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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS
Number 728
Wednesday, December 11, 1963
P R 0 DUCT I 0 N EXP ENS E S
FARM
Farm production expenses in the United States are expected to total about
$28.7 billion in 1963, compared with the previous peak expenditure of $28.2 billion
in 1962. According to the Economic Research Service, most of this advance is the
result of a 2% increase in average prices paid for commodities and services (including interest, taxes, and wage rates).
The outlook for 1964 points to an increase in total production expenses
at least equal to the 2% rise experienced this year. Larger production expenditures
are in prospect for several important items, including purchased feed, fertilizer,
taxes, interest on indebtedness, and depreciation charges.
Total farm production expenses in the Nation rose 57% from 1947-49 to 1962.
A larger volume of purchased in~uts and higher prices for such inputs each accounted
for approximately one-half of the increase. The following table shows the composition of expenditures for 1962 and the 1947-49 average.
Percent
of total
in 1962
Class of expenditure
Feed
o •
o •••
o .,
o
•
o o
••••
0
•
('
0
.-
0
•••••••••••
Q
•••••••••••
Seed .............•...............................
Livestock •.....•..••......•........ · · · · · · · · · · · · · ·
Fertilizer and lime ............................. .
Hired labor ...................... · · · · · · · · · · · · · · · ·
Depreciation and consumption of capital items ... .
Repair and operation of capital items ........... .
Taxes .........
0
•••••
0
0
0
••••
0
o
•••
o
.....
o
o
••••••
o
o
o
•
Interest on mortgage debt ...•.•.•....... · · · . · · · · ·
Percent
of total
in 1947-49
19
20
2
3
8
5
11
6
11
15
14
16
12
15
6
4
3
1
o ••
13
16
Total ........•..........•••...•................
100
100
Other . .........
o
•
0
••••••••••
0
••••••
o •••••• c
Cl
••
USDA
I N F 0 R M A T I 0 N 0 N EMERGENCY
F E E DI NG
Feeding people in an emergency is the subject of a new report issued by
the U. S. Department of Agriculture. The report, Estimated Number of Days' Supply
of Food and Beverages in Warehouses at Wholesale, 1963, shows locations-c;:r-wholesale food and beverage stocks and the number of days these supplies would last.
Data are summarized by kind of business and civil defense region, by storability,
and by major food group. The days' supply per person for the specified level of
calories and liquids per day is provided for Standard Metropolitan Statistical
Areas. The levels used are 2JOOO calories for food and 32 ounces for liquids per
capita.
Single copies of the release, Marketing Research Report No. 632, may be
obtained, without cost, from the Office of Information, U. S. Department of Agriculture, Washington, D. c. 20250.
1 I VE S T 0 CK
Fort Worth livestock receipts during the week ended Thursday, December ~
were sharply above the preceding week's 3-day supply:--fthe trading period was shortened
by the Thanksgiving holiday), reports the Agricultural Marketing Service. Cattle
offerings of an estimated 7,100 compared with 2,100 a week earlier and 5,800 during
the corresponding 4 days of 1962. Trading generally was slow for most classes .
Slaughter steers and heifers sold at prices which were mainly 50¢ to $1 per cwt.
lower than the previous week's close. Mixed Standard and Good 950- to 1,100-lb.
slaughter steers brought $18 to $20 per cwt., and Utility and Commercial cows cleared
at $12.50 to $15. Feeder cattle prices were steady to 50¢ per cwt. lower than a
week ago ; Good 500- to 650-lb. steers were quoted at $20 to $23 per cwt.
The calf supply totaled approximately 2,400, or more than triple the weekearlier figure and one-fifth above a year ago. Prices for slaughter calves were
steady to 75¢ per cwt. lower than a week earlier. Good grades of killing calves
weighing up to 550 lbs. brought $20 to $22.50 per cwt., and quotations for 275- to
500-lb. stocker steer calves ranged from $21 to $25 per cwt.
At an estimated 1,350, hog offerings were more than double those of the
preceding week but were about one-fourth smaller than a year ago. Thursday quotes
for barrows and gilts were 50¢ to 75¢ per cwt. lower than the previous week's close .
The bulk of the U. S. No. 1 through No. 3 Grades of 190- to 270-lb. butchers sold
at $14.50 to $15 per cwt.
Sheep and lamb marketings are placed at 6,800, compared with 4,100 a week
ago and 8,700 a year earlier. Trading was active the first 2 days of the week but
was slow thereafter. Slaughter lambs sold at prices which were weak to 50¢ per cwt.
lower than the preceding week's close. The majority of the Good and Choice 73- to
82-lb. slaughter lambs with No. 1 and No. 2 pelts brought $17 to $18 per cwt.
P 0 UL TRY
In the week ended Friday, December ~ the major ~ commercial broiler
markets opened steady, reports the State Department of Agriculture. The south
Texas market continued steady throughout the trading period, while east Texas prices
increased slightly on Thursday. At Friday's close, markets in both areas were about
steady, with an unsettled undertone. Trading ranged from light to brisk. Closing
prices in south Texas were 14¢ to 14.5¢ per lb., and those in east Texas ranged from
13¢ to 14.7¢. For the corresponding period in 1962, closing quotes in south Texas
were 15.5¢ to 16.6¢, and those in east Texas were 15.6¢ to 17.1¢.
Commercial broiler markets were steady in south Texas and slightly weaker
in east Texas on Monday, December 2· Prices in south Texas were 14¢ to 14.5¢ per
lb., and those in east Texas ranged from 12.5¢ to 14.1¢.
BROILER CHICK
PLACEMENTS
Area
Week ended
November 30z 1963
Percent change from
Previous
Comparable
week
week, 1962
Texas ......
Louisiana ..
2,887,000
555,000
2
-3
16
5
22 states ..
382133~000
0
5
@FedFRASER