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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