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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 675 Wednesday, December 5, 1962 AGRICULTURAL P RI CE S The index of prices received by the Nation's farmers remained unchanged during the month ended November 15, according to the Statistical Reporting Service. The most important price changes were increases for lettuce and lemons, which were offset by lower prices for oranges and corn. At 245% of the 1910-14 average, the index was 3% above a year ago. The parity index (which reflects prices paid for commodities and services, plus interest, taxes, and wage rates) was 307, or the same as the mid-October level but 2% higher than a year earlier. Prices for family living items averaged slightly above those in the preceding month but not enough to raise the parity index. The parity ratio, at 80, also remained unchanged from October to November but was 1% above the ~earlier figure. ALLOTMENTS F 0 R E XT RA - L 0 NG S T AP L E C 0 T T 0 N The U. S. Department of Agriculture recently announced state acreage allotments for the 1963-crop of extra-long staple cotton. The following are the allotments for the Eleventh District states which produce extra-long staple cotton (and allotments for the 1962 crop): Arizona, 63,739 acres (42,433); New Mexico, 29,725 acres (19,681); and Texas, 51,600 acres (34,455). L I VE S T 0 CK S T UD Y I N I NDI A During the next 5 years, scientists at the National Dairy Research Institute at Karnal, India, will conduct studies to compare the abilities of native breeds Of'C"attle to use--rc;ughages, in hot or cold weather, for milk production or for growth, according to the USDA. The research will be done under a U. S. Public Law 480 grant. Expectations are that the information obtained will be valuable to American scientists in appraising the potential value of low-grade roughages in some sections of the United States. HI GH RECORD P E A N U T S T 0 C K S AT Peanuts stored in off-farm positions in the United States as of October 31 totaled 1,132 million lbs., or a record for that date, reports the SRS. The total~ compares with 850 million lbs. of equivalent stocks on hand a month earlier and 1,034 million lbs. a year ago. U S D A - D 0 N A T E D F 0 0 D F 0 R GUAM UNDER WAY The first air cargo of food donated by the USDA for Guam recently left California to help provide relief feeding for Guam's 10,000 civilian victims of Typhoon Karen. A total of approximately 335,000 lbs. of food. will be shipped by air and by sea. L E S 8 C 0 T T 0 N U S E D I N AU T 0 I NT E R I 0 RS Cotton's total share of the materials used in passenger car interiors was slightly smaller in 1961 than in 1955, according to a preliminary report of the USDA. Increased use of paper and vinyls accounted for a large part of cotton's losses. The differences in the over-all volume of materials used in automobile interiors reflect the decrease in automobile production from nearly 8 million passenger cars in 1955 to about 5t million in 1961 and the large output of compact cars. L I VE S T 0 C K Fort Worth livestock marketings during the week ended Thursday, November 29, were substantially above the previous week's 3-day receipts (the trading period was shortened by the Thanksgiving holiday), according to the Agricultural Marketing Service. The cattle run of an estimated ~-,000 compared with 2,800 a week ago and 7,100 during the corresponding 4 days in 1961. Demand was good for all classes of slaughter cattle, and trading was fairly active. Closing prices for Good slaughter steers were fully steady with the preceding Wednesa_ay, with 1,020- to 1,065-lb. animals quoted at $26 to $27 per cwt. ; Utility and Commercial cows brought $1L~ to $17. 50. Feeder steers and heifers sold at prices which were 50¢ to $1.50 higher than a week earlier; Good 500- to 700-lb. steers were quoted at $23.50 to $27. Calf receipts totaled approximately 1,100, or 200 more than in the previous week but 200 fewer than a year earlier. Slaughter calves were in good demand, and prices advanced 50¢ to $1 per cwt. Good grades of killing calves cleared at $24 to $25.50 per cwt., and prices for 250- to 515-lb. feeder steer calves ranged from $24 to $28.50. A total of 1,300 hogs was received at Fort Worth during the week ended November 29, which was 30% above the previous week's 3-day trading period but about the same as a year ago. Quotations for barrows and gilts were steady to 50¢ per cwt. lower than on the preceding Wednesday. The majority of the U. S. No. 1 through No. 3 Grades of 190- to 260-lb. butchers sold at $16.25 to $16.75 per cwt. Sheep and. lamb offerings, at about 10,700, reflected gains of 62% over a week ago and. 2"(j/:'over the comparable period last year. Closing quotat i.ons for slaughter lambs were steady to $1 per cwt. higher than on the previous Wednesday, while those for all other classes held generally unchanged. Most of the Good and Choice 75- to 88-lb. shorn slaughter lambs with No. 1 and No. 2 pelts brought $17.50 to $18.50 per cwt. · POULTRY During the week ended Friday, November 30, the principal Texas commercial broiler markets opened stronger, reports the State Department of Agriculture. By Tuesday, prices had advanced 2~¢ per lb. over the previous Friday's close. (The cause of this unusually rapid increase in price has not been determined, although there was a slight shortage of chickens.) Markets in both areas became weaker on Wednesday and Thursday. At Friday's close, the market in south Texas was slightly weaker, while that in east Texas had regained some strength; the undertone in both areas was unsettled. Closing prices per lb. in south Texas were 14.5¢ to 15.5¢, mostly 14.8¢; and quotations in east Texas ranged from 13.5¢ to 15.8¢. During the comparable period in 1961, the closing quote in south Texas was 14¢, and prices in east Texas ranged from 16.2¢ to 16.4¢. Commercial broiler markets were stronger in south Texas and steady in east Texas on Monday, December 3. Prices were 16¢ per lb. in south Texas and 14¢ to 15.8¢ in east Texas. - BROILER CHICK PLACEMENTS Percent change from Comparable Previous week week, 1961 Area Week ended November 24, 1962 Texas .••••• Louisiana •. 2,584,ooo 540,000 -2 1 42 54 22 states .. 36,219,000 -1 20