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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 705 Wednesday, July 3, 1963 * ** ** * *** ********************************* * * *-:<- NATIONAL FARM SAFETY WEEK "Inspection Plus Correction Equals Protection" is the theme for National Farm Safety Week, July 21-27, according to the Texas Agricultural Extension Service. In prc;craiming ·the week, President Kennedy called upon all Americans - especially those associated with agriculture - to unite their efforts to reduce the number of farm, home, and highway accidents. National Farm Safety Week is sponsored by the U. S. Department of Agriculture and the National Safety Council. These agencies work in cooperation with the state agricultural extension services, farm organizations, the farm press, radio, television, and other interested individuals and groups. * * * * * * * * ** **** ** *********** *** *********** *** ** ** * * * * * * * * * * * * * * * PAYMENT RATES FOR WOOL AND MOHAIR The USDA recently announced that shorn wool payments for the 1962 marketing year (April 1, 1962-March 31, 1963) - t~ng the average wool price-of 47.7¢ per ~up to the previously announced incentive level of 62¢ per lb. under the National Wool Act - will amount to 30% of the dollar returns each producer received from the sale of shorn wool during the year. This action will result in an incentive payment to producers of $30 for every $100 received from the sale of shorn wool during the eighth year of the program, compared with a payment of $44.50 per $100 of wool sold during the 1961 marketing year. Also announced was a payment rate of 57¢ per cwt. on the liveweight of unshorn lambs to compensate for their wool. This payment on sales of live lambs that hav:e-Ilever been shorn is based on the shorn wool payment and is designed to discourage unusual shearing of lambs before marketing. The 1962 payment rate compares with 76¢ per cwt. for the 1961 marketing year. The payment rate for mohair will be 3.6% of the dollar returns each producer received from the sale of this commodity during the 1962 marketing year. The payment to producers - $3.60 for every $100 received from the sale of mohair - will bring the average mohair price of 71.4¢ per lb. up to the previously announced support level of 74¢ per lb. These payments will be the first made on mohair under the National Wool Act, as the average prices received by mohair producers during each of the first 7 years of the program were above the established support prices. THE FRUIT OUTLOOK U. S. production of deciduous (noncitrus) fruits in 1963 is expected to be below both-i9b2 and the 1957-61 average, according to the Economic Research Service. This outlook follows a reduced 1962-63 citrus crop and generally unfavorable prospects for the 1963-64 output. Consequently, total fruit production in 1963 is expected to be the smallest in several years. The 1963 deciduous crop more than likely will sell at generally higher prices than the larger 1962 outturn. Supporting this prospect are lighter remaining stocks of canned fruits - some at advancing prices - and expected rising consumer incomes. LIVESTOCK Marketings of cattle and calves at Fort Worth during the week ended Thursday, June 27, reflected gains over both a week'earrrer-and a year ago, ·while receipts of hog'Sandof sheep and lambs registered decreases. According to the Agricultural Marketing Service, the cattle run is placed at 6,400, or 1,000 more than in the preceding week and 500 above the corresponding period in 1962. Trading on slaughter steers was generally slow, while that on other classes was moderately active. Slaughter steers and heifers sold at prices which were mostly steady to 25¢ per cwt. higher than on the previous Thursday. The following prices per cwt. were quoted: Good 860- to 1,135-lb. slaughter steers, $22.25 to $22.50; Utility and Commercial cows, $13 to $15.75; and Good 500- to 700-lb. feeder steers, $22 to $25. The calf supply of approximately 1,500 compares with 1,450 a week earlier and 900 a year--agQ. Prices for slaughter calves were steady to 50¢ per cwt. higher than on the preceding Thursday. Good grades of killing calves cleared at $23 to $24.50 per cwt., and quotations on feeder steer calves ranged from $23 to $28.50. A total of 1,450 hogs was received at Fort Worth during the week ended June 27, representing decliileSof 9% from a week ago and 19% from the corresponding period in 1962. Active trading and higher prices in the Corn Belt proved a bullish influence on the local market, and quotations on barrows and gilts advanced $1 to $1.50 per cwt. The Thursday peak of $18 was the highest Fort Worth price for butchers since October 25, 1962. Sheep and lamb offerings, at about 8,200, were one-fourth fewer than a week earlier and"'3b'% beioWS:-year ago. Prices for slaughter lambs and yearlings were weak to 50¢ per cwt. lower than the preceding Thursday's close. The majority of the Good and Choice 65- to 97-lb. wooled spring lambs cleared at $18 to $20 per cwt. POULTRY During the week ended Friday, June 28, the major Texas commercial broiler markets opened steady and remained steady throughout the trading period, closing with a firm undertone. According to the State Department of Agriculture, trading was normal to brisk. Closing prices per lb. were: South Texas, 14.5¢; and east Texas, 13.4¢ to 14.1¢. During the corresponding period in 1962, the closing quotation in south Texas was 13¢, and prices in east Texas ranged from 13.5¢ to 14.4¢. On Monday, July 1, commercial broiler markets were fully steady in south Texas and steady in east Texas. The price in south Texas was 14.5¢ per lb., and quotations in east Texas ranged from 13.4¢ to lL~.3¢. -----Area BROILER CHICK PLACEMENTS Week ended June 22, 1963 Percent change from Previous Comparable week w~kz 1962 Texas •.••.• Louisiana .• 3,069,000 678,000 -8 0 9 31 22 states .. 43,483,000 -2 8
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