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AGRICULTURAL NEWS 0 THE WEE FEDERAL RESERVE BANK OF DALLAS rJumbe r 776 Wednesday, November 11, 1964 F A R ME R S S P E ND $ 40 B I L L I 0 IJ The Nation's farmers spent nearly $40 billion in 1963, according to the U. S. Department of Agriculture. This figure includes spending by farmers for both business outlays and home consumption. Farm prcduction expenses (including labor) amounted to over $29 billion in 1963, compared with $10 billion at the beginning of ·lorld War II and $21 billion a decade ago. The USDA says that, with the unfolding of newer farm production technology, purchases by farmers of industrial prcducts for farm prcduction are expected to continue to increase. CATTLE A l'J D G 0 0 D BEEF P R0 S P E CTS EXPORT U. S. exports of beef and cattle, especially feeder cattle and veal calves, are expected to continue at---;-Tiigh level in 1965, says Secretary of Agriculture Freeman . This favorable outlook is the result of continued strong demand for meat in Western Europe, together with limited supplies in most major meat-producing countries other than the United States. During January-August, U. S. exports of chilled and frozen beef and veal totaled 14.5 million lbs., or more than three times the amount shipped in the corresponding 1963 period. For the first 8 months of 1964, U. S. imports of beef and veal declined 20c/o, and they are expected to be down 25% for the year as a whole. In addition to meat shifments, U. S. exports of live cattle and calves are continuing in substantial volume. FRUIT HARVEST BOUNTIFUL Sharply increased production of citrus fruits is in prospect for the Iation for 1964-65, largely as a result of the rapid recovery of citrus trees in Florida and Texas from freezes in 1962, reports the Economic Research Service. This rise in output points to increased supplies of frozen orange concentrate and other processed items. With harvest almost complete, the 1964 noncitrus fruit crop is expected to set a record. The commercial apple crop is the largest since 1937, and pear production is the highest in 7 years. From now until mid-1965, total supplies of processed noncitrus fruits are expected to be much larger than a year earlier . The outlook is for a continued strong consumer demand for both fresh and processed fruits. FEDERAL MEAT INSPECTION IN 59TH YEAR June 30, 190b, marked the beginning of Federal meat inspection, points out the Agricultural Research Service. In a recently released report on activities during the fiscal year ended June 30, 1964, the Meat Inspection Division notes that 163 plants were under inspection during the first year's operation. This number has grown tenfold to 1,679 establishments, located in 702 cities and towns. Ifearly 114 million animals were inspected during the 1964 fiscal year. S I T UAT I 0 N EGG POULTRY AND U. S. production of ~' broilers, and turkeys is running ahead of 1963, and prices to producers are averaging lower. The ERS says that further production gains in these commodities are in prospect for next year. For eggs and turkeys, increases are likely to result in some further decline in prices . Expansion in broiler output, however, may be small, and farm prices in 1965 probably will average slightly higher than in the current year. L I VE S T 0 CK Fort Worth receipts of all classes of livestock during the week ended. Thursday, NO'Vem~, were below both a week earlier and a year ago, rer;orts the Agricultural Ma r keting Service. The cattle run is placed at 4,100, compared with 9,000 in the preceding week and 6,300 during the corresponding 1963 period. Demand f or slaughter steers was good, and closing prices were 25¢ to 50¢ per cwt. higher than on the preceding Thursday. Good 800- to 1,095-lb. slaughter steers brought $20 to $21.50 per cwt., and Utility and Commercial cows cleared at $11 to $13.50. Feeder steer prices were strong to $1 per cwt. higher than the preceding week's close, with Good yearling steers weighing up to 700 lbs. quoted at $16 to $19 per cwt. Calf marketings of an estimated 1,450 reflected decreases of 38% from the previous week"'"and 45% from a year ago. Thursday prices for slaughter calves were steady to 25¢ per cwt. higher than a week earlier. Good grades of killing calves weighing up to 550 lbs. sold at $16 to $18.25 per cwt., and prices for 300- to 500-lb. stocker steer calves ranged from $16 to $20.10 per cwt. A total of 650 hogs was received at Fort Worth during the week ended November 5, or 275 fewer than a week ago and only about one-half the year-earlier offerings. Prices for barrows and gilts rose 25¢ to 50¢ per cwt. on Monday and held the advance the remainder of the trading period. The week's high mark of $15.50 was paid rather freely for U. S. No. 1 through No. 3 Grades of 200- to 250-lb. butchers. Sheep and lamb supplies totaled only 2,900 - the smallest number since early September. At the market's opening, quotations for both wooled and shorn slaughter lambs were weak to mostly 50¢ per cwt. lower, after which trading was fairly active and prices held steady. Good and Choice 75- to 96-lb. shorn slaughter lambs with No. 1 through No. 3 pelts cleared at $18 to $20 per cwt. POULTRY For the week ended Friday, November 6, commercial broiler markets opened weaker in south Te'Xas-ana.-a:bout steady in east-Texas, points out the State Department of Agriculture. The 1¢ per lb. price decrease-in south Texas followed the lower prices reported in most other major broiler-producing areas of the Nation. Closing quotations in south Texas were 14¢ to 14.5¢ per lb., and those in east Texas ranged from 13¢ to 14.6¢. During the corresponding 1963 period, closing prices in south Texas were 14.5¢ to 15¢, and east Texas quotes ranged from 13.8¢ to 14.5¢. The principal Texas commercial broiler markets were stronger on Monday, November 9. The following prices per lb. were quoted: South Texas, 14.5¢ to 15¢, and east Texas, 13.4¢ to 15.8¢. BROILER CHICK PLACE:MENTS Percent change from Previous Comparable week week, 1963 Area Week ended October 31, 1964 Texas .•...• Louisiana .. 2,679,000 502,000 11 -13 10 -1 22 states •. 37,502,000 7 6
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