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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Wednesday, November 6, 1963 Number 723 * *********** **************************** * 2 2 - 2 8 I S F A R M - C I T Y WEEK . NOVEMBER * * * * * * * * * * *****"** * * * * * * * * * ~- * * ****** ******* * * * * * -)E- * I NE W E XP 0 RT P R 0 GRAM F 0 R DA I R Y P R0 DUCT S On October 30, the u. s. Department of Agriculture announced a new payment-in-kind export program for dairy products containing 75% or more milk fa-=r:Under the new program which became effective November 1, exporters who ship eligible products from private stocks will receive payment in the form of negotiable certificates from the USDA. Eligible products include butter, anhydrous milk fat, butter oil, ghee (a semifluid butter), and other products containing not less than 75% milk fat. The USDA certificates may be used for the purchase of butter, cheese, nonfat dry milk, wheat, feed grains, or rice from the Commodity Credit Corporation. The certificates will be redeemed at face value for 180 days after date of issuance, with a 1% daily discount thereafter, according to the USDA. GUI DE S F 0 R S P R I NG VE GE T AB L E S ANN0 UNCE D The USDA has recommended a reduction in the total national acreage for 1964 spring-crop vegetables and melons. The USDA's Acreage-Marketing Guides (issued on October 30, 1963) call for-i total of 318,400 acres to be planted to 16 spring vegetables, or 3% less than the acreage seeded in 1963. Individual recommendations range from a suggested 25% reduction in spring carrot plantings to a 10% increase in late-spring onion acreage. The guides also suggest an overall reduction in spring melon acreage for 1964. P R I C E - S U P P 0 R T 0 P E R A T I 0 N S S I MP L I F I E D In line with the goals of making the agricultural price-support program more effective, less costly, and simpler, the USDA recently announced changes in operating provisions for grains and similarly handled commodities. These changes will become effective with the 1964 price-support programs. The USDA says that the new operating procedure (1) makes farm storage loan money available more promptly after harvest, (2) provides greater incentive for a farmer to redeem and market the product used as loan collateral instead of delivering it to the Commodity Credit Corporation, (3) strengthens market prices and increases farm income by providing earlier price-support coverage, and (4) places greater responsibility on farmer committeemen for local administration of the price-support program. MEAT PRODUCTION UP 5% OVER LAST YEAR Red meat output in the United States during the first 9 months of 1963 totaled 21,661 million lbs., representing a gain over the corresponding period last year, according to the Statistical Reporting Service. Production of both beef and pork was up 6%, while veal outturn was down 10% and the output of lamb and mutton declined 5%· RED 5% 1 I VE S T 0 CK The Agricultural Marketing Service reports increases at Fort Worth for all classes of livestock except sheep and lambs during the week ended Thursday, October 31. 'Ihe cattle run is estimated at 7,100 head, or 600 more than in the previous week but 200 fewer than a year ago. Trading on slaughter steers was moderately active on Monday but was slow on other days. Slaughter steers sold at prices which were weak to 25¢ per cwt. lower than the previous Thursday's close. Good and Choice 965- to 1,155-lb. slaughter steers cleared at $22.85 to $23 per cwt., and Utility and Commercial cows brought $13 to $15.50 per cwt. Quotations for feeder cattle were mainly steady to $1 per cwt. lower than a week earlier, with Good 500- to 650-lb. animals bringing $20.50 to $24 per cwt. Calf supplies totaled 2,800, compared with 2,400 in the preceding week and 1,950 a year-earlier. Prices for slaughter calves held mostly steady. Good grades of killing calves weighing up to 550 lbs. sold at $20.50 to $23 per cwt., and 250to 500-lb. stocker steer calves brought mainly $21.50 to $25. A total of 1,550 hogs was received at Fort Worth during the week ended October 31, representing gains of 15% over a week earlier and 3% over the comparable period in 1962. Thursday quotations were about steady to mostly 25¢ to 50¢ per cwt. lower than a week ago • . The majority of the U. s. No. 1 through No. 3 Grades of 185to 250-lb. barrows and gilts cleared at $15.25 to $15.75 per cwt. Sheep and lamb offerings of approximately 7,300 compare with 9,400 in the previous week and 7,700 a year earlier. Demand was broad for all slaughter classes, and trading was fairly active each day. Prices were generally steady, with the bulk of the Good and Choice 63- to 89-lb. shorn slaughter lambs with No. 1 through No. 3 pelts quoted at $16 to $18 per cwt. POULTRY The principal Texas commercial broiler markets opened about steady and then remained steady throughout the week ended Friday, November 1, reports the State Department of Agriculture. At Friday's close, the undertone was weaker in most other major broiler-producing areas. Closing prices in south Texas were 15¢ to 15.5¢ per lb., and quotations in east Texas ranged from 14¢ to 14.9¢. During the comparable period in 1962, closing quotes in south Texas were 16.3¢ to 16.5¢ per lb., and prices in east Texas were 15·5¢ to 16.4¢. Texas commercial broiler markets were about steady on Monday, November 4. Prices in south Texas were 14.5¢ to 15¢ per lb., and those in east Texas ranged from 13.8¢ to 14.9¢. BROILER CHICK PLACEMENTS Percent change from Comparable Previous week week, 1962 Area Week ended October 26, 1963 Texas •••••• Louisiana .• 2,286,000 481,000 5 7 -8 4 22 states •• 34,688,ooo 0 -1
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