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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS
Hednes day> October 28, 1964
Cattle producers will soon be concerned with selecting feeds for their
supplemental winter feeding program, and care should be taken in making purchases,
says Uel D. Thompson of Texas A&M University. Several factors should be considered
for a profitable and economical operation. Before a supplemental protein feed is
purchased, the price per 100 lbs., percentage of crude protein supplied by the oilseed protein meals, percentage of equivalent protein from nonprotein nitrogen,
crude fat, and crude fiber content should be checked. The higher the fiber content;
the lower the price should be. Cost of protein may be determined on a per lb. basis
by dividing the price per 100 lbs. by the percent of protein. ~aily supplemental
feeding of protein to the herd should be at the rate of 0.8 lb. of digestible protein per cow. Therefore, 4 lbs. of a 20% product would be necessary to satisfy
this requirement. Selection of a supplement and the method of feeding will vary
according to individual preferences and the amount and quality of roughages available. Where forage is limited, a feed including both protein meal and grain may be
more useful than a straight protein supplement. The selection of a high protein
supplement may be made from any of the following: cottonseed meal or cake, ureamolass es, guar meal, corn gluten meal, milo gluten meal; peanut meal, sesame meal,
sorghum gluten meal, soybean meal, and tankage.
U. S. exports of livestock, meat, and meat products in 1963 amounted to
$364 million,-compared with $319 million in 1962 and $366 million in 1961, reports
the Foreign Agricultural Service. Shipments of pork accounted for most of the overall gain as compared with 1962. However, tallow and greases continued to be leading export commodities, comprising more than one-third of the value of all shipments.
Exports of meat and meat products accounted for nearly one-fourth of the total; the
remainder was made up of hide and skin exports and of lard shipments.
U. S. imports of livestock, meat, and meat products (including wool) totaled a record $870 million in 1963, reflecting a 3% gain over 1962 and a 46% increase over the 1956-60 average. The United States is the second largest importer
of red meat, being exceeded only by the United Kingdom. Red meat imports accounted
for 59% of the overall value, with beef the principal item. Imports of wool comprised 24% of the total; pork, 15%; and cattle, 9%. U. S. imports of cattle declined sharply in 1963 to $74 million from a record $117 million in the preceding
State and local taxes levied on farm real estate in the Nation reached
a record $1,468 million in 1963, reflecting a 5% increase over the preceding year.
This rise marked the 21st consecutive annual increase in U. S. farm real estate
taxes. The 1963 level was almost double the 1950 fic;ure. According to the Economic
Research Service, the rate of increase in these taxes exceeded the rise in the market value of privately owned farm real estate from 1962 to 1963. Consequently, the
effective rate of tax on farm real estate increased from $1.02 in 1962 to $1.03 in
1963. The average tax per acre in the Nation was $1.43 in 1963, compared with $1.36
L I VE S T 0 CK
Fort Worth receipts of all classes of livestock except sheep and lambs
increased substantially during the week ended Thursday, October 22, according to
the Agricultural Marketing Service.~e cattle run of an estimated 7,100 compared
with 6,000 a week earlier and 6,500 a year ago. Demand was good for all classes
of slaughter cattle, and trading generally was moderately active. Thursday prices
for slaughter steers were mostly steady with the previous week's close. Good 800to 1,090-lb. slaughter steers brought $20.50 to $22 per cwt., and Utility and Commercial cows cleared at $11 to $13.50. After Monday, trading on feeder cattle was
generally slow, and prices were mainly steady. Good 500- to 655-lb. yearling steers
cleared at $16.10 to $19 per cwt.
The calf supply of an estimated 2,625 reflected gains of 50% over a week
ago and 8% over the corresponding 1963 period. Quotations for slaughter calves
were mostly 50¢ to $1 per cwt. lower than a week earlier. Good grades of killing
calves cleared at $17 to $20 per cwt., and prices for 250- to 500-lb. stocker steer
calves brought $16.40 to $20 per cwt.
A total of 825 hogs was received at Fort Worth during the week ended
October 22, or 18% more than a week ago but 39% below the year-earlier figure.
Price fluctuations on barrows and gilts were rather narrow, and Thursday quotations
were about steady to 50¢ per cwt. lower than a week ago. The majority of the U. S.
No. 1 through No. 3 Grades of 185- to 270-lb. butchers brought $15 to $16 per cwt.
Sheep and lamb offerings are placed at 2,800, or one-tenth fewer than a
week earlier-and less than one-third of the year-earlier receipts. At the market's opening, prices for both wooled and shorn lambs declined mostly 50¢ to $1
per cwt. Subsequently, trading was fairly active, and prices were fully steady.
The bulk of the Good and Choice 67- to 109-lb. slaughter wooled lambs cleared at
$19 to $20 per cwt.
The major Texas commercial broiler markets opened about steady to slightl.
stronger in the week---end:ed Friday, October 23, points out the State Department of
Agriculture. Some price fluctuation was noted in east Texas throughout the trading period, but the south Texas market held steady. At Friday's close, broiler
markets were steady in both areas, but the undertone was highly unsettled. The
closing quotation in south Texas was 15.5¢ per lb., and east Texas prices ranged
from 14¢ to 15.6¢. During the corresponding 1963 period, closing quotes in south
Texas were 15¢ to 15.5¢, and those in east Texas ranged from 14.3¢ to 16¢.
Texas commercial broiler markets were weak.er on Monday, October 26. Pric
per lb. were: South Texas, 14.5¢ to 15¢, mainly 15¢; and east Texas, 13.8~to 15.1
Percent change from
October 17, 1964
22 states ..