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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK Q.F DALLAS Number 672 Wednesday, November lL!-, 1962 R E C R E A T I 0 N L 0 AN A P P L I C A T I 0 N S ACCEPTING Secretary of Agriculture Freeman recently released details on broadened lending programs of the Farmers Home Administration that will increase rural recreational facilities and finance enterprises designed to produce additional income for farmers. The FHA is now accepting loan applications from family farmers for recreational enterprises to supplement their farm incomes. Loans are also now available to nonprofit associations of farmers and other rural residents to cover costs involved in shifting land to new and more economic uses, including recreation. The FHA will utilize current farm ownership and farm operating loan programs to finance the recreation loans. The maximum amount farmers can obtain for farm operating expenses, including the operating costs of recreational enterprises, is $35,000. The maximum amount they can borrow for real-estate programs, including the development of land and buildings for recreational enterprises, is $60,000. Operating loans are made for a period up to 7 years, and real-estate loans are made for a period not to exceed 40 years. In both cases the interest rate is 5%. FHA POULTRY AND EGG OUTLOOK U. S. egg production in 1963 probably will be slightly above the 175 million cases-in-prOS'Pect for the current year, according to the Economic Research Service. Output in the early part of 1963, however, may be somewhat below a year earlier because of the smaller laying flock. Egg prices next year are expected to show less of a rise from spring to fall than in 1962 and. to average somewhat lower for the year as a whole. Production of broilers and turkeys is likely to be greater than in the current year. QUARTERLY PIG CROP REPORTS The Statistical Reporting Service has announced. plans for introducing expanded and. improved quarterly pig crop reports for the 10 major hog-producing states. Reports will be released in March, June, September, and.lS'ecember covering Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, Ohio, South Dakota, and Wisconsin. (These 10 states accounted. for more than three-fourths of the total national pig crop in 1961.) In other states, the pig crop will continue to be reported in June and December. TELEPHONES 1 4 2 I N THE WORLD MILLION Data recently compiled by the Rural Electrification Administration show that, as of the end of 1960, there were 141.7 million telephones in the world.. More than one-half of the total (52%) were in the United States. The number of telephones in the world has doubled since 1951, according to the REA report. The United States now has 40 telephones per 100 persons; the United Kingdom ranks second, with 16; and West Germany is third, with 11 per 100 persons. Russia is reported. to have only about 2 telephones for every 100 people. S T E R I L E FLY RELEASE AREA EXPANDED The U. S. Department of Agriculture has announced an expansion of the area where sterile scre"WWorm flies are being released in the current effort to rid the Southwest of screwworms. The addition of 20,000 square miles to the present 70,000- square-mile release area was made possible by steady increases in the production of man-raised sterile flies. The expanded area includes 10,000 square miles in the Trans-Pecos region of Texas and 10,000 square miles along the international border in Mexico. L I VE S T 0 C K Fort Worth cattle receipts during the week ended Thursday, November 8, totaled an estimated 7,100, representing decreases of~rom a week ago and 1TI% from the corresponding period in 1961, reports the Agricultural Marketing Service. Trading was slow on the limited supply of slaughter steers and heifers, and quotations were mainly steady with the preceding week's close. Good 590- to 700-lb. slaughter steers sold at $23.50 to $25 per cwt., and Utility and Commercial cows brought $12.50 to $16. Closing prices for feeder cattle were generally steady, with Good 500- to 700-lb. steers quoted at $23.50 to $26. At approximately 2,000, calf marketings were 100 more than a week ago and 400 above the year-earlier figure.~ading on slaughter calves was moderately active, and prices were steady as compared with a week ago. Good grades of slaughter calves brought mostly $23.50 to $24.50 per cwt., and quotations for 250- to 500-lb. feeder steer calves ranged from $24.50 to $27.50. The hog supply is placed at 1,100, or about one-fourth below both the previous week and the corresponding period last year. Closing prices were steady to 25¢ per cwt. higher than on the preceding Thursday. The bulk of the U. S. No. 1 through No. 3 Grades of 190- to 260-lb. barrows and gilts cleared at $16050 to $17 per cwt. A total of 7,900 sheep and lambs was received at Fort Worth during the week ended November 8, compared with 7,700 a week earlier and 8,200 a year ago. Closing prices for slaughter lambs were fully 50¢ per cwt. lower than a week earlier. The majority of the Good and Choice 65- to 85-lb. shorn slaughter lambs with No. 2 to fall-shorn pelts sold at $17 to $17.50 per cwt. POULTRY The principal Texas commercial broiler markets opened slightly weaker in south Texas and stronger""'i'il'east Texas during the week ended Friday, November 9, points out the State Department of Agriculture. Markets in both areas were stronger on Wednesday and then became steady on Thursday. At Friday's close, prices showed some weakness. Demand ranged from fair to good, and trading was moderate to normal. The closing quotation in south Texas was 16.5¢ per lb., and prices in east Texas ranged from 15.5¢ to 16.1¢. During the comparable period in 1961, both the closing quote in south Texas and the weighted average price in east Texas were 12.5¢. No report was issued for Monday, November 12, because of a holiday. BROILER CHICK PLACEMENTS Percent increase over Comparable Previous week week, 1961 Pu-ea Week ended November 3, 1962 Texas .••..• Louisiana .. 2,610,000 515,000 5 11 21 22 states .. 35z088,ooo 1 20 1-~7
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