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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Wednesday, September 11; 1963 Number 715 SYMPOSIUM OH AGRICULTURAL TRADE Secretary of Agriculture Freeman has announced that a European-American Symposium on Agricultural Trade will be held November 11-15 in Amsterdam; The Netherlands; under sponsorship of the U. S. Department of Agriculture and cooperating U. S. food and agricultural industries. Outstanding professional leaders from Western Europe and the United States - representing such areas of interest as industry, labor) consumers; science, education; government,, and agriculture - will be invited to participate . TURKEY C R 0 P UNCHANGED The number of turkeys being raised in the United States this year is placed at 92 . 7 million , or about the same as the 1962 crop, according to the Statistical Reporting Service. The number of light-breed birds is 6% larger; while the number of heavy breeds is down fractionally. Heavy-breed turkeys account for 90% of the 1963 national turkey crop. California is the leading turkey-producing state; followed (in descending order) by Minnesota, Iowa, \Hsconsin, Missouri; Virginia,, and Texas . The 1963 Texas turkey crop, at an estimated 4.5 million, is expected to be 11% larger than last year's production. GRAINS FEED Based on August 1 indications, the total national supply of feed grains for the 1963-64 season (which begins October 1, 1963) is expected to be approximately 208 million tons, or 7 million tons less than in 1962-63 and 23 million tons below the record supply of 3 years ago, according the Economic Research Service. The 1963 feed grain crop, at an estimated 147 million tons; is 4 million tons larger than the 1962 crop; however, the larger output is expected to be more than offset by a prospective reduction of about 11 million tons in carry-over. The gain in this year's production is the result of the increased acreages of corn and grain sorghums. Total disappearance of feed grains in the 1962-63 marketing year is placed at 155 million tons, which is slightly larger than in 1961-62 . The ERS says that total disappearance in 1963-6!~ is expected to advance slightly from the current level; as livestock numbers continue their upward trend. Based on these early indications; a further reduction in carry-over is in prospect for 1963-64,, but the decrease may be a little less than during the previous two marketing years, when stocks were reduced about 12 million tons per year. ~~~~~~~~ AGRICULTURAL EXPORTS The value of U. S. agricultural exports in the 1962-63 fiscal year (which ended June 30, 19b3) totaled $5,084 million, or 1% less than the 1961-62 record 7 points out the ERS. Substantial increases in shipments of feed grains , rice; soybeans, edible vegetable oils, protein meal,, rye, and vegetables were approximately offset in value by significant declines in export s of cotton,, wheat, wheat flour, poultry meat,, tobac co) and inedible tallow . LIVESTOCK Fort ·worth livestock supplies during the 3-day trading period ended Thursday,, Septeiii.b'e'r 2, were sharply reduced from the prev ious week's 4-day total, reports the Agricultural Marketing Service. (The market was closed on Monday, September 2, in observance of the Labor Day holiday.) The cattle~ is placed at 5,100, compared wHh 8,000 in the previous week and 4,400 during the corresponding 3-day trading period of 1962. Demand for steers was fairly broad, and the relatively small supply cleared at prices which were steady to 25¢ per cwt. lower than a week earlier. Mostly Good 875- to 1,050-lb. slaughter steers sold at $23.50 to $24.25 per cwt., and the majority of the Utility and Commercial cows brought $12.50 to $14. Demand for feeder cattle showed improvement, and prices generally were steady to strong. Good and Choice 500- to 600-lb. yearling feeder steers were quoted at $22.20 to $25.50. At an estimated 1,400, calf receipts were 38% below a week ago but 65% above the year-earlier figure. Compared with the preceding week's close, Thursday prices for slaughter calves were steady to weak. Most of the Standard and Good grades of killing calves brought $21 to $23.50 per cwt., and prices for Good and Choice 270- to 500-lb. stocker steer calves ranged from $23.80 to $29.80. Hog offerings, at approximately 1,050, reflected decreases of 19% from the previous week and 5% from the corresponding period of 1962. Closing prices for barrows and gilts were 25¢ to 50¢ per cwt. lower than a week earlier, with the majority of the mixed U. S. No. 1 through No. 3 Grades of 190- to 250-lb. butchers quoted at $16.50 to $17.25 per cwt. A total of 3,200 sheep and lambs was received at Fort Worth during the 3-day trading period ended September 5, compared with 4,200 a week ago and 8,800 a year earlier. Demand for slaughter classes was fairly broad, and prices were mostly steady with the latter part of the previous week. The majority of the Good and Choice slaughter wooled spring lambs cleared at $17 to $18.50 per cwt. POULTRY Texas commercial broiler markets opened weaker in south Texas and about steady in east-Texas during the week ended Friday, September 6, reports the State Department of Agriculture. The south Texas market became steady on Tuesday, while east Texas prices advanced slightly. At Friday's close, markets in both areas were steady, with the undertone firm in south Texas but unsettled in east Texas. Trading was brisk throughout the week. The closing quotation in south Texas was 14¢ per lb., and prices in east Texas ranged from 13.2¢ to 14.4¢. During the comparable period last year, the closing quote in south Texas was 16¢, and prices in east Texas were 16¢ to 16.8¢. On Monday, September 9, commercial broiler markets were slightly stronger in south Texas and about steady-in east Texas. Prices per lb. were: South Texas, 14 . 5¢; and east Texas, 13.3¢ to 14.1¢. Area BROILER CHICK PLACEMENTS Texas ...... Louisiana .. 22 states Week ended August 31, 1963 Percent change from Previous Comparable week week, 1962 2,137,000 445,000 2 -3 -2 7 34,803,000 -1 -1
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