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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Wednesday, February 28, 1962 Number 635 STATE-BY-STATE AGRICULTURAL EXPORT STUDY Secretary of Agriculture Freeman recently released the results of a nationwide study which indicates, state-by-state, the importance of agricultural exports to the Nation's farmers. Agricultural exports- comprise about one-fourth of all U. S. exports. The study - based on the record 1960-61 agricultural exports of nearly $5 billion - shows that each of the 48 states (Alaska and Hawaii are not included) accounts for a significant share of the total exports of farm products. The two states with the largest shares of u. s. agricultural exports are California ($477.5 million) and Texas ($446.5 million). ~~ The following table shows the value of agricultural exports and competitive agricultural imports for the states of the Eleventh Federal Reserve District for the fiscal year 1960-61. Principal exports Agricultural export / equivalent.! (Millions of dollars) Competitive agricultural imports / e qui valentl: (Millions of dollars) Arizona Cotton, grain sorghums, and livestock products $ 74.2 $ 26.5 Louisiana Cotton and rice 81.9 22.0 New Mexico Cotton, wheat, and livestock products 35.4 12.7 Oklahoma Wheat, cotton, and livestock products 103.3 35.8 Texas Cotton, grain sorghums, wheat, rice, and livestock 446.5 137 .o $741.3 $234.o Area Total ~/The "equivalent" shares were derived from the states' contributions to national sales or output as determined f:rom agricultural census data. They do not show actual exports or imports, although they reflect the common stake of the states in total u. s. trade, based on Bureau of the Census trade data. ONION MARKETING ORDER AMENDMENTS APPROVED In a referendum held February 12-17, onion producers in south Texas approved amendments to the Federal marketing order which regulates handling of onions g~own in that area, according to the U, s. Department of Agriculture. The amendments were favored by 89% of the producers voting (representing 93% of the total production). In addition, handlers representing more than 80% of the volume marketed signed the amended agreement. L I VE S T 0 CK Fort Worth cattle and calf receipts during the week ended Wednesday, February 21, were below the corresponding 3 days of the preceding week but were above ~ame period in 1961, reports the Agricultural Marketing Service. No report was available for Thursday, February 22, because of the observance of George Washington's birthday. Cattle offerings totaled an estimated 3,300, compared with 3,800 a week ago and 3,200 a year earlier, Trading on all slaughter classes was fairly active, and prices were fully steady with the preceding week's close. Good 780- to 1,180lb. slaughter steers sold at $23 to $24.50 per cwt,, and Utility and Commercial cows brought $15 to $17.50, Quotations for Good and Choice 500- to 700-lb, feeder steers ranged from $22 to $25.50. The calf run was about 500, or 17% below a week earlier but one-fourth above the comparable period last year, Slaughter calves sold at prices which were steady to 50¢ per cwt. higher than in the preceding week. Good grades of killing calves were quoted at $23 to $25 per cwt,, and 250- to 500-lb. feeder calves brought $23 to $27, Hog :marketings are placed at 2,000, reflecting gains of 54% over a week ago and 33% over the year-earlier figure, Quotations on barrows and gilts declined 25¢ to 50¢ per cwt. The majority of the u. s. No. 1 through No. 3 Grades of 185to 240-lb. butchers cleared at $16 to $17.25. A total of 13,400 sheep and lambs was received at Fort Worth during the week ended February 21, compared with 12,300 in the corresponding 3 days of the preceding week and 4,200 a year ago. Quotations on all classes except ewes generally were fully steady with the previous week's close. Most of the Good and Choice 82to 103-lb, shorn lambs with No. 2 and fall-shorn pelts sold at $15,50 to $16.25 per cwt. POULTRY During the week ended Friday, February 23, commercial broiler markets opened steady in east~as and slightly lower in--South Texas, points out the State Department of Agriculture. The south Texas market-renia:ined steady until Thursday and closed 0.5¢ per lb. higher. In east Texas, an increase in price was noted on Tuesday; quotations then were little changed through the close of trading. Closing quotations were 17¢ in south Texas, and prices in east Texas ranged from 16.5¢ to 17.4¢. During the comparable week in 1961, closing quotes were 18¢ to 18.5¢ in south Texas; the weighted average price in east Texas was 17.4¢. On Monday, February 26, commercial broiler markets were slightly stronger in south Texas and about steadY-in east Texas. Quotations per lb. were: South Texas, 17.5¢; and east Texas, 16.9¢ to 17.5¢. BROILER CHICK PLACEMENTS Percent change from Comparable Previous week, 1961 week Area Week ended February 17z 1962 Texas •••••• Louisiana •• 2,352,000 479,000 -1 -2 -15 22 states •• 37~038,000 1 -6 -4
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