The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Wednesday, September 16) 1964 E XP 0 RT S 0 F V A R I E T Y ME A T S I NC RE A S E 8 0 - F 0 L D U. S. exports of variety meats have increased from 2 million pounds in 1950 to 159 million pounds in 1963, according to the Foreign Agricultural Service. A vigorous demand for variety meats in Western Europe has made these products some of the fastest growing export items in the last 14 years. Europeans use variety meats in everything from gourmet cooking to sausage, and these meats bring premium prices there. U. S. representatives are continuing efforts to further reduce trade restrictions on imports of U. S. variety meats into European countries. Not all restrictions involve trade levies - for example, the United Kingdom will not fermit U. S. fork products to be shipped into the country because of the hog cholera situation in the U. S. M 0 RE MILK FROM FEWER c 0 ws There were 16.1 million milk cows on the Nation's farms in June, according to the U. S. Department of Agriculture-:- This number was 2.9% less than a year earlier, and the rate of decline was also about the same as reported a year ago. Total milk production in 1964 likely will be about 125.5 billion pounds, compared with 124.8 billion in 1963, despite the smaller number of cows. Production per cow in 1964 is expected to be about 250 pounds more than last year's 7,545 pounds. AGRICULTURAL P R I CE S The Index of Prices Received by Farmers in the Nation declined 2 points (1%) during the mont~ended August 15 t0-232~ of the 1910-14 average, according to the Crop Reporting Board. The index was 4% below the same month last year and the lowest for the month of August since 1955· The Index of Prices Paid by Farmers rose 1 point to 313 on August 15, the same as in July. The August index was about the same as a year ago. CR0 P NUT L 0 WE R The 1964-crop of edible tree nuts is about one-third less than last year's record crop, according to USDA estimates. Most of the reduction is due to the smaller pecan crop, which is estimated to be about two-thirds below last year and belo:w-th'e 1958-62 average. A large carryover of pecans will help augment the 1964-65 supplies. The almond crop, however, is 13% above 1963 and 26% above average. 24% F 0 0 D S T A M P ACT 1964 The new Food Stamp Act makes it possible for the USDA to maximize the use of America's food abundance, says Secretary of Agriculture Freeman. Under the food stamp program, low-income families certified as in need of food assistance by state and local welfare agencies purchase food coupons in amounts that reflect their normal level of food expenditures, based on family size and income. Needy families also receive coupons of greater monetary value to improve diet levels. The coupons are spent, like cash, at local retail food stores authorized by the USDA's Agricultural Marketing Service to redeem the coupons. Retailers, in turn, redeem the coupons at face value with authorized wholesalers or at their local banks. Banks, in turn, redeem the coupons through Federal Reserve banks. L I VE S T 0 C K Cattle marketings at Fort Worth during the week ended Thursday, September 10, totaled an estimated 5,100,-c;r-9% below a week earlier and 36% fewer than a year ago. According to the Agricultural Marketing Service, slaughter steers and heifers sold at prices which were steady to 25¢ per cwt. lower than the previous Thursday's close. Prices for Good 873- to 942-lb. slaughter steers ranged from $19.50 to $22. per cwt., and Utility and Commercial cows sold from $11.50 to $14.25. Demand for feeder cattle closed steady to strong, and prices of all classes were up mostly 50¢ to 75¢ per cwt. Good 500- to 685-lb. yearling steers sold from $16.50 to $20.50, with late sales tending upward from $17.70 per cwt. The calf supply, at 1,300, compared with 1,550 in the preceding week and 2,000 during the corresponding 1963 period. Demand for slaughter calves was steady. Good grades of killing calves weighing up to 550 lbs. cleared at $18.00 to $20.50 per cwt. Good 250- to 500-lb. stocker steer calf prices ranged from $18.00 to $21. ~ Hog receipts are placed at 675, considerably below a week ago and 61% bel · the 1,725 for the same period a year ago. Complete clearance of the light marketin was recorded each day, but noticeable lower quality compared with a week ago was reflected in prices that were steady to 50¢ per cwt. lower. The majority of the mixe lots of U. S. No. 1 through No. 3 grades of 195- to 260-lb. butchers cleared at $16.oo to $17.00 per cwt. Fort Worth sheep and lamb receipts of an estimated 2,300 were down 300 from the previo:us-week and less than half of the 5,000 received a year ago. Trading was active each day, and prices closed fully steady. The bulk of the Good and Choice 6~- to 110-lb. slaughter wooled spring lambs sold at $18.00 to $21.00 per cwt. P 0 UL T R Y For the week ended Friday, September 11, the major Texas commercial broil t markets opened slightly weaker in south Texas and about steady in east Texas, repor ~ the State Department of Agriculture. Prices at the close of the week were steady i both areas. Supplies were reported adequate to ample throughout the week. The cl o~~ ing price in south Texas was 14.5¢ to 15.0¢ per lb., and quotes in east Texas range from 13.5¢ to 14.8¢. During the corresponding 1963 period, closing prices were 14. in south Texas and 13.3¢ to 14.5¢ in east Texas. Texas commercial broiler markets were steady with good demand on Monday, September 14. The price quoted in south Texas was 15¢, and quotations in east Texas ranged froiil13.7¢ to 14.7¢ per lb. Area BROILER CHICK PLACE:MENTS Week ended September 5, 1964 Percent change from Previous Comparabie week week, 1963 Texas ...... Louisiana .. 2,190,000 520,000 -6 -3 5 25 22 states .. 36,159,000 -5 5