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AGRICULTURAL NEWS OF THE WEEK
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FEDERAL RESERVE BANK OF DALLAS

Number 669

Wednesday, October 24, 1962

1 9 6 3
C 0 T T 0 N AC RE AGE
A L L 0 T ME N T S
The U. S. Department of Agriculture recently announced a national marketing quota of 14,367,000 bales (standard bales of 500 lbs. gross weight) and a national a~e allotment of 16 million acres for the 1963 crop of upland cotton. The
Agricultural Adjustment Act provides an additional 310,000 acres as a national acreage reserve to be used for the establishment of minimum farm allotments. The national acreage allotment of 16 million acres for the 1963 crop is the maximum permitted
under present legislation. For the 1962 crop, the national acreage allotment totaled.
18,101,718 acres. December 11, 1962, has been set as the date for the referendum on
1963 upland cotton marketing-quotas. At least two-thirds of the upland cotton farmers voting must approve the quotas if they are to be in effect.
A national marketing quota of 155,500 bales and a national acreage allotment of 149,880 acres for the 1963 crop of extra-long staple cotton have also been
announced by the USDA. The acreage allotment for the 1962 crop was 100,293 acres.
The growers' referendum on quotas for extra-long staple cotton will also be held on
December 11.
M 0 RE
CATTLE
0 N
FEED
The number of cattle and calves on feed for slaughter market in the 26
major feeding states as of October 1 is placed. at 6.1 million head, accord.ing to
the Statistical Reporting Service. -This figure is 8% larger than a year earlier
and slightly more than the number on feed at the beginning of July 1962.
In Texas, an estimated. 325,000 cattle and calves were on feed. as of October 1, or 48% above a year ago and 50% greater than the number on July 1, 1962.
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NEW
WOOL
AND
LAMB
AGREEMENT
SIGNED
On October 18, the USDA signed a new agreement with the American Sheep
Producers Council, Inc., which provides for the continuation of deductions from wool
incentive payments to be used in wool and lamb promotional activities. This action
followed final tabulation of the results of the September 10-21 referendum, in which
producers approved continuation of the program.
The new agreement with the American Sheep Producers Council, Inc., will
continue the financing of the Council's advertising, promotional, and related marketing activities on lamb and wool through deductions from wool payments for four
~ ~' as authorized by the extension of the National Wool Act.
Under the program, deductions will be made from payments next summer for the 1962 marketing year
(April 1, 1962, through March 31, 1963) at the rate of 1¢ per lb. of shorn wool marketed and 5¢ per cwt. of liveweight of unshorn lambs marketed. According to the
USDA, deductions for the 1963, 1964, and. 1965 marketing years will be made at such
rates as the Secretary of Agriculture and the American Sheep Producers Council, Inc.,
may agree upon, except that the deductions shall not exceed the rates provided for
in the 1962 marketing year.
TEXAS
PECAN
CR 0 P
SMALLER
Based on October 1 conditions, pecan production in Texas is indicated. at
15 million lbs., or one-fourth less than the 1961 output and the smallest crop since
1951, according to the SRS. The estimated production consists of 12 milli0i1Tbs. of
native pecans and 3 million lbs. of improved varieties.

L I VE S T 0 C K
Cattle receipts at Fort Wortl! during the week ended Thursday, October 18,
were slightly smaller than in the preceding week, while supplies of all other classes of livestock showed gains, reports the Agricultural Marketing Service-:---Tii'e cattle run of an estimated 7,100 compared with 7,~-00 a week ago and 10,000 during the
corresponding period of 1961. Trading on slaughter steers was fairly active on Tuesday but was only moderately active on other days. Prices for slaughter steers were
strong to 75¢ per cwt. higher than at the previous Thursday's close. Good 1,055- to
1,195-lb. slaughter steers sold at $26 to $27 per cwt., and the majority of the Utility and Commercial cows brought $13.50 to $16. Demand for feeder cattle was fairly
broad, and prices were generally steady; Good 500- to 700-lb. feeder steers were
quoted at $22.50 to $25.50.
The calf supply, at an estimated 2,300, was about one-fifth larger than
in the preceding week and more than double the year-earlier figure. Trading on
slaughter calves was moderately active, and prices were steady with the preceding
week's close. Good. grad.es of killing calves brought mostly $23.50 to $24.50 per
cwt., and prices for 300- to 500-lb. feeder steer calves ranged from $23 to $26.50.
Hog marketings totaled about 1,500, or 300 more than in the preceding week
and 100 above a year ago. Closing quotations on barrows and gilts were mainly 25¢
to 50¢ per cwt. lower than a week earlier. The majority of the U. S. No. 1 through
No. 3 Grades of 190- to 260-lb. butchers cleared at $16.50 to $17 per cwt.
A total of 11,200 sheep and lambs was received at Fort Worth during the
week ended October 18, reflecting gains-or-78% over a week earlier and 129% over a
year ago. Demand. was fairly broad. for practically all classes, and trading was moderately active. Prices held steady throughout the L~-day trading period. The bulk
of the Good. and Choice 70- to 85-lb. shorn slaughter lambs with No. 1 to mixed No. l
through No. 3 pelts brought $17 to $18 per cwt.
POULTRY
During the week ended Friday, October 19, the principal Texas commercial
broiler markets opened stronger. According to the State Department of Agriculture,
markets in both south and east Texas were fully steady on Thursday. At Friday's
close, markets in both areas were steady, although the undertone seemed unsettled.
Demand was fair, and trading ranged from light to fairly brisk. Closing prices per
lb. were: South Texas, 15.8¢ to 16.8¢, mostly 16.8¢; and east Texas, 15.8¢ to 16.7¢.
During the comparable period in 1961, the closing quotation in south Texas was 11.5¢,
and the weighted average price in east Texas was 12.5¢.
Commercial broiler markets were slightly weaker in south Texas and slightly
stronger in east Texas on Monday, October 22. Prices per lb. in south Texas were
16.5¢ to 16.6¢, mainly 16.5¢; and those in-east Texas ranged from 16¢ to 17.3¢.

BRO ILER CHICK
PLACEJYIENTS

Percent increase over
Comparable
Previous
week, 1961
week

Area

Week ended
October 13, 1962

Texas ••••••
Louisiana .•

2,298,000
501,000

6
12

38
19

22 states ..

34,380,000

2

21