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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 796 Wednesday, March 31, 1965 COTTON SIGNUP PERIOD EXTENDED The U. S. Department of Agriculture has announced that the signup period for the domestic cotton allotment program has been extended until April 9, 1965. The original period for growers to sign up for the cotton program was February 8 to March 26. USDA officials said that the additional 2 weeks will give growers extra time in which to reach a decision as they make plans for 1965-crop seedings. INCOME PER FARM REACHES PEAK With realized net income in the aggregate rising slightly in 1964 and with a continued decline in farm numbers, realized net income from farming in the United States reached an all-time high of $3,642 per farm last year, comfared with $3,504 in 1963, according to the Economic Research Service. Net income realized per farm in the Nation has risen sharply over the past 4 years as a result of (1) the marked stability in aggregate income and (2) the decrease in farm numbers. In 1964, it was almost one-fourth higher than in 1960. The table below shows the realized gross income per farm and the realized net income per farm for the states of the Eleventh Federal Reserve District for 1962, 1963, and 1964. INCOME PER FARM (In thousands of dollars) State 1962 Arizona •••••• Louisiana •••• New Mexico ••• Oklahoma •••.• Texas •••••••. SOURCE: Realized Gross Income 1964 1963 $69,292 6,789 18,086 7,949 12,029 $77,482 7,857 18,593 8,322 12,969 $11,581 7,851 17,916 8,653 12,718 1962 Realized Net Income 1964 1963 $19,625 2,678 6,975 2,355 3,734 $27,293 3,191 6,407 2,293 4,351 $19,363 2,987 5,719 2,448 3,877 U. S. Department of Agriculture. P R I CE S ANN0 UNCE D DAIRY SUPPORT The USDA recently announced national average support prices of $3.24 per cwt. for milk for manufacturing purposes and 59.4¢ per lb. of butterfat for the 1965-66 marketing year (which begins April 1, 1965). These prices reflect 75% of the parity prices for the two commodities. The comp?Table prices for the 1964-65 marketing year - also at 75% of parity - were $3.15 per cwt. for milk for manufacturing purposes and 58.0¢ per lb. of butterfat. L I VE S T 0 CK Fort Worth marketings of all classes of livestock except hogs declined substantially during the week ended Thursday, March 25. The Consumer and Marketing Service reports that the cattle supply totaled an estimated 1 7 900 head, reflecting decreases of 44% from the-previous week and 49% from a year ago. Demand for slaughter cattle was broad, and trading was fairly active. Slaughter steer prices were mainly 50¢ to 75¢ per cwt. higher than on the preceding Thursday. Mixed Good and Choice 1,005- to 1,150-lb. slaughter steers brought $22.50 to $23.35 per cwt., and Utility and Commercial cows sold at $12.75 to $15 per cwt. Feeder steers weighing over 500 lbs. cleared at prices which were strong to mostly 50¢ per cwt. higher than a week earlier, with mixed Good and Choice 475- to 650-lb. yearling steers quoted at $20 to $21. 50. Calf offerings of approximately 575 head compared with 825 a week ago and 950 during the corresponding 1964 period. Prices for slaughter calves advanced 50¢ to 75¢ per cwt. Gocd grades of killing calves weighing up to 550 lbs. sold at $18.50 to $20 per cwt., and mixed Good and Choice 300- to 500-lb. stocker steer calves sold at $20.90 to $22.50. A total of 750 hogs was received at Fort Worth during the week ended March 25, or slightly more than in the previous week but one-fifth below a year earlier. Demand was fairly broad, and prices were strong to 75¢ per cwt. higher than on the preceding Thursday. The bulk of the week's supply of U. S. No. 1 through No. 3 Grades of 190- to 265-lb. butchers cleared at $16.75 to $17.50 per cwt. Sheep and lamb receipts are placed at 2,200, a figure that is 27% below the previous week and 39% less than a year ago. Demand was broad, and prices for slaughter spring lambs advanced 50¢ per c1rt. Quotations for mixed Good and Choice 65- to 98-lb. slaughter spring lambs ranged from $20 to $25 per cwt. POULTRY In the week eLded Friday, March 26, Texas commercial broiler markets opened weaker, reflecting price decreases in other major broiler-producing states. Markets in both south and east Texas became about steady on Tuesday, reports the State Department of Agriculture:--Prices remained steady throughout the trading period, but at Friday's close, the undertone in both areas was highly unsettled. The closing quotation in south Texas was 16¢ per lb., and east Texas prices ranged from 15.8¢ to 16.3¢. During the comparable 1964 period, closing quotes in south Texas were 14.5¢ to 15¢ per lb., and those in east Texas ranged from 13¢ to 14¢. Texas commercial broiler markets were weaker on Monday, March 29. Prices in south Texas were 15.5¢ per lb., and those in east Texas were 15¢ to 15:'°5¢. Area BROILER CHICK PLACEMENTS Week ended March 20, 1965 Percent change from Previous Comparable week week, 1964 Texas ••.••• Louisiana •• 3,017,000 593,000 1 -6 -1 -5 23 states •• 46,055,000 1 4
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