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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 636 Wednesday, March 7, 1962 A GR I CUL T URA L P R I CE S The index of prices received by U. s. farmers advanced fractionally during the month ended February 15, 1962, to 243% of the 1910-14 average but remained below a year ago, according to the Statistical Reporting Service. The most important factor contributing to the increase was a rise in vegetable prices, which accompanied the temporarily reduced supplies following freeze damage in Florida and Texas. Higher prices paid for family living items boosted the parity index (which reflects prices paid for commodities and services, plus interest, taxes, and wage rates) to an all-time high on February 15. At 305% of the 1910-14 average, the index was slightly above a month earlier and 1% greater than on the corresponding date in 1961. The parity ratio remained at 80, which was 1% below a year ago. 1 9 6 1 CAL F CR0 P UP The 1961 national calf crop totaled 39.9 million head, which was 1% larger than both a year earlier and the 1950-59 average, according to the SRS. The calf crop was the highest since 1957 and reflected the third consecutive year of increase. The larger calf crop resulted mainly from the greater number of cows and heifers on farms, as compared with 1960. · In the Eleventh District states (Arizona, Louisiana, New Mexico, Oklahoma, and Texas), the 1961 calf crop is estimated at 7.4 million, or 2% above the previous year and 3% more than the 1950-59 average. FARM STORAGE CAPACITY DOUBLED The Nation's farmers built a record 129 million bu. of additional on-thefarm storage capacity in 1961 under the farm storage facility loan program, according to the U. S. Department of Agriculture. This capacity is more than double the 60.6 million bu. built in 1960 and is substantially above the previous record of 86.7 million bu. of farm-storage capacity built under the 1959 program. W0 R L D C0 TT0 N CR0 P E S T I MA T E The Foreign Agricultural Service estimates world cotton production for the 1961-62 season at 46.8 million bales, or about 0.6 million bales below the October 1, 1961, forecast. If the current estimate is realized, the 1961-62 cotton crop will be second only to the 1960-61 record of 47.2 million bales and will exceed the 195559 average by 3.1 million bales. World cotton acreage has increased for the third consecutive year and is placed at 83.3 million acres in 1961-62. On the other hand, the average yield of 270 lbs. per acre is below the previous season's exceptionally high figure of 280 lbs. MORE CATTLE IMPORTED IN 1961 U. S. cattle imports in 1961 were 57% above those in the preceding year, reports the FAS. The increase was partially due to the fact that both Canada and Mexico suffered from drought during part of 1961 and were forced to sell large numbers of feeder and slaughter cattle. L I VE S T 0 CK Inclement weather sharply curtailed livestock receipts at Fort Worth during the week ended Thursday, March 1, according to the Agricultural Marketing Service, The cat'tle-s'U.Pply totaled an estimated 3,200, reflecting decreases of 27% from the previous week's 3-day trading period (the Market News office was closed on Thursday, February 22, in observance of Washington's birthday) and 52% from a year ago. Trading was fairly active, and quotations for slaughter steers and heifers were mainly 25¢ to 50¢ per cwt. higher than on the previous Wednesday, Good and mixed Good and low-Choice 960- to 1,200-lb, slaughter steers brought $23,50 to $24.75 per cwt., and most Utility and Commercial cows sold at $15.50 to $17,50. Prices of feeder cattle were about steady with the preceding week's close; Good and Choice 700- to 855-lb, steers brought $22.80 to $24. Calf receipts of about 400 compared with 700 a week earlier and 900 during the corresponding period of 1961. Quotations on killing calves were strong to 75¢ ~er cwt. higher than at the previous week 1o close. Good grades of slaughter calves cleared at $23,50 to $25 per cwt., and 250- to 500-lb, feeder steer calves brought $23,50 to $27. A total of 1,400 hogs was received at Fort Worth during the week ended March 1, or one-third below the supply in the preceding week's 3-day trading period and 39% fewer than the year-earlier level, Prices for barrows and gilts were steady to 50¢ per cwt. higher than on the· previous Wednesday, with the majority of the u. s. No. 1 through No. 3 Grades of 195- to 240-lb, butchers quoted at $17 to $17,50 per cwt. Shee_.E and lamb offerings are placed at 6,600, which is only about onehalf of the previous week's total but 10% above the corresponding period last year. Demand was broad for all slaughter classes. Closing quotations were steady to 25¢ per cwt. higher than on the preceding Wednesday, The bulk of the Good and Choice 80- to 106-lb, wooled and shorn lambs with No. 2 to fall-shorn pelts sold at $15.75 to $16,50 per cwt. POULTRY During the week ended Friday, March g, commercial broiler markets opened slightly stronger in south Texas and steady in east Texas, reports the State Department of Agriculture, The market in south Texas remained fully steady through the close, while that in east Texas became slightly stronger on Tuesday and closed steady. Closing quotations per lb. were: South Texas, 17.5¢, with a few at 18¢; and east Texas, 17,5¢ to 17.9¢. During the corresponding period in 1961, closing quote·s were 17¢ in south Texas, and the weighted average price in east Texas was 15.9¢. On Monday, March 5, commercial broiler markets were about steady in south Texas and steady in east Texas. Prices were 17.5¢ per lb. in south Texas and 16.8¢ to 17.6¢ in east Texas. BROILER CHICK PLACEMENTS Percent change from Previous Comparable week week, 1961 Area Week ended February 24z 1962 Texas •••••• Louisiana., 2,450,000 496,000 4 4 -11 22 states •• 38,555,000 4 -4 -9
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