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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 676 Wednesday, December 12, 1962 R E C E I V E C 0 S T - S H A R E HE 1 P S T AT E S T 0 The U. S. Department of Agriculture has announced that a limited number of farmers in every state will be eligible for cost-share assistance in shifting cropland to recreational use in 1963. The Food and Agriculture Act of 1963 authorizes assistance to farmers for converting land from crop production to grass, trees, wildlife, and income-producing recreational uses. Under this authorization, the Government will share with farmers the cost of conservation measures needed to make the conversions. In addition, adjustment payments are authorized to assist farmers in making the approved conversions from crop production. A 1 1 W0 R L D C 0 T T 0 N A N D R I C E C R 0 P S The world cotton crop, at an estimated 49.2 million bales, is expected to exceed utilization in 1962-63, according to the Foreign Agricultural Service. An increase of 1.9 million bales in production from the preceding season more than offsets a 0.7 million-bale reduction in beginning stocks and raises the world cotton supply to 68.6 million bales. World stocks are expected to advance this season for the first time since 1955-56 and may be up lt million bales or more, with most of the increase in the United States. The 1962-63 world rice crop, excluding the Communist countries of Asia and the U.S.S.R., is forecast at an all-time high of 153.2 million tons of rough rice, compared with 150.4 million tons produced in 1961-62. World rice a~reage is estimated at 214 million acres, which is 2 million acres more than the preceding year's record and 12 million acres above average. The largest gain is in Egypt, where prod.u ction has almost doubled as a result of sharply increased acreage and high yields. The United States shows the second largest rise in output. Acreage in this country has increased 10%, and with record per acre yields, production has advanced 19% over 1961. up I N PAKISTAN WHEAT K I T C H E N SE T A permanent wheat kitchen has been established at the Medical Research Center in East Pakistan, reports the USDA. The primary purpose of the wheat kitchen is to work out menus for a nutritious diet for the 2,000 patients at the center and their families. The kitchen - which is manned by expert cooks supervised by a dietitian - will create new wheat recipes, keeping in mind the food habits of rice-eating people. Letters, leaflets, recipe booklets, and posters will be distributed. to popularize wheat and wheat products. P R0 DUCT I 0 N UP MEAT Commercial production of red meat in the United States during JanuaryOctober 1962 totaled 23,196 million lbs., or 2% above the corresponding period last year, according to the Statistical Reporting Service. An increase in pork output more than offset declines in outturns of veal and of lamb and mutton; beef production was unchanged from a year ago. TRADE WITH SUDANESE T H E UNITED S T A T E S Two-thirds of Sudan's total dollar earnings is derived from trade with the United States, points out the Economic Research Service. We buy Sudanese gum arabic, long-staple cotton, and hides and. skins. L I VE S T 0 C K With the return of clear weather to the marketing territory, cattle and calf receipts at Fort Worth during the week ended Thursday, December 6, showed substantial gains over the preceding week, according to the Agricultural Marketing Service. The cattle supply of an estimated 5,500 was L~l% larger than a week ago but 7% below the corresponding period in 1961. Trading on slaughter steers and cows was slow. Prices for slaughter steers were mostly 50¢ per cwt. lower than on the preceding Thursday, with Good 500- to 800-lb. animals quoted at $25 to $26 per cwt. Utility and Commercial cows brought $13.50 to $17.50. Trading on feeder cattle was moderately active, and prices were generally steady with the previous week's close; Good 500- to 700-lb. steers sold at $23.50 to $27.10. Calf marketings totaled approximately 2,000, compared with 1,100 a week earlier and 1,200 a year ago. Slaughter calves sold at prices which were steady to 50¢ per cwt. higher than a week earlier. Good grades of killing calves brought $2~-. 50 to $25. 50 per cwt., and prices for 300- to 500-lb. feeder steer calves ranged from $24 to $28. Hog offerings are placed at 1,850, or 550 more than in the preceding week and. 350 above the corresponding period last year. Trading got off to a slow start on Monday but was moderately active thereafter. Prices for barrows and gilts were weak to $1 per cwt. lower than on the previous Thursday. The majority of the U. S. No. 1 through No. 3 Grad.es of 190 .. to 260-lb. butchers cleared at $16 to $16.50 per cwt. A total of 8,800 sheep and lambs was received at Fort Worth during the week ended December 6, or 11% fewer than a week ago but about the same as the yearearlier offerings. Both wooled and. shorn slaughter lambs sold. at prices which were weak to 50¢ per cwt. lower than in the preceding week. Most of the Good and Choice 70- to 85-lb. shorn slaughter lambs with fall-shorn and No. 1 and No. 2 pelts cleared at $17 to $18 per cwt. POULTRY Commercial broiler markets opened stronger in south Texas and steady in east Texas during the week ended Friday, December 7, points out the State Department of Agriculture. The south Texas market reflected a slight weakness on Tuesday but regained strength on Wednesday. At Friday's close, markets in both areas were stronger, with a firm undertone. Supplies ranged from short to adequate for the fair to good demand, and trading was moderate to brisk. Closing quotations per lb. in south Texas were 15.5¢ to 16.6¢, mainly 16.6¢; and prices in east Texas ranged from 15.6¢ to 17.1¢. During the comparable period in 1961, the closing quote in south Texas was 16¢, and prices in east Texas ranged from 15.5¢ to 17.1¢. On Monday, December 10, commercial broiler markets were stronger in south Texas and. steady in east Texas-.- Prices per lb. were: South Texas, 17 .1¢ to 17. 5¢; and east Texas, 16.3¢ to 17.1¢. BROILER CHICK PLACEMENTS ..- Percent change from Comparable Previous week , 1961 week Area Week ended December 1, 1962 Texas •••.•• Louisiana •• 2,464,ooo 555,000 -5 3 26 43 22 states •.. 36, lL!-4, 000 0 l~-
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