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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 756 Wednesday, June 24, 1964 USDA P RI CE S S P 0 T C 0 T T 0 N On June 15, Secretary of Agriculture Freeman announced that, beginning August 1, 1964, the price quoted for the base quality of cotton, Middling 1 11 , in each of the 15 designated bona fide spot markets will be the price at which this cotton is traded before payments in kind (PIKs) are made on the cotton. Premiums and discounts quoted for other qualities will continue to be reported in relation to the price of the base quality. Cotton quotations are published daily by the Agricultural Marketing Service's Cotton Division in the Spot Cotton Quotations Report. HIGHER B 0 LL WEEVIL SURVIVAL Boll weevil numbers in the ma.ior cotton-producing ~ of the United States generally were higher this spring than they were a year ago, reports the U. S. Department of Agriculture. However, numbers were lower in some parts of North Carolina and South Carolina and in Georgia and central Texas. Each spring, the USDA's Agricultural Research Service and state entomologists estimate the number of boll weevils that have survived the winter. They make the estimates by examining surface ground trash collected near cotton fields in typical areas of the Cotton Belt. S I T U A T I 0 N UNUSUAL SOYBEAN The soybean situation in the Nation is unusual this year. Prices usually are lowest during harvesttime, but this season, prices reached their peak during harvest. According to the Economic Research Service, this situation apparently resulted from the strong demand for soybeans and soybean meal for export last season, coupled with the anticipation of broadened export outlets in 1963-64. However, with oil prices currently below a year ago and with the continued high prices for soybeans, the crusher's margin has narrowed to the point where many crushers have curtailed operations. The ERS says that, if farmers continue to hold soybeans for higher prices which are not likely to materialize - and if the crusher's margin continues small) the Commodity Credit Corporation probably will acquire soybeans under price support this season and stocks on September 30, 1964, may total around 45 million bushels. A year earlier, soybean supplies in all commercial hands amounted to 15 million bushels. FARM FIRE L 0 S S E S HIT NEW HIGH Farm fire losses in the United States climbed to an all-time high of $191 million in 1963, or 9% above the previous year, according to the ERS. On the average, fires and lightning occur annually on 2 out of every 100 farms. When properties are involved in fire, the damage is estimated to be three to six t imes greater in rural areas than in urban sections. L I VE S T 0 CK Farming operations, coupled with general rains over much of the marketing territory, reduced Fort Worth cattle receipts during the week ended Thursday, June 18, accord.ing to the Agricultural Marketing Service. At an estimated 4,100, the cattle supply reflected decreases of 16% from the preceding week and 24% from the corresponding 1963 period. Trading on slaughter cattle generally was moderately active, and by midweek, slaughter steers sold at prices which were steady to 50¢ per cwt. higher than on the preceding Thursday. Mixed Good and Choice 985- to 1,270-lb. slaughter steers brought $20.25 to $20.50 per cwt., and Utility and Commercial cows cleared at $11.50 to $13. Quotations for feeder steers weighing over 500 lbs. were $1 to $2.50 per cwt. higher than the preceding week's close; Good 475- to 665-lb. animals were quoted at $18.40 to $21 per cwt. In contrast to the reduced cattle receipts, calf marketings of approximately 2,375 were 76% larger than in the previous week and above a year ago. Slaughter calves sold at prices which were steady to 50¢ per cwt. higher than a week earlier. Good grades of killing calves weighing up to 575 lbs. brought $19 to $21.25 per cwt., and quotations for 250- to 500-lb. stocker steer calves ranged from $18.90 to $23.20 per cwt. A total of 1,300 hogs was received at Fort Worth during the week ended June 18, or 400 more than a week earlier but 325 fewer than the corresponding period last year. Trading was ·fairly active, and Thursday quotes for barrows and gilts were weak to 25¢ per cwt. lower than a week ago. The majority of the U. S. No. i through No. 3 Grades of 190- to 270-lb. butchers sold at $15 to $16 per cwt. Sheep and lamb offerings are placed at 7,100, compared with 8,100 in the preceding week and 11,000 a year ago. Demand was fairly broad for practically all classes, and trading was active at steady prices. The bulk of the mixed lots of Good and Choice 75- to 100-lb. slaughter spring lambs brought $20 to $22.50 per cwt . 64% POULTRY In the week ended Friday, June 19, the principal Texas commercial broiier markets opened steady and then remained steady until Thursday, when the high side of the east Texas price range increased slightly, reports the State Department o~ Agriculture. At Friday's close, the markets were steady with a firm undertone, reflecting price advances in most other major broiler-producing states. The closing price per lb. in south Texas was 13.5¢, and east Texas quotations ranged from 12.6¢ to 13.9¢. During the comparable 1963 period, south Texas prices were 13¢ to 14.5¢, and east Texas quotes ranged from 12.4¢ to 14.3¢. Texas commercial broiler markets were stronger on Monday, June 22. Prices per lb. were: South Texas, 14¢ to 14.5¢, mostly 14.5¢; and east Texas, 13¢ to 14.1 BROILER CHICK PLACEMENTS Percent change from Previous Comparable week week, 1963 Area Week ended June 13, 1964 Texas .....• Louisiana .. 3,008,000 643,000 0 1 -5 22 states .. 44,665,000 0 0 -8
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