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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 722 Wednesday, October 30, 1963 DROUGHT A ID F 0 R S T ATE S 2 9 Farmers in drought areas of 29 states are receiving emergency assistance, announces the U. S. Department of Agriculture. These states are Alabama, Arizona, Arkansas, Colorado, Id.aho, Illinois, Kansas, Kentucky, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Ne~ada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Oklahoma, Pennsylvania, Tennessee, Texas, Virginia, West Virginia, and Wyoming. In addition, the Forest Service has accelerated fire watches in woodland areas. Critical drought conditions from Texas northward into Minnesota and over the entire eastern part of the Nation are causing shortages of feed and water for cattle. Range and pasture feed is becoming scarce northward and eastward of Texas, and water hauling is becoming necessary over large areas where streams, wells, and reservoirs are drying up, according to the USDA. E XT RA - L 0 NG S T A P L E C 0 T T 0 N QU0 T A P R 0 C L A I ME D The USDA recently announced a national marketing quota of 120,200 bales (standard bales of 500 lbs. gross weight) and a national acreage allotment of 112,500 acres for 1964-crop extra-long staple cotton. These figures compare with a national marketing quota of 155,500 bales and a national acreage allotment of 149,880 acres for 1963-crop extra-long staple cotton. December 10, 1963, has been set as the date for a cotton growers' referendum on the 1964 quotas. The following are the 1964 extra-long staple cotton acreage allotments for the major producing states of the Eleventh Federal Reserve District (and 1963 allotments): Arizona, 48,342 acres (63,739); New Mexico, 22,r~o5 acres (29,725); and Texas, 39,133 acres (51,600). C A T T L E 0 N FEED The number of cattle and calves on feed. for slaughter market in the 28 principal feeding states as of October 1, 1963, totaled 6.7 million head, or onetenth more than a year ago, points out the Statistical Reporting Service. Cattle weighing 700 lbs. and over accounted for all of the increase from the year-earlier level. There was a 1% decline in the number of cattle on feed from July 1 to October 1, contrasted to a slight increase for the corresponding quarter of 1962. In Texas, the number of slaughter cattle and calves on feed as of October 1, 1963, is placed at 402,000, which is almost one-fourth above the year-earlier figure and 50% above July 1, 1963. Feedlots of 1,000 or more capacity held 90% of the total number being fed for slaughter market at the beginning of October. The State's feedlot operators reported intentions to market 200,000 head of cattle between October 1 and December 31, which would be about one-half of the total number on feed at the beginning of the period and 14% more than the number marketed during the comparable quarter of 1962. 4 8 0 R E G U L A T I 0 N S REVISED LAW The USDA has announced issuance of revised regulations governing financing of commercial export sales of surplus agricultural commodities under Title IV of Public Law 480. Regulations which previously applied only to credit sales agreements with foreign governments have been revised to apply to agreements with private P UBL I C trade entities. The revised regulations apply to purchase authorizations issued on and after October 10. The USDA has also announced that, under Title IV agreements, private trade entities, as well as foreign governments, must ship at least 50% of authorized commodities on privately owned U. S. flag commercial vessels. -- L I VE S T 0 CK Fort Worth cattle and calf receipts during the week ended Thursday, October 2L~, were below both a week ago and a year earlier, reports the Agricultural Marketing Service. At an estimated 6,500 head, the cattle supply compares with 7,100 in the previous week and 7,200 during the corresponding period of 1962. Closing quotations for slaughter steers were mostly steady to 25¢ per cwt. lower than on the preceding Thursday. Good 865- to 1,140-lb. slaughter steers cleared at $22 to $22.50 per cwt., and. Utility and Commercial cows brought $12.50 to $15.50. Feeder steers and heifers sold at prices which were strong to $1 per cwt. higher than a week earlier, with Good 500- to 650-lb. steers quoted at $20.50 to $24 per cwt. Calf offerings are placed at 2,250, reflecting decreases of 6% from a week earlier-B:nd 2% from a year ago. Trading on slaughter calves was moderately active, and prices were mainly 50¢ per cwt. higher than on the preceding Thursday. Good grades of killing calves weighing up to 575 lbs. brought $20.50 to $23 per cwt., and stocker steer calves cleared mainly at $22 to $25 per cwt. Hog marketings of an estimated 1,300 were about one-fifth smaller than in the preceding week but approximately unchanged from the year-earlier figure. Despite the reduced supplies as compared with the previous week, barrows and gilts sold at prices which were steady to 75¢ per cwt. lower. The bulk of the U. S. No. 1 through No. 3 Grades of 195- to 255-lb. butchers cleared at $15.25 to $16 per cwt. A total of 9,400 sheep and lambs was received at Fort Worth during the week ended October 24, or 900 more than in the preceding week but 200 fewer than a year ago. Demand was relatively broad for all slaughter classes, and prices were generally steady each day. Most of the Good and Choice 65- to 91-lb. shorn slaughter lambs with No. 1 and No. 2 pelts brought $16 to $17.50 per cwt. POULTRY During the week ended Friday, October 25, the major Texas commercial broiler markets opened stronge;:::-according to the State Department of Agriculture. The markets had steadied by Wednesday and were steady for the remainder of the trading period. At Friday's close, the undertone was unsettled to firm. Closing prices in south Texas were 15¢ to 15.5¢ per lb., and those in east Texas ranged from 14.3¢ to 16¢. During the corresponding period in 1962, closing quotations in south Texas were 17.5¢ to 17.8¢, and east Texas prices were 16.9¢ to 17.6¢. Texas commercial broiler markets were about steady on Monday, October 28. Prices per lb. were: South Texas, 15.5¢; and east Texas, 14¢ to 16¢. BRO ILER CHICK PLACEMENTS Percent change from Comparable Previous week week, 1962 Area Week ended October 19, 1963 Texas ...... Louisiana .. 2,184,ooo 450,000 7 7 -5 -7 22 states .. 34,649,000 0 0
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