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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 637 Wednesday, March 14, 1962 ****************************************** * * I S NATIONAL EGG MONTH! MARCH * * ** * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * ** FARMLAND VALUES AT ALL-TIME HIGH The average market value of farm real estate in the United States rose to a record high during the 4 months ende(f1j()veiiib'er 1, 1961, according to a recent report of the Economic Research Service. After declining slightly in 1960, the national index of average value per acre advanced to 179% of the 1947-49 average, or 1% above July l, 1961, and 4% higher than at the beginning of November 1960. As a result, the estimated dollar value of all farmland in the Nation rose more than $5 billion during the 12 months · ended November 1, 1961. The upward movement in farmland values was strong and widespread, reflecting a relatively good demand for farmland throughout the country, according to the ERS. Compared with July 1, 1961, farmland values in the Eleventh Federal Reserve District at the beginning of November were up 3% in each of the states of Arizona, Louisiana, and New Mexico and were 2% higher in both Oklahoma and Texas. During the year ended November 1, 1961, farmland values advanced 8% in Louisiana, 6% in both Arizona and Texas, 3% in Oklahoma, and 2% in New Mexico. USDA RECOMMENDS CUTS IN POTATO ACREAGES The u. s. Department of Agriculture has recommended that the Nation's growers reduce acreages of summer and fall potatoes this year. In issuing acreagemarketing guides, the USDA recommended specifically that producers decrease acreages of early-summer potatoes by 4% from 1961; late-summer potatoes, 6%; and fall-crop potatoes, 14%. IN SOUTHWEST SCREWWORM ERADICATION BEGINS Efforts to eradicate screwworms from a large area of the southwestern United States have now begun in a cooperative program between ranchers and Federal and state governments. Sterile screwworm flies are being airdropped, and facilities for producing these flies are being enlarged in southern Texas. According to the USDA, inspections begun in mid-January have revealed screwworm infestations of livestock in 30 southern Texas counties. The discovery that these destructive pests have been overwintering farther north than was anticipated has accelerated the pace of eradication efforts. Temporary sterile-fly production facilities at Kerrville, Texas, are being enlarged, and a :permanent sterilefly "factory" is under construction near Mission. Inspection and treatment of animals within the eradication area, as well as those being shipped into the area, have been intensified. L I VE S T 0 CK Fort Worth livestock marketings during the week ended Thursday, March 8, were substantially above the previous week's limited supplies, according to the - Agricultural Marketing Service. The cattle ~ of an estimated 5,900 compared with 3,200 a week ago and 5,600 during the corresponding period in 1961. Trading on slaughter steers opened slow on Monday but was fairly active thereafter. Closing quotations on Good and Choice slaughter steers weighing over 700 lbs. were steady to 25¢ per cwt. lower than a week earlier, while Good grades of animals weighing under 700 lbs. were steady to 50¢ higher. Good 800- to 1,120-lb. slaughter steers sold at $23 to $25 per cwt., and Utility and low-Commercial cows brought $15.75 to $17.50. Compared with the preceding Thursday's close, feeder steers and heifers weighing over 500 lbs. sold at prices which were mainly steady to 50¢ lower; Good 500- to 750-lb. feeder steers cleared at $22 to $25.60. The calf supply totaled about 900, which was triple the preceding week's figure and 29% above a year ago. Trading on slaughter calves was active, and prices were steady to 50¢ per cwt. higher than at the previous week's close. Good grades of killing calves cleared at $24.50 to $25.50 per cwt., and 250- to 500-lb. feeder steer calves brought $23 to $27. Hog receipts were approximately 1,800, or 400 more than the week-earlier level but 1,200 fewer than a year ago. Trading on barrows and gilts was generally slow, and closing quotations were 50¢ to $1 per cwt. lower than on the preceding Thursday. The majority of the u. s. No. 1 through No. 3 Grades of 195- to 250-lb. butchers cleared at $16.50 to $17.25 per cwt. Sheep and lamb marketings totaled about 11,800, which was 76% above the preceding week and more than double the year-earlier supply. Despite the sharp increase in receipts, demand was broad; and closing prices were generally 25¢ to fully 50¢ per cwt. higher than on the previous Thursday. Good and Choice 68- to 97-lb. slaughter lambs brought $17 to $17.50 per cwt. POULTRY During the week ended Friday, March 2, the major Texas commercial broiler markets opened steady and then remained about steady through the close, reports the State Department of Agriculture. Trading in both south and east Texas ranged from moderate to normal. Closing quotations in south Texas were 17.5¢ per lb., and those in east Texas ranged from 16¢ to 17.3¢. During the comparable period last year, closing quotes in south Texas were 16.5¢, and the weighted average price in east Texas was 16.1¢. On Monday, March 12, commercial broiler markets were weaker in south Texas and about steady in east Texas. Quotations per lb. were: South Texas, 16¢ to 16.5¢, mostly 16¢; and east Texas, 15.8¢ to 16.5¢. BROILER CHICK PLACEMENTS Percent change from Comparable Previous week, 1961 week Area Week ended March 3z 1962 Texas •••••• Louisiana •• 2,741,000 491,000 12 -1 -5 -6 22 states •• 40z094 2 000 4 0 ~
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