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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS
Number 758
Wednesday, July 8, 1964
CE RT I F I CATE S
I N JULY
GET
FARMERS
T 0
WHEAT
Around mid-July, thousands of U. S. wheat farmers will start getting wheat
marketing certificates and payments for diverting cropland out of wheat production,
as a result of the 1964 wheat program, according to Secretary of Agriculture Freeman.
Participating farmers who have harvested and marketed their 1964-crop wheat at prices
reflecting the national average support loan of $1.30 per bushel will be issued marketing certificates which will bring their wheat returns to around $2 per bushel
for their share of domestic consumption and $1.55 per bushel for their share of exports. The combination of the loan, 70¢ per bushel domestic marketing certificate
and 25¢ per bushel export marketing certificate, is designed to maintain wheat returns to farmers at levels prevailing in recent years for domestic food use and
exports. Producers who have not marketed their wheat crops will also get certificates.
A participating farmer can obtain up to 90% of the normal production of
each wheat acreage allotment as his share of marketing certificates, says Secretary
of Agriculture Freeman. Fanners may obtain the certificates, which are fully negotiable, or will be able to get cash from their county Agricultural Stabilization
and Conservation Service offices.
AGRICULTURAL
P R I CE S
The index of ~rices received by the Nation's farmers declined 1% during
the month ended June 15 to 232% of the 1910-14 average, points out the Statistical
Reporting Service. Lower prices for wheat (associated with changes in the support
program) were mainly responsible for the decline. 'I'he index of prices received was
4% below June 1963 and was the lowest figure for the month since 1946. The parity
index (which reflects prices paid for commodities and services, plus interest, taxes,
and wage rates) remained at 313 during the month ended June 15 and was up fractionally from a year earlier. The parity ratio was 74, or 4% below a year ago and the
lowest level since August 1939.
u. s.
LAW
EXPORT
UNDER
PUBLIC
4 8 0
T 0
BEEF
Secretary of Agriculture Freeman has announced that U. S. beef is now included among agricultural commodities eligible for export financing under Public
Law 480 - the Food for Peace Program. Under Title I, countries would pay with their
own currencies; under Title IV, they would pay with dollars under special long-term,
low-interest payment arrangements.
MEXICO
RANCHERS
SCREWWORM
A ID
ERADICATION
Livestock producers in northern Mexico are making personal contributions
to the screwworm eradication program, according to the Texas Agricultural Extension
Service. Sterile screwworm flies are being released in an area of northern Mexico
encompassing nearly 250,000 square miles to prevent a buildup of fertile flies that
could migrate into the areas of the United States where the insect has been eradicated. This action has also reduced screwworm problems for Mexican ranchers.
Mexican livestock inspectors cooperate with U. S. inspectors in conducting
educational and survey work in this buffer zone. Maintenance of the live-fly barrier
between the two countries is credited with keeping the incidence of screwworm infestations in the eradication area at an all-time low for the season. Fewer than 90
screwworm cases have been reported in Texas during the first half of 1964, compared
with 1,464 in the corresponding 1963 feriod and 17,693 in 1962. New Mexico has reported two cases in 1964.
L I VE S T 0 CK
The Fort Worth cattle run during the 4-day trading period ended Thursday,
July 2, tota.led an estimated 6,800 head, or slightly below the previous week but
more than double the receipts for last year's 3-day trading period {the Fourth of
July holiday fell on Thursday), according to the Agricultural Marketing Service.
The opening trade on slaughter steers was rather slow, but demand improved at midweek. Prices were around 25¢ per cwt. lower than a week earlier. Most of the week '
supply of slaughter steers was comprised of Standard to mainly Good 795- to 1,075-lt
animals which sold at $20 to $22.25 per cwt., and the majority of the Utility and
Commercial cows brought $11.50 to $13. Quotations for feeder cattle were little
changed on Monday, but thereafter, prices declined mostly 50¢ per cwt. The bulk
of the Good and Choice 500- to 750-lb. feeder steers were quoted at $18 to $21.50
per cwt.
Calf marketings of about 2,125 were one-fourth smaller than in the preceding week but were sharply above a year ago. Compared with the preceding week,
slaughter calves sold at prices which were steady to $1 per cwt. lower. Most of
the Good grades of killing calves brought $18 to $20 per cwt., and Good and Choice
stocker steer calves cleared at $20 to $22.50 per cwt.
Hog offerings, at approximately 1,225, were 225 more than in the previous
week and 25 above last year's figure. Demand was broad for all classes, and prices
advanced 50¢ to $1 per cwt. for the 4-day trading period. The majority of the mixed
lots of U. S. No. 1 through No. 3 Grades of 195- to 245-lb. barrows and gilts sold
at $17 to $17.25 per cwt.
Sheep and lamb receipts are placed at 8,600, compared with 5,700 a week
ago and 4,400 a year earlier. Demand was broad for all slaughter classes, and
trading was active each day at fully steady prices. The bulk of the mixed Good
and Choice 70- to 95-lb. slaughter wooled spring lambs cleared at $20 to $22 per
cwt.
POULTRY
No Texas commercial broiler market report was available for the week endeC
Friday, July 3.
On Monday, July 6, commercial broiler markets were steady in south Texas
and slightly weaker in:-eB."st Texas, points out the State Department of Agriculture.
The price per lb. in south Texas was 15.5¢, and east Texas quotations ranged from
14¢ to 14.5¢.
BROILER CHICK
PLACEMENTS
Percent change from
Comparable
Previous
week, 1963
week
Area
Week ended
June 27, 1964
Texas ......
Louisiana ..
3,195,000
578,000
4
7
-2
-7
22 states ..
44,373,000
0
3
@FedFRASER