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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Humber 777 Wednesday, November 18, 1964 *************** * * * TE IJ TH * "*************** -,..- A N rT U A L OBSERVANCE * * * * * * * * * * 0 F * * * * * * NATIONAL F A R M - C I T Y WEEK * * NOVEMBER 20-26, 1964 * * * ****************************************** RAT E I NC RE AS E D 0 N CE RT I F I CAT E S 0 F I NTE R E S T Effective November 15, 1964, the rate of interest payable on certificates of interest issued to banks and other lending institutions participating in the financing of 1964-crop price-support loans has been increased from 3.70% to 3.875% per annum. U. S. Department of Agriculture officials say that the increase to lending institutions is in line with recent trends and is being made to encourage the continued participation by private lenders in the financing of Commodity Credit Corporation loan programs. This increase will not be retroactive; consequently, lending institutions that have invested funds in 1964-crop price-support loans will earn interest on their investments at the rate of 3.70% per annum from the date of investment through November 14, 1964, and 3.875% thereafter. OUTLOOK FOR FARM INCOME The outlook for 1965 is for continued stability in U. S. realized net farm income - close to the level that has prevailed since 1961, reports the Economic Research Service. Farmers' realized gross income in 1965 is expected to be about the same as in 1964. Production expense8may show some further increase, but probably much less than usual. Consequently, realized net farm income next year is expected to remain about the same as the January-September 1964 seasonally adjusted annual rate of $12.4 billion. The outlook for 1965 points to a continued record-high average of realized net income per farm in the United States. Moreover, disposable personal income per capita of the farm population may rise slightly next year because of (1) the relative stability in farm income, (2) the continued general economic expansion, and (3) a further reduction in income tax rates. Both farm numbers and the farm population are expected to continue declining in 1965. REGIS TE RED U. S. H 0 LS TE INS P 0 PU LA R 0 VERSE AS A record is in the making for exports of registered U. S. Holsteins, reports the Foreign Agricultural Service. Sales during the first 9 months of this year, at 1,527 head, have already exceeded the former record in 1957 by 91 head and the total for 1963 by 186 head. U. S. Holsteins were shipped to 28 countries including Uganda for the first time. Among the principal markets for these animals, Mexico, Venezuela, Dominican Republic, Italy, Jamaica, and Japan increased their purchases. Mexico continues to be the No. 1 customer, buying 679 Holsteins so far this year. A key factor in the increase has been a new Mexican law prohibiting the i mportation of other than registered cattle except by special permit. L I VE S T 0 C K Cattle and calf rec e ipts at Fort Worth during the week ended Thursday, November 12, were up sharply from the preceding week's reduced supplies, according to the Agricultural Marketing Service. The cattle supply of an estimated 7,500 was almost double that of a week earlier and was one-fifth larger than in the corresponding 1963 period. Demand for slaughter steers and heifers was good. Prices advanced on Monday and. then remained unchanged throughout the trading period. Compared with the preceding week's close, slaughter steers and heifers sold at prices which were steady to 50¢ per cwt. higher. Good 1,065- to 1,175-lb. slaughter steers brought $20.50 to $22, and Canner and Cutter cows sold at $9.50 to $12 per cwt. Feeder steer prices were steady to $1 per cwt. higher than a week earlier, with mixed Good and Choice 450- to 670-lb. animals quoted at $19 to $19.60 per cwt. The calf run totaled approximately 3,225, compared with 1,275 a week ago and 1,975 a year-earlier. Prices for slaughter calves were strong to mostly 50¢ to $1 per cwt. higher than on the preceding Thursday. Good grades of killing calves weighing up to 550 lbs. brought $17 to $19. 50 per cwt., and prices for 290- to 475-lb. stocker steer calves ranged from $17 to $21 per cwt. Hog offerings are placed at 825, or 150 more than in the previous week but 550 fe~ than in the corresponding 1963 period. Prices for barrows and gilts declined mostly 50¢ per cwt. on Monday but were little changed the rest of the week. The bulk of the 4-day supply of 195- to 260-lb. butchers cleared at $14.50 to $14.75 per cwt. Sheep and lamb marketings, at an estimated 4,200, were up 45% from a week ago but were down 16% from the year-earlier figure. Closing quotations on slaughter lambs were weak to mostly 50¢ per cwt. lower than on the preceding Thursday. Good and Choice 65- to 110-lb. slaughter wooled lambs brought $19 to $20 per cwt. POULTRY For the week ended Friday, November 13, the principal Texas commercial broiler markets opened stronger and then generally were about steady, reports the State Department of Agriculture. Friday prices in south Texas were 15¢ to 15.5¢ per lb., and those in east Texas ranged from 13.8¢ to 15¢. During the corresponding 1963 period, closing quotations in south Texas were 14.5¢ to 15¢, and east Texas prices ranged from 13.8¢ to 14.5¢. Texas commercial broiler markets were stronger on Monday, November 16. The following prices per lb. were quoted: South Texas, 16¢, and east Texas, 14¢ to 16.5¢. BROILER CHICK PLACEMENTS Percent change from Comparable Previous week week, 1963 Area Week ended November 7, 1964 Texas ...... Louisiana .. 2,678,000 504,ooo 0 0 4 -6 22 states .. 38,164,000 2 4