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AGRICULTURAL NEWS OF THE WEE FEDERAL RESERVE BANK OF DALLAS Number 701 Wednesday, June 5, 1963 NATIONAL OUTLOOK F 0 0 D A current report of the Economic Research Service's National~ Situation states that - * Per capita consumption of food products in the United States this year is expected to rise above that of 1962. Output of food products may advance somewhat more than the anticipated 1.4% increase in total population. * Retail food prices for 1963 probably uill not show much change from the level of the first quarter of the year. Meat prices may average somewhat lower, but higher prices are indicated for citrus fruits, cereal products, sugar, and some vegetables. * A further increase in demand for food likely will reflect the growing U. S. population with rising consumer incomes and an expanding economy. * Food expenditures probably will advance during 1963, although possibly less than the 4!% increase from 1961 to 1962. The proportion of the Nation's disposable income spent for food may ease but is expected to average around 19% for the year. *Export demand for U. S. food products likely will total near the records for 1961 and 1962. Gains in shipments of dairy products and of food fats and oils are expected to about offset decreases in exports of wheat and poultry. * Increased production of fed beef is expected through mid-1963, with declining retail prices likely. * Prices for some fresh frui.ts and vegetables probably will decrease seasonally as new crops are marketed but are expected to remain above a year earlier throughout 1963. L 0 ANS RENTAL HOUSING FOR ELDERLY F 0 R THE Nonprofit groups and corporations can apply to the Farmers Home Administration for loans to financ;e-rental housing for senior citizens in rural areas, according to the Secretary of Agriculture. Groups eligible to receive--ioans:frOffi the revolving fund recently set up by Congress include private nonprofit corporations and consumer cooperatives established to provide housing for their members. Loans may be used to build or improve dwellings, including apartments, duplexes, and individual units designed for independent living, together with their recreational and service facilities. Loans may not be used to finance nursing or special care types of homes. Interest rates on the loans are 3 1/2%, with maturities up to 50 years. These loans can be granted only if individuals and groups are unable to obtain necessary credit from other lenders on reasonable terms. L I VE S T 0 CK During the 3-day trading period ended Wednesday, May 29, supplies of all classes of livestock calves were below a week earlie~according to the Agricultural Marketing Service. The cattle run totaled an estimated 2,800, compared with 3,000 in the preceding week and 4,400 a year earlier. Trading was moderately active on most classes, and both slaughter and feeder steers sold at prices which were steady to 50¢ per cwt. higher than the previous week's close. Good 810- to 1,,305-lb. slaughter steers brought $21 to $22.50 per cwt.; Utility and Commercial cows,, $13.50 to $16.50; and Good 500- to 650-lb. feeder steers, $20.50 to $25. Calf receipts of approximately 600 were unchanged from the preceding week but were one:f°ifth smaller than the year-earlier figure. Trading on slaughter calves was active,, and prices were steady to 50¢ per cwt. higher than a week ago. Good grades of killing calves cleared at $22.50 to $24.50 per cwt., and prices for 250to 500-lb. feeder steer calves ranged from $22 to $27. Hog marketings are placed at 1,100, reflecting decreases of 15% from a week earlier-and 35% from the corresponding period in 1962. Barrows and gilts sold at prices which were $1.50 to $1.75 per cwt. higher than the preceding week's close. The bulk of the U. S. No. 1 through No. 3 Grades of 195- to 250-lb. butchers brought $16 to $16.75 per cwt. Sheep and lamb offerings of about 9,700 compare with 15,500 in the previous week and 23,,300 a-year ago. Demand for slaughter spring lambs (which accounted for the bulk of the offerings) was fairly broad,, and quotations were fully steady to strong. The majority of the Good and Choice 65- to 98-lb. animals cleared at $20 to $23 per cwt. except POULTRY During the week ended Friday,, May 31, commercial broiler markets opened slightly stronger pricewise in south Tex'8:'S'"a'Tid steady in east Texas, points out the State Department of Agriculture-:--T'he--sout'h Texas market was-unable to hold its 0.5¢ per lb. price increase because of weakening trends in other major broiler-producing areas throughout the United States. The east Texas market weakened somewhat on Tuesday and again on Thursday. At Friday's close, markets in both areas were steady, with an unsettled undertone. The closing quotation in south Texas was 16¢ per lb.,, and prices in east Texas ranged from 14.5¢ to 15.1¢. During the corresponding period in 1962, the closing quote in south Texas was 14¢, and prices in east Texas were 13.5¢ to 14¢. No Texas commercial broiler market report was available for Monday, June J , because of a State holiday. Area BROILER CHICK: PLACEMENTS Texas •••••. Louisiana •. 22 states •. Week ended May 25z 1963 Percent change from Previous Comparable week week~ 1962 -2 3,169,000 620,000 -1 7 19 45,251,000 -1 6
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