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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS

Numbe r 749

Wednesday, May 6, 1964

AGR I CU1 T URA1

P RI CE S

GRAIN
STOCKS
IN
TEXAS
Stocks of each of five ma,ior grains in Texas on April 1, 1964, were below
their year-earlier levels, points out the SRS. Wheat stocks in all positions were
18% lower, barley holdings were 37% smaller, and inventories of corn were 16% less.
Oat stocks, which were 28% below a year earlier, were the smallest since records began in 1945. Grain sorghum in storage on April 1 this year totaled 456 million
bushels, down only slightly from the 459 million bushels last year and 9% below
the record April high of 502 million bushels in 1962.
B0 0 K1 E T T E 1 1 S
W0 0 D R E S E A R C H S T 0 R Y
A new booklet released by the U. S. Department of Agriculture tells how

NE W

research helps the Nation utilize its timber and other forest resources. The booklet, Focus on Research, relates how Federal research facilities are organized to
(1) meet the-expanding needs of a larger population, (2) make full use of this major
national resource, and (3) create new industries and jobs. The importance of timber
as a basic raw material is evidenced by the fact that wood-based economic activities
account for about 6% of the gross national product and 5% of total U. S. employment.
Focus on Research, PA-615, may be obtained for 20¢ per copy from the Superintendent of Documents, U. S. Government Printing Office, Washington, D. C. 20402.
TEXAS
DAIRYING
INCOME
Gross income from dairy products (including cash receipts from milk and
cream marketings and the value of butter and milk used on the farm) in Texas during
1963 totaled $152.4 million, or 1% above the 1962 level, according to the SRS. Although the volume of milk marketed by Texas dairymen - at 2.7 billion lbs. - was
slightly below that in 1962, milk prices averaged $5.10 per cwt., or 19¢ per cwt.
higher. The number of milk cows on farms averaged 4% fewer than in the previous
year, but output per cow was up, and total milk production in 1963 declined 3% below the 1962 level.

L I VE S T 0 CK
Cattle and calf receipts in the Fort Worth market during the week ended
Thursday, April 30, were each above a week ago and a year earlier, reports t~

Agricultural Marketing Service . The cattle supply, at an estimated 4,100 head, was
41% above the preceding week and 24% larger than the comparable year-ago period.
Slaughter steers sold at prices which were fully 50¢ per cwt. lower than on the
preceding Thursday. Quotations on Good and Choice slaughter steers weighing about
940 to 1,100 lbs. ranged from $20.25 to $20.65 per cwt. Good and Choice 600- to
800-lb. feeder steers sold from $18 to $19. L.-0 per cwt. Trading was generally slow>
and most classes sold steady to 50¢ per cut. lower as compared with the preceding
week.
The calf supply of 875 compares with 675 during the previous week and
500 in the corresponding week a year ago. Prices for slaughter calves declined,
and Good grades of slaughter calves weighing up to 585 lbs. sold from $19.50 to
$21.50 per cwt., with the bulk of the sales occurring at $20.50 per cwt. or lower.
Hog marketings dipped below both the preceding week and. the year-earlier
figure. Quotations on barrows and gilts were steady to 50¢ per cwt. lower, and the
bulk of the barrows and gilts in U. S. Grades No. 1 through No. 3 weighing 175 to
265 lbs. brought $13.50 to $14.50 per cwt.
Receipts of sheep and lambs, at 11,500, advanced 8% above those in the
preceding week but were 26% fewer than the comparable period in 1963. About 90%
of the supply were slaughter classes. The bulk of the mixed lots of Good and Choice
66- to 90-lb. slaughter lambs cleared at $22 to $23 per cwt. Most of the Good and
Choice 52- to 60-lb. feeder spring lambs sold at quotations ranging from $17 to $18
per cwt.
POULTRY
In the week ended Friday, May 1, commercial broiler markets opened. weaker
in both south and east Texas and then became steady on Tuesday. According to the
State Department of Agriculture, east Texas prices declined slightly on Wednesday.
Markets in both areas were steady throughout the remainder of the trading period
but closed with an unsettled undertone, reflecting lower prices in many of the otbe·
major broiler-producing areas of the United States. Closing quotations in south
Texas were 13¢ to 13.5¢ per lb., and those in east Texas ranged from 12¢ to 13¢.
During the corresponding 1963 period, closing prices in south Texas were 14.9¢ to
15¢, and east Texas quotes were 13.5¢ to 14.7¢.
Commercial broiler markets were about steady in south Texas and fully
steady in east Texas on Monday, May 4. The following prices per lb. were quoted:
South Texas, 12.5¢ to 13¢; and east Texas, 12¢ to 13¢.

BROILER CHICK
PLACEMENTS

Percent change froIE..Comparable
Previous
week
week, l.96j

Area

Week ended
April 25, 1964

Texas .....•
Louisiana ..

·3,263,000
617,000

1
4

2
-1

22 states ..

44,850,000

0

-3