View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS

Number 663

Wednesday, September 12, 1962

WHEAT
MARKETING
QUOTAS
APPROVED
Preliminary returns from a referendum held. on August 30 in the 39-state
commercial wheat-producing area show that 68.£~% of the farmers voting favored.
marketing quotas for 1963-crop wheat, reports the U. S. Department of Agriculture.
Since wheat marketing quotas are effective on approval by two-thirds or more of the
farmers voting in a referendum, quotas will be in effect for the 1963 crop. In the
referendum for 1962-crop wheat, 79.4% of the farmers voting favored marketing quotas.
M 0 RE
RURAL
H 0 U S I N G F U N D S AVAILABLE
On September 7, Secretary of Agriculture Freeman announced that an additional $152 million has been made available for rural housing loans. This action
makes a total of $182 million available through the Farmers Home Administration for
this type of credit during fiscal 1963. The funds are part of the $430 million
authorized by the Housing Act of 1961, to be expended over a 4-year period. Approximately $95 million was expended by the FHA for rural housing loans during fiscal
1962.
FARM DEBT
NEARLY
$26
BILLION
As of January 1, 1962, the total debt owed by U. S. farmers amounted to
$25.8 billion, excluding-Commodity Credit Corporation loans~ according to a recent
report of the Economic Research Service. This figure represents a 7% increase over
a year earlier and is an all-time high. Farm mortgage debts rose $1.1 billion during 1961, and other debts advanced-V.7. - --The ERS points out that the increase in farm debts in the United States
was relatively greater than the rise in value of farm assets. Farm debts as of
January 1 this year were equal to 13.4% of the value of farm assets, compared with
the 1940 ratio of 18.9% and the 1950 ratio of 9.5%. Equities of farm operators and
other owners were equal to approximately 87% of the value of farm assets on January 1,
1962.
FEWER
TURKEYS
THIS
YEAR
The Nation's turkey growers are raising an estimated 91.8 million birds
in 1962, or 15% less than last year's record crop, accord.ing to the Statisticar-Reporting Service. The number of heavy-breed turkeys being raised is 13% below
that in 1961, while the number of light breeds (which will account for only 9% of
the total raised this year) is down approximately one-third. California is the
leading turkey-producing state this year, followed by Minnesota, Iowa, Wisconsin,
Texas, Virginia, and Missouri.
RECORD
WORLD
PEANUT
CROP
The Foreign Agricultural Service estimates the 1961 world peanut crop at
a record 15.6 million tons (unshelled basis), or 4% above the 1960 output and 2%
more than the previous peak outturn in 1958. Nearly two-thirds of the gain over
1960 is accounted for by the increase in India, the world's leading peanut-producing country. Notable advances also occurred in Nigeria, Senegal, South Africa, the
Rhodesias and Nyasaland, Brazil, and . Argentina. On the other hand, there is believed
to have been a major decrease in Mainland China; less significant decreases are reported for the Congo, Tanganyika, Mali, and the United States.

L I VE S T 0 C K
Fort Worth marketings of all classes of livestock except sheep and lambs
during the~ay-:frading period ended Thursday, September 6, were substantially
below the preceding week's 4-day receipts, according to the .Agricultural Marketing
Service. (The market was closed on Monday, September 3, in observance of the Labor
Day holiday. ) The cattle ~ totaled an estimated ~-, 600, compared with 7, 300 in the
previous week and 7,100 a year ago. Trading on most slaughter cattle was slow on
Tuesday but was fairly active thereafter. Slaughter steers sold at prices which
were 25¢ to 50¢ per cwt. higher than at the preceding Thursday's close. Good and
low-Choice 8~L0- to 1, 180-lb. slaughter steers cleared at $25 to $26. 50 per cwt.,
and Utility and Commercial cows brought $13.50 to $16.50. Prices for Common and
Mediwn feeder steers were steady to 50¢ higher than a week earlier, while quotations
for other classes were mainly steady to 50¢ lower; Good 500- to 700-lb. feeder steers
brought $23 to $26.
The calf supply is placed at 900, or 200 fewer than in the preced.ing week
and 100 below the year-earlier figure. Prices for slaughter calves were mostly
steady to 50¢ per cwt. higher than a week ago. Good grades of killing calves brought
mainly $23.50 to $25 per cwt., and 250- to 500-lb. feeder steer calves were quoted
at $23.50 to $28.
Hog offerings of approximately 1,100 represented decreases of 27% from a
week ago and 15% from a year earlier. Trading was fairly active, and prices showed
upturns as compared with the preceding week. The majority of the U. S. No. 1 through
No. 3 Grades of 195- to 260-lb. butchers sold at $18.25 to $19 per cwt.
Sheep and lamb receipts, at an estimated 8,400, were 17% above the preceding week'aiid 27% larger than a year ago. Demand was fairly broad, and trading
was generally active, with very little net price change. Most of the Good and Choice
78- to 81-lb. shorn slaughter lambs with No. 1 and No. 2 pelts cleared at $18 to $19
per cwt.
POULTRY
During the week ended Friday, September 7, commercial broiler markets
opened slightly weaker in south Texas and steady in east Texas, points out the
State Department of .Agriculture. Markets in both areas-weakened on Tuesday and
then became steady on Wednesday. At Friday's close, the east Texas market was
stronger, while that in south Texas remained steady. The closing price in south
Texas was 16¢ per lb., and quotations in east Texas ranged from 16¢ to 16.8¢. During the corresponding period in 1961, the closing quote in south Texas was 11.5¢,
and the weighted average price in east Texas was l0.5¢.
Commercial broiler markets were stronger in south Texas and about steady
in east Texas on Monday, September 10. Prices per lb. in south Texas were 16¢ to
17¢, mostly 17¢; and those in east Texas were 16¢ to 16.9¢.

BROILER CHICK
PLACEMENTS

Percent change from
Comparable
Previous
week
week, 1961

Area

Week ended
September 1, 1962

Texas ......
Louisiana ..

2,136,000
422,000

-2

-6

2

23

22 states ..

34,500,000

0

5