service. The ca:ttl'e run totaled an estimated 3,700, representing
decreases of 42% from the preceding week--aild 10% from a year ago. Slaughter steers
sold at prices which were steady to 25¢ per cwt. lower than at the previous Thursday's
close. High-Standard and Good 945- to 1,060-lb. slaughter steers brought $23.50 to
$24.25, and Utility and Commercial cows sold at $15 to $18. Prices for feeder cattle held generally steady, with Good 500- to 750-lb. steers quoted at $22 to $23.50.
At approximately 600, the calf supply was one-third smaller than a week
earlier and 40% below the corresponding period in 1961. Prices of Standard and Good
slaughter calves were mostly 50¢ to $1 higher than a week ago, while quotations on
Utility animals were largely steady. Good grades of killing calves cleared at $23.50
to $25 and 250- to 500-lb. feeder steer calves sold at $22.50 to $25.
Hog marketings were about 700, compared with 1,800 in the preceding week
and 1,400 a year ago. Barrows and gilts sold at prices which were fully steady with
those on the preceding Thursday. The bulk of the u. s. No. l through No. 3 Grades
of 200- to 250-lb. butchers cleared at $17.25 to $18.25.
A total of 7,800 sheep and lambs was received at Fort Worth during the
week ended January 25, or 40% below the week-earlier figure but 26% above a year
ago. After Monday, trading was active in most sessions. The majority of the Good
and Choice 83- to 100-lb. wooled and shorn lambs with No. 2 to fall-shorn pelts
brought $15.50 to $16.
POULTRY
The major Texas commercial broiler markets have continued to show strength
during the past several weeks. During the week ended January 26, the markets opened
stronger and remained fully steady throughout the trading period, reports the State
Department of Agriculture. At Friday's close, the market in east Texas was fully
steady, while prices in south Texas were stronger. The week's trading volume was
light. Closing prices were 18¢ to 19¢, mostly 18¢, per lb. in south Texas, and quotations ranged from 17.5¢ to 19.3¢ in east Texas. During the corresponding period
in 1961, closing prices were 17¢ in south Texas, and the weighted average price in
east Texas was 15.6¢.
On Monday, January 29, commercial broiler markets in south Texas were
slightly stronger, and those in east Texas were steady. Prices per lb. were:
South Texas, 19¢; and east Texas, 18.5¢ to 19¢.
Area
Texas ••••••
Louisiana ••
2,350,000
397,000
1
-14
9
-16
22 states ••
35,197 000
-1
5
BROILER CHICK
PLACEMENTS
Percent change from
Previous
Co~ar~~
week
week, 1961
Week ended
January 202 1962
@FedFRASER