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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 764 Wednesday) August 19) 1964 PROGRAM WHEAT 1 9 6 5 The U. S. Department of Agriculture recently announced the details of the 1965 Voluntary Wheat Program. Although some provisions have been modified) particifating farmers can obtain approximately the same returns from the 1965 wheat program as they did from the 1964 program. The following are the principal changes in the 1965 wheat program. 1. Domestic certificates will be worth 75¢ per bushel (70¢ in 1964), and export certificates will be worth 30¢ fer bushel (25¢ in 1964). 2. 3. The national average price-support loan rate will be $1.25 per bushel ($1.30 in 1964). Program participants can qualify for domestic certificates on 45% of normal production from their allotments and on 35% for export certificates (45% each in 1961+). 4. Wheat and feed grain (including oats and rye) acreage substitution will be possible (none in 1964). 5. In order to comply with the program, a minimum of 11.11% of the farm's acreage allotment must be diverted. If farmers wish to divert additional acreage, it must equal at least 10% of the 1965 farm acreage allotment. The payment on the additional diverted acreage will be made at 50% of the farm's normal production) times the county loan rate. No payment will be made for applying conservation use to the minimum qualifying acreage. (Payment in 1964. was at 207~ for all acres diverted to conservation use.) 6. A producer may obtain program loan and certificate allocation benefits if he exceeds his acreage allotment by not more than 50% on any farm in which he has an interest and if he stores, under bond, the wheat from the excess acreage, meanwhile carrying out conservation use requirements of the program (not provided in 1964). F HA L 0 A NS $ 7 4 3 MI L L I 0 N I N F I S CA L 1 9 6 4 The Farmers Home Administration made loans amounting to nearly $743 million during the fiscal year ended June 30) 1964, announced Secretary of Agriculture Freeman. This total represents an increase of 141% over the 1960 level. Approximately 1.4 million people benefited from the FHA loan services during the 1964 fiscal year. According to the USDA) the funds advanced by the F.HA were used to strengthen the economic base of small rural communities and to improve the income of family farm operators. FHA loans outstanding as of June 30, 1964, totaled $2.3 billion, or about 15% more than a year earlier. L I VE S T 0 CK Fort Worth cattle receipts during the week ended Thursday, August 13, totaled an estimated 6,700 head, or 13% fewer than a week earlier but 14% more thar in the corresponding 1963 period, reports the Agricultural Marketing Service. Trad· ing generally was moderately active on all slaughter classes. Slaughter steers sol at prices which were 25¢ to 50¢ per cwt. higher than the previous week's close. Go 1,090- to 1,125-lb. slaughter steers brought $20 to $22 per cwt., and Utility and Commercial cows cleared at $10 to $12.50. Thursday prices for feeder steers were mostly $1 to ~)l. 50 per cwt. higher than a week earlier, with Good 500- to 650-lb. yearling steers quoted at $15 to ~n8. 70. The calf SUPP.lY of approximately 2,300 was up 250 over the preceding week and 625 over the year-earlier figure. Slaughter calves sold at prices which were mainly 50¢ per cwt. higher than a week ago. Good grades of both killing calves weighing up to 550 lbs. and 250- to 500-lb. stocker steer calves sold at ~n6 to $19 per cwt. A total of 1,200 hogs was received at Fort Worth during the week ended August 13, compared with 1,025 in the previous week and 1,350 during the correspond· ing period last year. Demand was good for all classes of hogs. Thursday quotat ior:for barrows and gilts were mostly 25¢ per cwt. lower than a week ago, with the bul. of the U. S. No. 1 through No. 3 Grades of 190- to 250-lb. butchers quoted at $16.c to $17 per cwt. Sheep and lamb marketings are placed at 4,900, reflecting a 4% decrease from the preceding week but a 14% gain over the year-earlier level. Demand was broad for all slaughter classes, and prices generally were steady as compared with a week earlier. The majority of the mixed Good and Choice 72- to 115-lb. slaughte r wooled spring lambs brought $20 to $21 per cwt. POULTRY Commercial broiler markets opened steady in east Texas and stronger in south Texas in the week ended Friday, August 14, pointS-OU:t the State Department of Agriculture. The markets in both areas were steady throughout the trading perio although there were some slight fluctuations in the east Texas price range. At Friday's close, no foreseeable changes in the markets were noted, although the undertone was slightly unsettled. The closing price in south Texas was 15¢ per lb., anu quotations in east Texas ranged from 14¢ to 15¢. During the corresponding 1963 period, the closing quote in south Texas was 14¢, and east Texas prices ranged from 13.2¢ to 14¢. Texas commercial broiler markets were steady on Monday, August 17, with the following prices per lb. quoted: South Texas, 15¢, with one load reported at 14.5¢; and east Texas, 13.9¢ to 15¢. BROILER CHICK PLACEMENTS Percent change f roro Comparable Previous week, 196? week Area Week ended August 8, 1964 Texas ...... Louisiana .. 2,575,000 538,000 -7 -6 4 3 22 states .. 39,612,000 -2 4
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