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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 644 Wednesday, May 2, 1962 F ARM I N C 0 ME P R0 S P E CT S U. S. farm income prospects for 1962 are about the same as those forecast last fall,-points out the Economic Research Service. Farm operators are expected to realize a total net income of around $12.7 billion this year, or the same as that estimated for 1961, which was the highest since 1953. The prospect for a continuation of the improved farm income situation for 1962 assumes (1) average growing conditions, (2) a strong level of domestic demand for agricultural products, and (3) a continued large export movement of farm products. Realized gross farm income in the Nation may total slightly more than $40 billion in 1962, compared with $39.6 billion a year earlier. The anticipated gain in gross receipts during the current year probably will result from a continued large volume of farm marketings, higher crop prices, and increased Government payments. However, an anticipated further rise in farm production expenses probably will offset most of the gain in realized gross income, according to the ERS. GRAIN STOCKS Stocks of the four feed grains, wheat, and rye in the United States as of April 1, 1962, were smaller than a year earlier, according to the Statistical Reporting Service:- Holdings of feed grains - corn, oats, barley, and sorghum grain - were 7% below the record level of a year ago; wheat stocks were the second highest of record but were 4% smaller than at the beginning of April last year. In contrast to the reduced grain stocks in the Nation, the combined tonnage of all food and feed grains stored in Texas was at an all-time high for April 1. Stocks of wheat, sorghum grain, barley, and soybeans were at new peak levels for that date; holdings of corn, rye, and oats were above a year earlier. This is the fifth successive year that Texas sorghum grain stocks have set a new April 1 record. C0 UNT E RAT T ACK A new U.S. Department of Agriculture brochure, "Counterattack," describes how insect sprays control insects and disease epidemics in forests. The 16-page booklet points out that, on the 664 million acres of the Nation's forestland, insects destroy enough timber each year to build a million houses. Single copies of "Counterattack," PA-499, may be obtained from the Forest Service, U. S. Department of Agriculture, Washington 25, D. c. SMALLER WHEAT CARRY-OVER INDICATED Based on the estimated supply and disappearance of wheat, the U. S. carryover on July 1, 1962, probably will total approximately 1,380 million bu~, points out the SRS. -This quantity would be about 32 million bu. below the all-time high carry-over of a year earlier and would represent the first decrease since 1958. The total wheat supply for the 1961-62 marketing year is indicated at 2,655 million bu., or 24 million bu. below the record on July 1, 1961. The supply comprises the carry-over of 1,412 million bu., the 1961 production of 1,235 million bu., and imports of about 8 million bu. (mainly feeding quality and seed wheat). ~ ----World wheat exports, including products in grain equivalent, in 1961-62 are expected to reach 1,560 million bu., which would be approximately 3% larger than in the preceding season. L I VE S T 0 CK Fort Worth cattle marketings during the week ended Thursday, April 26, totaled an estimated 4,ooo head, or slightly above the previous week but substantially below the year-earlier level, according to the Agricultural Marketing Service. Demand was good for all slaughter classes early in the week, but trading slackened at midweek. Closing quotations generally were steady to 50¢ per cwt. lower than on the preceding Thursday. Good 800- to 1,180-lb. slaughter steers were quoted at $23 to $25 per cwt., and Utility and Commercial cows brought $15.50 to $17.50. Demand continued good for all classes of feeder cattle, and closing prices for steers were mainly steady. Good and Choice 500- to 700-lb. feeder steers cleared at $23 to $26. Calf receipts are placed at 600, which is one-fifth more than a week ago but one-third below the corresponding period in 1961. Quotations for slaughter calves were mostly steady. Good grades of killing calves sold at $24 to $26 per cwt., and 250- to 500-lb. feeder steer calves brought $23.50 to $28. The hog supply of approximately 2,000 compared with 1,500 in the previous week and 2,500--a-year earlier. Thursday prices were about steady with the preceding week's close, with the bulk of the U. s. No. 1 through No. 3 Grades of 195- to 260-lb. butchers quoted at $16 to $16.25. About 18,600 sheep and lambs were received at Fort Worth during the week ended April 26, reflecting decreases of 19% from a week ago and 50% from the corresponding period last year. Trading was mainly steady; closing prices for old-crop slaughter lambs were steady to weak, while those for spring lambs were fully steady to strong. The majority of the Good and Choice 66- to 96-lb. slaughter spring lambs sold at $18 to $20 per cwt. POULTRY During the week ended Friday, April 27, commercial broiler markets opened steady in both south and east Texas, reports the State Department of Agriculture. Markets in both areas closed fully steady with a firm undertone. Closing prices were 14.5¢ per lb. in south Texas and 14.3¢ to 14.8¢ in east Texas. During the comparable period in 1961, closing quotations were 14.5¢ in south Texas, and the weighted average price in east Texas was 13.7¢. Commercial broiler markets were fully steady in south Texas but slightly weaker in east Texas on Monday, April 30. Prices per lb. were 14.5¢ in south Texas and 13.5¢ to 14.5¢ in east Texas-.~-~ BROILER CHICK PLACEMENTS Percent change from Comparable Previous week, 1961 week Area Week ended April 21, 1962 Texas •••••• Louisiana •• 3,203,000 559,000 -3 1 9 -5 22 states •• 43,215,000 1 -5
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