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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 801 Wednesday, May 5, 1965 WINTER WHEAT U. S. winter wheat prcduction for 1965 is expected to total 1,037 million bushels, points out the Statistical Reporting Service. A crop of this size would be 1% larger than the 1964 outturn and 7% above the 1959-63 average. 'I'he estimated yield per seeded acre of 23.0 bushels compares with 23.7 bushels last year and the average of 22.9 bushels. 'I'he following table shows the indicated production of winter wheat in 1965 for the states of the Eleventh Federal Reserve District, together with comparisons with 1964 and the 1959-63 average. WINTER WHEAT PRODUCTION Five Southwestern States (In thousands of bushels) 1965 Average Area Indicated April 1 Arizona •.•.••.••.•••..• Louisiana ...••.•..•..•• New Mexico •••..•.•••... Oklahoma •.•••.••....••• Texas •••.•.••••.••••••• 1,260 1,540 3,020 117,062 66,592 1,617 1,650 2,772 96,623 61,848 1,611 952 4,907 93,838 61,041 Five states •••.••.•.• 189,474 164,510 162,349 SOURCE: 1964 1959-63 U. S. Department of Agriculture. FARM INCOME P R 0 S P E C T S REAPPRAISED A reappraisal of farm income prospects for 1965 points to continued stability in net income realized by U. S. farmers - much the same picture as was forecast last fall. According to the Economic Research Service, farmers' realized gross income in 1965 may exceed the $42.0 billion record reached in 1964. Production expenses likely will increase further, but the increase probably will be less than the average annual rise of the past decade. Consequently, realized net farm income this year is expected to hold around the $12.6 billion of 1964, close to the level which has prevailed since 1961. This farm income picture for 1965 assumes "average" weather conditions during the growing season and a continued strong domestic and foreign demand for farm products. MEAT PRODUCTION U. S. red meat output during January-March is placed at 7,821 million lbs., about the same as the first quarter of 1964, according to the SRS. Of the total, 4,469 million lbs. were beef (up 6% from a year ago); 228 million lbs. were veal (up 9%); 2,962 million lbs. were pork, (down 7%); and 162 million lbs. were lamb and mutton (down 12%). L I VE S T 0 C K Fort Worth marketings of all classes of livestock advanced during the week ended Thursday, April 29, reports the Consumer and Marketing Service. The cattl-e~ supply of approximatelY:-4,100 head was 64% larger than a week ago but was about unchanged from a year earlier. Trading on slaughter cattle generally was moderately active. Compared with the preceding Thursday, slaughter steers sold at prices which were steady to 25¢ per cwt. higher, with Good 800- to 1,110-lb. animals quoted at $20.10 to $23.60. Quotes for Utility and Commercial cows ranged from $13.25 to $15.25 per cwt., and those for Canners and Cutters were $10.40 to $14. Feeder steer prices were mainly 50¢ per cwt. higher than a week earlier; Good. 480- to 650-lb. yearlings cleared at $19.20 to $22.90 per cwt. The calf run is placed at 925, or 75 more than in the previous week and 50 above the year-earlier figure. Slaughter calf prices were steady to 50¢ per cwt. lower than a week ago. Good grades of killing calves brought mainly $20 to $21.50 per cwt., and 260- to 475-lb. stocker steer calves cleared at $19.75 to $24 per cwt. Hog offerings of about 850 compared with 750 in the preceding week and 1,100 in the corresponding 1964 period. Demand was fairly broad each day, and trading was fairly active. Thursday quotations for barrows and gilts generally were fully steady to 25¢ per cwt. higher than a week earlier. The majority of the U. S. No. 1 through No. 3 Grades of 200- to 265-lb. butchers cleared at $17.50 to $17.75 per cwt. A total of 7,500 sheep and lambs was received at Fort Worth during the week ended April 29, or 23% more than in the preceding week but 34% below last year. Prices for most classes held steady each day. Good and Choice 74- to 105-lb. shorn slaughter spring lambs sold at $24.50 to $25.50 per cwt. POULTRY In the week ended Friday, April 30, the ma.ior Texas commercial broiler markets opened fully steady, as prices remained stable throughout the Nation. According to the Texas Department of Agriculture, market conditions were relatively unchanged during the rest of the trading period. At Friday's close, the undertone was highly unsettled. Closing prices per lb. were 15¢ in south Texas and 14.5¢ to 15¢ in eas.t Texas. During the corresponding 1964 period, closing quotations in south Texas were 13¢ to 13.5¢ per lb., and those in east Texas ranged from 12¢ to 13¢. On Monday, May l_, commercial broiler markets were weaker in south Texas and unsettled pricewise in east Texas. The following prices per lb. were quoted: South Texas, 14.5¢, and east Texas, 14.5¢ to 14.7¢. Area BROILER CHICK PLACEMENTS Week ended April 24, 1965 Percent change from Previous Comparable week week, 1961+ Texas •.•••• Louisiana .. 3,159,000 647,000 -1 11 -1 5 23 states •. 48,811,000 0 7
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