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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