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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 721 Wednesday, October 23, 1963 C 0 T T 0 N A C R E A G E A 1 1 0 T ME N T S 1 9 6 4 The U. S. Department of Agriculture has announced a national marketing quota of 14,267,000 bales (standard bales of 500 lbs. gross weight) and a national acreage allotment of 16 million ~ for 1964-crop upland cotton. In addition to the national acreage allotment, a national acreage reserve of 200,000 acres for the establishment of minimum farm allotments was announced. December 10~ 1963, has been set as the date for the referendum on 1964-crop upland cotton marketing quotas. The total acreage allotted. to states (including national reserve) for 1963-crop upland cotton amounted to 16,250,000 acres. The following are the 1964 upland cotton acreage allotments available for distribution in the Eleventh Federal Reserve District states (and allotments for the 1963 crop): Arizona, 331,756 acres (331,738) ; Louisiana, 567,465 acres (568,383); New Mexico, 171,704 acres (171,430); Oklahoma, 751,358 acres (757,866); and Texas, 6,838,347 acres (6,869,104). CRE AT E D R U R A L D E V E 1 0 P ME N T C 0 MM I T T E E On October 17, President Kennedy issued an Executive order creating a Cabinet-level Rural Development Committee. The Committee, of which Secretary of Agriculture Freeman is chairman, includes the Secretaries of Commerce; Health, Education, and Welfare; Interior; Labor; and Treasury, together with the Administrators of the Housing and Home Finance Agency and the Small Business Administration. According to the USDA, the Rural Development Committee will be responsible for coordinating the activities of Federal agencies to aid rural progress throughout the Nation. R E P A Y ME N T S FHA Of 70,000 U. S. families who have received Farmers Home Administration rural housing loans since the program started in 1949, about one-fifth have paid off their loans. According to the USDA, losses have occurred on only 76 loans and have amounted to less than 0.02 of 1% of the total loaned. Homes built through FHA loans average about 1,200 square feet of living space, with an average c~st of $11,000. ACRE AGE GUI DE F 0 R S P R I NG P 0 T AT 0 E S The USDA has recommended a 14% reduction in the total national acreage of 1964-crop early-spring potatoes and a 7% reduction for late-spring potatoes. The acreage guide suggests a total national spring potato crop of 130,680 acres, or 8% less than the acreage reported for 1963. Decreases in acreage are recommended for all spring potato-producing areas, including reductions of 3% in California, 5% in North Carolina, 13% in Alabama, 1L~% in Florida and Texas, and 15% in Arizona. S 1 AUGHT E R H 0 G hog slaughter passed the seasonal low for 1963 in July, reports the Economic Research Service. Prices reached a 1963 peak of $17.10 per cwt. in July and subsequently have declined as supplies have increased. According to the ERS, hog slaughter in the Nation during the first half of 1964 probably will average slightly below a year earlier. Prices may be somewhat improved, especially in the second quarter. Q. £. L I VE S T 0 C K Receipts of all classes of livestock at Fort Worth during the week ended Thursday, October 17, showed gains over the preceding week, points out the Agricultural Marketing Se;;ice. Cattle offerings of an estimated 7,100 were moderately larger than a week earlier and slightly above the corresponding period last year. Trading on slaughter steers and heifers was slow on most days, and closing prices were steady to 50¢ per cwt. lower than a week ago. Mixed Standard and Good 1,100to 1,115-lb. slaughter steers sold at $22 per cwt., and Utility and Commercial cows brought $12.25 to $15.50. Closing prices for feeder cattle were 50¢ to $1 per cwt. higher than on the preceding Thursday, with Good and Choice 500- to 700-lb. steers quoted at $19 to $23.70 per cwt. The calf run of approximately 2,600 reflects increases of 18% over a week earlier and 24% over-8." year ago. Prices for slaughter calves were mainly steady as compared with the previous week's close. Good grades of killing calves weighing up to 550 lbs. cleared mostly at $20.50 to $22 per cwt., and quotations on Good and Choice 250- to 500-lb. stocker steer calves ranged from $20 to $26.70 per cwt. A total of 1,600 hogs was marketed at Fort Worth during the week ended October 17, or 500 more thailaweek ago and 50 above the corresponding period in 1962. Trading was active each day. Prices fluctuated. mildly but ended. the 4-day trading period about steady with the preceding Thursday. The majority of the U. S. No. 1 through No. 3 Grades of 185- to 250-lb. butchers sold at $15.50 to $16.25 per cwt. Sheep and. lamb supplies totaled about 8,600, compared with 8,100 in the preceding week and 11,100 a year ago. Closing quotations were steady to around 50¢ per cwt. lower than in the preceding week. Good and Choice 68- to 87-lb. shorn slaughter lambs brought $16.50 to $17.50 per cwt. POULTRY Commercial broiler markets opened steady in south Texas and slightly stronge r in east Texas during the week ended Friday, October 18, points out the State Department of Agriculture. The south Texas market remainea-steady throughout the trading period., while east Texas prices started to increase on Thursday. At Friday's close, the undertone in both areas was firm, and east Texas prices continued their upward trend. Trading ranged. from normal to brisk during the week. The closing quotation in south Texas was 14¢ per lb., and prices in east Texas ranged. from 14.2¢ to 15.8¢. During the comparable period last year, closing quotes in south Texas were 15.8¢ to 16.8¢, and those in east Texas were 15.8¢ to 16.7¢. Texas commercial broiler markets were stronger on Monday, October 21, with the following prices per lb. quoted: South Texas, 15¢; and east Texas, 14.4~to 16.3¢. BROILER CHICK PLACEMENTS Percent change from Comparable Previous week, 1962 week Area Week ended October 12, 1963 Texas ....•. Louisiana .. 2,038,000 422,000 4 5 -12 -16 22 states .• 34,657,000 2 0
