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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Wednesday, July 29, 1964 Number 761 CAT T L E 0 N F E E D 1964, there were 6.7 million cattle and calves on feed for slaughter market in the 28 ma~or feeding states, or 3% fewer than a year earlier, according to the Statistical Reporting Service. The number on feed in these states declined 19% from April 1 to July 1 this year, compared with a 16% decrease for the corresponding 1963 period. A breakdown of July 1 numbers on feed in the 28 states by weight groups showed decreases from a year earlier in all except the 900- to 1,099-lb. group, which was up 4%. Cattle feeders in the 28 states plan to market nearly 4.0 million head during July, August, and September. If these plans materialize, the marketings would be 6% larger than the number marketed during the corresponding quarter of last year. In Texas, the number of cattle and calves on feed for slaughter market at the beginning of July 1964 totaled 297,000 head. This number is 11% above a year ago but represents a seasonal decrease from the 349,000 head on feed as of April 1, 1964. Feedlot operators in the State report intentions to market 220,000 cattle between July 1 and September 30. This volume would be nearly three-fourths of the total on feed at the beginning of July and would be 16% more than the number marketed during the July-September quarter of 1963. As of July l' FUTURES TRADING I N FISCAL 1 9 6 4 Boosted by fast-moving activity in the grain markets, trading in commodity futures reached the highest level of record in the fiscal year ended June 30, 1964, reports the U. S. Department of Agriculture. The fiscal year's trading in 18 regulated commodities of more than 12.7 million transactions, valued at an estimated $60.4 billion, was the largest of Commodity Exchange Authority records, which started in the 1938 fiscal year. The previous peak was in 1961, when 11.5 million transactions were made at a value of $52.3 billion. FARM MORTGAGE LENDING Farm mortgage lending by three groups of reporting lenders - the Federal land banks, 20 life insurance companies, and the Farmers Home Administration (direct loans) - continued to set records in the first quarter of 1964, reports the Economic Research Service. The volume of new loans made, together with increases in old loans, reached $550 million, or 22% more than that loaned a year earlier. The January-March 1964 period marked the 13th consecutive quarter in which the combined lending volume of the three groups was higher than in the year-earlier quarter. The Federal land banks recorded the largest gain in gross loan volume 30% above the first quarter of 1963. Lending by the 20 life insurance companies was up 19%. In both 1962 and 1963, the loan volume of life insurance companies rose much more rapidly than did that of the Federal land banks. The direct lending volume of the Farmers Home Administration in the first quarter of 1964 was 9% below the corresronding 1963 period. AGRICULTURAL EXPORTS HIT PEAK President Johnson has announced that U. S. agricultural exports reached an all-time high of $6.1 billion during the fiscal year ended June 30, 1964. This record volume represents a 20% increase over the year-earlier level. L I VE S T 0 CK Fort Worth supplies of all classes of livestock except hogs were sharply reduced during the week ended Thursday, July 23, reports the Agricultural Marketing Service. The cattle run of an estimated~50-head represented decreases of 23% from the preceding week and 15% from the corresponding 1963 period. Trading was moderately active for all slaughter classes. Prices for slaughter steers were steady with the previous week's close. Good 805- to 1,015-lb. slaughter steers cleared at $20 to $23 per cwt., and Utility and Commercial cows brought ~9.50 to $11.50. Demand was fairly good for most feeder cattle, and steer prices were mostly steady with the previous Thursday's market. Mixed Good and Choice 650- to 915-lb. feeder steers sold at $17 to $18.30 per cwt. Calf offerings are placed at 1,800, compared with 2,725 a week ago and 1,950 a year-earlier. Prices for slaughter calves advanced 50¢ to $1.50 per cwt., with most of the increase on animals weighing under 500 lbs. Good grades of killing calves weighing up to 575 lbs. brought $16.50 to $20.30 per cwt., and quotations for 250- to 500-lb. stocker steer calves ranged from $16.50 to $19.50 per cwt. Hog receipts totaled an estimated 1,100, or 75 more than in the preceding week but 100 fewer than a year ago. Demand was fairly broad for practically all classes, and trading was active each day. Thursday quotations for barrows and gilts were mainly 25¢ to 50¢ per cwt. higher than a week earlier. Most of the mixed lots of U.S. No. l ·through No. 3 Grades of 195- to 250-lb. butchers cleared at $16.50 to $17.25 per cwt. Sheep and lamb marketings, at approximately 5,000, were down 49% from the previous week and 19% from the year-earlier figure. Trading was fairly active on all slaughter classes, and prices were steady as compared with the previous Thursday. Good. and Choice 75- to 100-lb. slaughter wooled spring lambs were quoted at $20 to $22 per cwt. POULTRY For the week ended Friday, July 24, the principal Texas commercial broiler markets opened weaker, with price decreases in both south and east Texas on Monday, points out the State Department of Agriculture. The instability continued throughout the trading period, and at Friday's close, the undertone was very unsettled. Supplies were adequate throughout the week, although lightweight birds were predominant in many instances. Closing quotations in south Texas were 14.3¢ to 14.5¢ per lb., and those in east Texas ranged from 13.7¢ to 14¢. During the corresponding 1963 period, closing quotations in south Texas were 13.5¢ to 14¢, and east Texas prices ranged from 13¢ to 13.5¢. On Monday, July 27, commercial broiler markets were steady in south Texas and about steady in east Texas. The south Texas price was 14.5¢ per lb., and east Texas quotations ranged from 13.4¢ to 14.2¢. BROILER CHICK PLACEMENTS Percent change from Previous Comparable week, 1963 week Area Week ended July 18, 1964 Texas ...... Louisiana .• 2,866,000 587,000 -1 0 13 11 22 states .. 41,549,000 -2 5
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