The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
AGRICULTURAL N EWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS
Wednesday, February 24, 1965
E S T A B L I S HE S
Secretary of Agriculture Freeman recently announced the establisbment of
the Consumer and Marketing Service, a new U. S. Department of Agriculture agency.
In effect) the USDA's Agricultural Marketing Service has been given a new name and
an expanded role. The Consumer and Marketing Service will (1) perform all functions
formerly handled by the Agricultural Marketing Service, (2) combine meat inspection
services with poultry inspection, and (3) take over the inspection of warehouses
storing Commodity Credit Corporation stocks, a function now being handled by the
Agricultural Stabilization and Conservation Service.
Storage stocks of potatoes held by growers an~ local dealers in fallproducing areas of the Nation as of February 1, 1965, totaled 75.9 million cwt., reports the USDA. This figure was 16% less than a year ago and the smallest February
1 holdings since 1958. Disappearance of 1964-crop potatoes frcm storage during January 1965 totaled 22.1 million cwt., compared with 26.1 million cwt. a year earlier
and 23.9 million cwt. in January 1963.
Even though price-support purchases of butter and nonfat dry milk were
smaller in the 1964 calendar year than in i963, the dairy surplus continues heavy,
points out the USDA. Substantially increased U. S. exports of both products from
ccmmercial supplies under the payment-in-kind export program largely offset the reduced purchasing.
Price-support stocks of U. S. dairy products continued to decline during
1964 and at the end of the year were the smallest in 4 years. This decrease reflects
the reduced purchasing and continued heavy movement into outlets such as school lunch
and welfare programs and export sales.
U. S. man-made fiber output reached an all-time high of 3,079 million lbs.
in 1964, representing a 14% gain over the preceding year, according to the Textile
Economics Bureau, Inc. Production of acetate increased 15%; rayon, 3%; the noncellulosic fibers, 22%; and textile glass fiber, 25%.
World man-made fiber output totaled a record 10,915 million lbs. in 1964,
or 13% above a year earlier. Production of rayon and acetate, at 7,210 millions lbs.,
was 7% larger than in 1963, and the output of noncellulosic fibers, at 3,705 million
lbs., was 26% greater.
U. S. red meat production in 1964 totaled 31,647 million lbs., or 7% more
the 1963 output, points out the Statistical Reporting Service. Of the 1964 vol18,018 million lbs. were beef (up 12% from the previous year); 920 million lbs.
veal (up 9%); 12,005 million lbs. were pork (up 1%); and 704 million lbs. were
and mutton (down 7%).
1 I VES T0 CK
The Fort Worth cattle ~ during the week ended Thursday, February 18, totaled an estimated 2,400, reflecting decreases of 25% from the precedj_ng week and 35%
from the corresponding 1964 period, reports the Consumer and Marketing Service. Trading on slaughter steers and heifers was moderately active. Compared with the preceding
Thursday's close, slaughter steers weighing over 800 lbs. sold at prices which were
steady, while quotations for lighter-weight animals were steady to 50¢ per cwt. lower.
Prices for Good 825- to 1,195-lb. slaughter steers brought $20 to $21 per cwt., and
Utility and Commercial cows sold at $13 to $14. Good and Choice feeder yearling
steers sold at prices which were steady to 50¢ per cwt. lower than a week earlier,
but quotes on other grades held steady. Good 450- to 600-lb. feeder yearling steers
cleared at $17.75 to $19.90 per cwt.
The calf supply is placed at 1,200, or 175 more than in the previous week
and 500 above the year-earlier figure. Slaughter calf prices held mainly steady.
The bulk of the Good grades of killing calves weighing up to 550 lbs. brought.$19
to $20 per cwt., and quotes for mixed Good and Choice 275- to 475-lb. stocker steer
calves ranged from $20 to $21.60.
A total of 875 hogs was received at Fort Worth during the week ended February 18, compared with 1,400 a week ago and 850 a year earlier. Demand was broad,
and prices were fully steady. The majority of the mixed U. S. No. 1 through No. 3
Grades of 200- to 265-lb. barrows and gilts brought $17 to $17.25 per cwt.
Sheep and lamb offerings of approximately 1,800 were 80% greater than in
the preceding week but 1C% below the corresponding 1964 period. Demand continued
broad, and trading was active. Prices held fully steady, with the bulk of the Good
and Choice 74- to 108-lb. shorn slaughter lambs with No. 1 and No. 2 pelts quoted
at $18 to $22 per cwt.
For the week ended Friday, February 19, the major Texas commercial broiler
markets opened steady with a firm undertone, reports the State Department of Agriculture. The south and east Texas markets remained steady throughout the week. The
supply was irregular during the week, but was adequate for the demand. At Friday's
close, the undertone was steady with fair to good demand. The closing price in south
Texas was 15.5¢ per lb., and east Texas quotations ranged from 14¢ to 15.1¢. During
the corresponding 1964 period, closing prices in south Texas were 14¢, and those in
east Texas ranged from 12.9¢ to 13.5¢.
The Market Information Service Office was closed on Monday, February 22,
for a holiday.
Percent change from
February 13, 1965
23 states ••