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AG RI CULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 771 Wednesday, October 7, 1964 TRADE C H A N G E S IN WORLD BEEF In the last 10 years, world beef output and trade have increased 407~ and 60%, respectively, according to the Foreign Agricultural Service. The output from the 44 major beef producing countries was 59 billion lbs. in 1963, and world trade was 5 billion lbs. Production in the United States and the United Kingdom is above that for 1963, but output of the EEC (Common Market Countries) and Argentina has dropped sharply. In 1964, Argentina - normally the world's largest exporter - is running about 24% below last year in production. It is expected that herd rebuilding will continue to reduce Argentina's export supplies until 1966 or 1967. Increasing demand for beef in Europe has resulted in Australia, New Zealand, and Ireland shifting back to the European market, rather than depending more on the U. S. market. EUROPE? F 0 R 0 F BEEF WHAT KIND Beef preference in Europe is different from the United States and varies among the European countries, according to the FAS. Furthering the prospects for live cattle shipments, the demand for fresh beef comes from Italy, Belgium, and the Netherlands. In Western Europ~the quality preference generally is for beef that would grade U. S. Standard. Meat with a thin fat covering and thick muscling is preferred and demanded, and little attention is paid to the quality of lean. The United Kingdom has a preference for U. S. Good grade beef but will accept U. S. Standard. Some countries - France, Belgium, and Switzerland - prefer to import specific cuts such as round, loin, and part or all of the rib. Since the traditional suppliers are unable to meet the increased demand for beef in Western Europe, the opportunity for the United States to share in this market is largely dependent upon U. S. beef being competitively priced. CAS E S S E T R E C 0 R D L 0 W SCREWWORM The U. S. Department of Agriculture reports that during August, there were no reported screwworm cases in four of the five states in the eradication area. The four states having no cases-were New Mexico, Oklahoma, Arkansas, and Louisiana. Texas, the fifth state, had only one case reported in August and none during the first half of September. The decline is dramatic considering the 6,592 cases reported in three states of the eradication area in August 1962. In the Fast, the screwworm has been most prevalent in the fall because of the moist weather and the large number of animal wounds. An increase in wounds among wildlife, due to the mating season, and in farm and ranch stock, from branding and ear tagging, provides conditions favorable for screwworm infestation. W0 R L D MEAT C 0 N S U MP T I 0 N Meat consumption data for the last 5 years are currently available in detail from 30 countries, reports World Agricultural Production and Trade. During 1963, per capita consumption of meat ranged from 13 lbs. in Japan to 240 lbs. in :Jew Zealand, while three other countries, Australia, Argentina, and Uruguay, also exceeded 200 lbs. per capita. The per capita consumption in the United States was placed at 169 lbs. Beef and veal consumption was highest in Argentina, while Denmark ranked first in pork, and New Zealand was the leading country in lamb and mutton. L I VE S T 0 C K Cattle marketings at For:t Worth during the week ended Thursday, October l totaled an estimated 6,700, or 59~ above a week earlier-but 13% below a year ago. According to the Agricultural Marketing Service, slaughter steers and heifers sold at prices which were steady com:r:;ared with prices d.uring the previous week. Prices for Good 800- to 1100-lb. slaughter steers ranged from $20 to $23.50 per cwt., and Utility and Commercial cows sold from ~12.50 to $14.75. Demand for feeder cattle closed weak, and pric e s were mostly $1 :r:;er cwt. lower. The bulk of the Good yearlings sold from tp16.50 to $18.80 per cwt. The ~alf supply, at 2,900, was 84% above the preceding week and 12% above the corres:r:;onding 1963 period. Demand for slaughter calves was stead.y to weak. Good grades of 300- to 500-lb. killing calves cleared at $17.50 to $22 per cwt. Good 250- to 500-lb. stocker steer calf prices ranged from $18 to $21.50. ]fog receipts are placed at 850, or 87~ below a week earlier and 40% below the same period a year ago. Demand was steady to weak, and prices were quoted at 25¢ to 50¢ :r;er cwt. lower than a week ago. 'I'he majority of the supply was composed of U. S. No. 1 through No. 3 Grades of 190- to 265-lb. butchers which cleared at $16 to $17 per cwt. Fort Worth sheep and lamb receipts of an estimated 3,600 were 6% above the previo:U:S-Week but 29~ below a year ago. Prices were mostly steady to weak. 'Ihe bulk of the lambs offered ·were shorn. Gocd and Choice 90- to 100-lb. slaughter wooled spring lambs cleared at $20 to $21 per cwt. POULTRY For the week ended Friday, October g, the major Texas commercial broiler markets opened steady in south Texas and about steady in east Texas, reports the State Department of Agriculture. Prices at the close of the week were unsettled and were ·weakening. Supplies were adequate to ample for the fair demand. The closing price in south Texas was 15¢ per lb., and quotes in east Texas ranged frorr. 13.5¢ to 15.3¢. During the corresponding 1963 period, closing prices were 13.5¢ to 14¢ per lb. in south Texas and 13¢ to 13.7¢ in east Texas. Texas commercial broiler markets were weaker with fair to good demand on Monday, October 5. The price quoted in south Texas was 14¢_, and quotations in eas Texas ranged. from 12. 8¢ to 14¢ per 1 b. Area BROILER CHICK PLACEMENTS Week ended. September 26, 1964 Percent change from Previous Comparable week, 1963 week Texas ...... Louisie:ma .. 2,071,000 551,000 -6 7 7 13 22 states .. 34,594,ooo -2 3
