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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 729 Wednesday, December 18, 1963 APPROVED AND R I C E M A R K E T I N G QUOTAS Preliminary returns from a referendum held in cotton-producing states on December 10, 1963, show that growers of upland cotton approved marketing quotas for the 1964 crop by a 94.2% favorable vote, reports the U. S. Department of Agriculture. In a separate referendum held on the same date, producers of extra-long staple cotton approved 1964-crop marketing quotas by a 74.8% favorable vote. Since more than the necessary two-thirds of the growers voting approved quotas for each type of cotton, marketing quotas will continue to be in effect for next year's cotton crops, with producers who exceed their farm acreage allotments being subject to penalties on the farm's excess production. Price support will be available to growers who comply with the farm's acreage allotment for the particular kind of cotton produced. Also in a December 10 referendum, rice growers approved marketing quotas for 1964-crop rice by a favorable vote of 89.8%, according to preliminary USDA reports. Approval by at least two-thirds of the growers voting in a referendum is required before quotas may be placed into effect. Growers who exceed their 1964 acreage allotments will be subject to a marketing quota penalty on their excess rice. C 0 T T 0 N FRESH FRUITS AND VEGETABLES TO RETAILERS The USDA recently announced that 28.5% of the September 1963 receipts of fresh fruits and vegetables in 23 leading terminal markets of the Nation moved directly from producing areas to central warehouses or large-scale food retailers and did not pass through wholesale markets. In March of this year, 25.2% of these commodities was delivered directly to retailers; in September 1962, the percentage was 26. L~%. The percentage of direct shipments of fresh fruits and vegetables for March and September 1963 combined was 26.9%, compared with 26.2% for these months in 1962 and 26.6% in 1961. MEAT IMPORTS CONTINUE LARGE U. S. imports of red meat during January-September 1963 totaled 1,066 million lbs., representing a 17% gain over the corresponding period last year, reports the Foreign Agricultural Service. Imports of boneless beef, the major meat import, were significantly above the comparable 1962 level. Canned. beef and canned pork imports were also considerably above a year earlier. Arrivals of lamb carcasses and cuts showed a sharp advance over those for the first 9 months of 1962. WORLD COTTON SUPPLY AND DEMAND The 1963-64 world cotton crop is estimated at an all-time high of about 49.0 million bales, or slightly above the previous season's record 48.8 million bales, points out the FAS. World consumption is expected to total approximately L~7.3 million bales, reflecting the first increase in 4 years, but competition from man-made fibers continues strong. World cotton stocks are rising sharply, mostly in the United States, and by the end of 1963-64 may be the highest in 8 years. World cotton trade probably will increase in response to larger consumption and some replenishment of low stocks in individual countries. U. S. exports for 1963-64 are forecast at 5.0 million bales, compared with 3.L~ million bales in the previous season. Prices of U. S. and most competing cottons in import markets are about 1¢ or more per lb. below a year ago. L I VE S T 0 CK Marketings of all classes of livestock at Fort Worth were sharply curtailed for the week ended Thursday, December 12. The Agricultural Marketing Service reports that the -ca'ttle supply of an estimated4,,ooo was down 4L~% from the preceding week and 30% from a year ago. Closing quotations for slaughter steers were mainly 50¢ to $1 per cwt. lower than a week earlier. Good and Choice 1,120- to 1,260-lb. slaughter steers cleared at $19.50 to $20.25 per cwt., and Utility and Commercial cows brought mostly $12 to $14.50. Prices for feeder cattle were generally steady, with Medium and Good 460- to 675-lb. yearling steers quoted at $16.80 to $19.90 per cwt. The calf run of about 1,700 was 700 fewer than in the preceding week but was about the as-in the corresponding period of 1962. Quotations for slaughter calves were about unchanged from a week earlier. Good grades of killing calves sold at $20 to $21 per cwt.,, and Medium and Good stocker steer calves weighing under 500 lbs. brought $18.20 to $21 per cwt. A total of 900 hogs was received at Fort Worth during the week ended December 12, reflecting decreases of 31% from the previous week and 36% from a year ago. Prices for most barrows and gilts advanced 25¢ to 50¢ per cwt. over a week earlier. The bulk of the 4-day supply of U. S. No. 1 through No. 3 Grades of 180- to 265-lb. butchers cleared at $14 to $14.50 per cwt. Sheep and lamb offerings, at approximately 5,500,, compared with 6,700 a week ago and 9,700 a year earlier. Trading generally was active, and prices were mainly steady with the previous Thursday's close. Good and Choice 65- to 98-lb. mixed wooled and fall-shorn slaughter lambs brought $17.75 to $18 per cwt. same POULTRY Commercial broiler markets opened steady in south Texas and slightly weaker in east Texas in the week ended Friday, December 13, points out the State Department of Agriculture. East Texas prices rose on Tuesday but decreased to their original level by Wednesday. Markets in both areas were steady throughout the remainder of the trading period, closing with an unsettled undertone. Closing quotations in south Texas were 13.5¢ to 14.5¢ per lb., and those in east Texas ranged. from 13¢ to 14.5¢. In the corresponding period in 1962, closing prices in south Texas were 15.1¢ to 15.2¢, and quotes in east Texas were 14¢ to 15.3¢. On Monday, December 16, commercial broiler markets were steady in south Texas and weaker in east Texas-.- The following prices per lb. were quoted: South Texas,, 13.5¢ to 14¢, mostly 14¢; and east Texas, 12.8¢ to 13.5¢. BROILER CHICK PLACEMENTS Area Week ended December 7, 1963 Percent increase over Comparable Previous week, 1962 week Texas ...... Louisiana .. 2,971,000 565,000 3 2 20 35 22 states .. 38,768,000 2 9