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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 780 Wednesday, December 9, 1964 H I G H PLAINS REPORT 0 N B 0 L 1 WEEVIL FIGHT The first phase of an all-out attempt to stop the westward spread of the boll weevil in the Texas High Plains has been completed, according to the U. S. Department of Agriculture. Concern about the boll weevil's threat to the irrigated cotton-growing area of the High Plains began in 1960. Within 3 years, the boll weevil population had increased to the extent that many farmers in that area could no longer grow cotton profitably. This situation prompted the High Plains cotton producers to organize in order to eradicate the pest. The cooperative program this fall involved the treatment of 300,000 acres of infested cotton land before the boll weevil had a chance to go into hibernation. With the first phase of the program completed, USDA officials feel that it is now possible to halt the boll weevil spread with limited local treatments. Spring surveys will be conducted in order to assist program officials in planning next fall's program. Most of the High Plains area received four treatments of lowvolume, undiluted malathion applied by small aircraft. Moreover, some areas with an unusually high weevil population required additional treatments until frost. Altogether, more than 1.1 million acres were treated. EXPORT P R 0 S P E C T S FAVORABLE Another outstanding year is in prospect for U. S. agricultural exports in fiscal 1964-65, reports the Foreign Agricultural Service.- Shipments may total $5-9 billion, compared with the all-time high of $6.1 billion in 1963-64. Commercial sales for dollars probably will amount to $4.3 billion and account for over 70% of the total U. S. agricultural exports. Shipments under Government-financed programs likely will about equal the previous year 1 s $1.6 billion. The 1964-65 export picture is being dominated by a sharp decline in exports of wheat from the 860 millionbushel record in 1963-64 to a more normal level of around 675 million bushels. FARMER'S TAX GUIDE AVAILABLE The 1965 edition of the Farmer's Tax Guide has been prepared by the Internal Revenue Service in order to assist farmers in filing their 1964 Federal income tax returns, according to the USDA. Explanations and examples of provisions of the tax law applicable to farmers are presented in everyday language to illustrate proper income tax treatment. A new feature of this edition is the thumbnail sketch of important law changes. Another featured item is a list of "Important Dates to Remember" during the tax year. Copies of the tax guide, Publication No. 225, may be obtained from the U. S. Department of Agriculture, Washington, D. C. 20250. FARMER c 0 - 0 p BUSINESS up U. S. farmers increased the dollar volume of their cooperative businesses more than 6% during the fiscal year ended June 30, 1963, according to a recent re port of the Farmer Cooperative Service. The gross business volume done by marketing, purchasing, and related service cooperatives in the 1963 fiscal year amounted to $18.3 billion. The total number of memberships showed an increase over the 1962 fiscal year, while the total number of cooperatives was down slightly. LIVESTOCK Fort Worth receipts of all classes of livestock except hogs for the week ended Thursday, December 3, were substantially larger than the previous week's~ day offerings (the trading period was shortened by the Thanksgiving holiday), reports the Agricultural Marketing Service. The cattle run totaled approximately 8,200, compared with 3,500 a week earlier and 7,100 in the corresponding 1963 period. Demand for slaughter steers and heifers was poor, and trading was slow; prices were mostly 50¢ per cwt. lower than the preceding week's close. Good 780to 925-lb. slaughter steers cleared at $19.75 to $21 per cwt., and the bulk of the Canner and Cutter cows brought $9 to $12. Quotations on feeder yearling steers were steady to 50¢ per cwt. lower than a week ago, with mixed Good and Choice 485to 675-lb. animals bringing $18 to $19.60 per cwt. The calf sup~ly is estimated at 3,400, or about double the week-earlier figure and 42% above a year ago. Closing prices for slaughter calves were mostly steady. Good grades of killing calves weighing up to 550 lbs. cleared at $16.25 to $18.50 per cwt., and mixed Good and Choice 300- to 475-lb. stocker steer calves brought $19 to $20.80. Hog marketings are placed at 750, reflecting decreases of 3% from the previous week and 42% from the corresponding period last year. Thursday quotations for barrows and gilts generally were fully steady with the preceding week's close. Most of the 4-day supply of U. S. No. l through No. 3 Grades of 200- to 280-lb. butchers sold at $14.50 per cwt. Sheep and lamb offerings of about 2,300 were 53% larger than the preceding week's holiday-interrupted trading period but were only about one-third of the year-earlier supply. Demand generally was broad, and trading was fairly active. Shorn lamb prices were steady to 50¢ per cwt. higher than the preceding week's close. Good and Choice 71- to 97-lb. shorn slaughter lambs with No. 1 through No. 3 pelts cleared at $18 to $19 per cwt. POULTRY For the week ended Friday, December 4, the major Texas commercial broiler markets opened weaker, reflecting price decreases in other parts of the Nation, points out the State Department of Agriculture. Very little price fluctuation was noted during the trading period, and at Friday's close, the markets were steady, although the undertone was unsettled. Broiler supplies were barely adequate, as demand showed a marked improvement following the Thanksgiving holiday. The closing price in south Texas was 14.5¢ per lb., and quotations in east Texas ranged from 13¢ to 14.5¢. During the corresponding 1963 period, closing prices in south Texas were 14¢ to 14.5¢ per lb., and those in east Texas ranged from 13¢ to 14.7¢. On Monday, December 7, commercial broiler markets were slightly weaker in south Texas but fully steady in east Texas. Prices per lb. were: South Texas, 14¢ to 14.5¢, mostly 14¢; and east Texas, 13¢ to 14.5¢. BROILER CHICK PLACEMENTS Percent change from Previous Comparabl.e week week, 1963 Area Week ended November 28, 1964 Texas •••••• Louisiana •. 2,676,000 524,ooo 0 -1. -7 22 states •. 38,125,000 0 -1 -8
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