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AGR.I CULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 646 Wednesday, May 16, 1962 FARM FORESTRY LOAN PROGRAM Secretary of Agriculture Freeman recently announced a loan program to help farmers make full use of their farm forest resources. Under the program, which became effective on May 7, the Farmers Home Administration will make loans to eligible farmers enabling them (1) to carry out better forestry management practices, (2) to expand their forest resources, and (3) to convert cropland to forestry uses. The loans will bear 3% interest and will be repayable over periods up to 40 years. (Loans previously were made at 5% interest.) When necessary, the initial payment on the loan may be deferred for periods up to 15 years. The maximum loan under the program is $60,000, or the value of the security provided by the individual farmer. PENALTY RATE FOR "EXCESS" WHEAT The U. S. Department of Agriculture has announced a marketing quota penalty rate of $1. 59 per bu. for 1962-crop "excess" wheat, compared with $1. 08 per bu. for ~1961 output":- When wheat marketing quotas are in effect, legislation requires penalties on excess wheat production at the rate of 65% of parity as of May 1 of the crop year. USDA officials point out that some farms with 15 acres or leSS-of wheat may be subject to quota penalties on their production as a result of changes made in the law for 1962. Previously, growers with farms harvesting less than 15 acres of wheat were not subject to penalties. AFTER A HUNDRED YEARS The 1962 Yearbook of Agriculture, entitled After a Hundred Years, was published on May 15 - the lOOth anniversary of the US~The Centennial Yearbook describes a century's developments in the breeding of plants and animals, control of insects, conservation of land and forests, marketing and economics, home economics, technology, and communications. According to the USDA, the focus of the publication is on people in both the country and the city and what m'Od'er'n agriculture means to them. Copies of the 1962 Yearbook of Agriculture (the latest in a series that dates back to 1849) may be obtained from the Superintendent of Documents, Government Printing Office, Washington 25, D. c., for $3 a copy. The Department of Agriculture has no copies available for general distribution. COMMON MARKET I S S UE S POULTRY REGULATIONS Final regulations covering imports of poultry products from outside countries have~ issued by the European Common Market, according to the Foreign Agricultural Service. The Common Market is comprised of France, West Germany, Italy, Belgium, the Netherlands, and Luxembourg. However, the regulations would be most applicable to West Germany - the largest single importer of U. S. poultry. In 1961, shipments of fresh and frozen poultry from the United States to West Germany accounted for 85% of the total 150 million lbs. exported to the entire Common Market area. The FAS points out that the new import controls could well reverse the present upward trend in shipments of U. S. poultry products to Europe. These new controls are scheduled to become effective on July 1, 1962. L I VE S T 0 C K The Fort Worth cattle run during the week ended Thursday, May 10, totaled an estimated 5,600,-c;r:-27% above the week-earlier figure but 40% belOW-a--Year ago, reports the Agricultural Marketing Service. Trading on slaughter steers was fairly active. Quotations for slaughter animals weighing over 850 lbs. were mainly 25¢ to 50¢ per cwt. higher than on the preceding Thursday, while prices for lighter weights were 50¢ to $1 lower. Good 905- to 1,080-lb. slaughter steers cleared at $23.25 to $25.50 per cwt., and Utility and Commercial cows sold at $14 to $17. Trading on feeder cattle was moderately active on Monday but was slow the remainder of the 4-day trading period. Feeder steers and heifers sold at prices which were steady to $1 per cwt. lower than at the previous week's close, with Good 500- to 700-lb. feeder steers quoted at $22 to $25. Calf offerings are placed at 800, which is about the same as both a week earlier and the corresponding period in 1961. Prices for slaughter calves were 50¢ to $1 per cwt. lower than at the previous week's close. Good grades of killing calves brought $23.50 to $25 per cwt., and 250- to' 500-lb. feeder steer calves sold at $23 to $28. Hog receipts of approximately 1,900 reflected decreases of 10% from a week ago and 14~rom a year earlier. Prices for barrows and gilts were fully steady to 25¢ per cwt. higher than at the preceding Thursday's close, with most of the U. S. No. 1 through No. 3 Grades of 185- to 280-lb. butchers quoted at $14 to $16. A total of 35,400 sheep and lambs was received at Fort Worth during the week ended May 10, compared with 2b;Ooo in the preceding week and 40,900 a year ago. Demand was fairly broad, and Thursday prices for slaughter spring lambs were fully steady to 50¢ per cwt. higher than a week earlier. Good and Choice 70- to 90-lb. slaughter spring lambs cleared at $18 to $19 per cwt. POULTRY During the week ended Friday, May 11, commercial broiler markets opened stronger in south Texa:8'"and unsettled in-eis:r-Texas, according to the State Department of Agriculture:--Markets in both areas-weakened slightly on Tuesday, became steady on Wednesday, and closed fully steady. Closing prices per lb. were: South Texas, 14¢; and east Texas, 13.4¢ to 14.1¢. During the corresponding period in 196l, both the closing quotation in south Texas and the weighted average price in east Texas were 14.5¢. Commercial broiler markets were steady in south Texas but slightly weaker in east Texas on Monday, May 14. Prices in south Texas were 14¢ per lb., and those in east Texas ranged from 13.1¢ to 13.6¢. Area BROILER CHICK PLACEMENTS Week ended May 5, 1962 Percent change from Comparable Previous week, 196l week Texas •••••• Louisiana •• 3,080,000 655,000 2 22 -6 14 22 states •• 43,306,000 0 -3