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AG RI CULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 807 Wednesday, June 16, 1965 MORE WHEAT BEING FED TO CATTLE Wheat fed on U. S. farms where it was produced in 1964 totaled an estimated 35.8 million bushels - nearly double the quantity fed in 1963, reports the Economic Research Service. Farmers are feeding more wheat, particularly to beef cattle. Kansas, Missouri, Nebraska, and Washington - all major wheat-producing states - report that wheat feeding is up 300% or more. The ERS says that lower prices for wheat in relation to those for corn and other feed grains have been responsible for the upswing. Wheat prices have been nearer corn prices throughout the 1964-65 feeding year than at any other time in the past 15 years. The average price received by U. S. farmers for wheat in May was $2.22 per 100 lbs., only 2¢ per 100 lbs. higher than that for corn. If allowance is made for the 5% higher feedipg value of wheat, the price is slightly lower than that of corn. SLOW MOVING VEHICLE EMBLEM Slow moving farm machines on main rural highways are more likely to be involved in collisions than are vehicles traveling at faster speeds, according to U. S. Department of Agriculture safety specialists. In order to combat the risk of collision between slow moving vehicles and high-speed vehicles, National Farm Safety Week (July 25-31) will feature a new, easily identifiable Slow Moving Vehicle (SMV) emblem. The triangular fluorescent-reflectorized emblem - 16 inches wide and 14 inches high is meant for vehicles designed to travel below 25 miles per hour, such as farm implements and highway maintenance and construction equipment. The National Safety Council, the American Society of Agricultural Engineers, and the Automotive Safety Foundation - joint sponsors of the emblem - believe that the use of the SMV emblem could substantially reduce traffic accidents if the emblem were adopted on a nationwide scale. The SMV emblem is designed so that higher speed motorists can quickly recognize a slow moving vehicle in the distance day or night. OUTLOOK W0 0 L The ERS reports that the outlook for the U. S. wool industry during the during the remainder of this year is for (1) a continued decline in sheep numbers, (2) less domestic wool production, (3) moderately higher mill use of apparel wool and less use of carpet wool, (4) larger use of man-made fibers on the woolen and worsted systems, (5) an increase in imports of raw wool, and (6) a rise in imports of apparel wool textile products. In line with a decline in world prices, domestic wool prices are expected to be below those in 1964 and near the price levels of 1962 and 1963. up MACHINE HARVESTING 0 F C 0 T T 0 N Mechanized harvesting of U. S. upland cotton has trended upward ever since 1960-61, when, for the first time, more than one-half of the crop was harvested by machines, points out the ERS. Of the 1964 cotton crop, 78% was machine-harvested, or 6 points above the previous record-high percentage in 1963. In the 1964-65 season, 16% of the U. S. cotton was hand-picked; 58%, machine-picked; 19% machinestripped; 6% hand-snapped; and 1% machine-scrapped. The following are the percentages of the 1964 cotton crop which were machine-harvested in the states of the Eleventh Federal Reserve District: Oklahoma, 83%; and Texas, 84%. Arizona, 97%; Louisiana, 78%; New Mexico, 85%; L I VE S T 0 C K Fort Worth receipts of all classes of livestock except sheep and lambs for the week ended Thursday, June 10, were above both the previous week and the corresfonding~ period, reports--the Consumer and Marketing Service. Cattle supplies are placed at 5,575, reflecting gains of 24% over a week ago and 14% over a year earlier. Closing prices for most slaughter steers were steady with the preceding Thursday's market. Mixed. high-Good and Choice 920- to 1,100-lb. slaughter steers sold at $26.90 to $28.10 per cwt., and Utility and Commercial cows brought $14 to $16. Feeder steers sold at prices which were steady to $1 per cwt. higher than a week ago, with high-Good and Choice 650- to 900-lb. animals quoted at $22 to $25.80 per cwt. Calf marketings totaled about 1,625, compared with 1,175 a week earlier and 1,350 last year. Quotations for slaughter calves were steady to 75¢ per cwt. higher than a week ago. Good grades of killing calves brought $22 to $25.50 per cwt., and prices for 270- to 500-lb. stocker steer calves ranged from $22 to $26.10. Hog offerings of approximately 1,050 were 375 above the previous week and 150 more than in the comparable 1964 period. Thursday quotations for barrows and gilts were 50¢ to $1.25 ·per cwt. higher than a week earlier. The majority of the U. S. No. 1 through No. 3 Grades of 190- to 270-lb. butchers brought $20.75 to $22.25 per cwt. An estimated 7,800 sheep and lambs were received at Fort Worth during the week ended June 10, or 10% fewer than a week ago and 4% below the year-earlier figure. Demand was fairly broad, and prices generally were fully steady. Good and Choice 66- to 99-lb. slaughter spring lambs sold at $24 to $26 per cwt. P 0 UL T RY For the week ended Friday, June 11, the major Texas commercial broiler markets opened steady to weaker, reflecting-lower prices in other parts of the Nation, according to the Texas Department of Agriculture. Markets in both south and east Texas were about steady through the week and closed with an unsettled undertone. Closing prices in south Texas were 15.5¢ to 16¢ per lb., and those in east Texas ranged from 14¢ to 14.9¢. During the corresponding 1964 period, closing quotations in south Texas were 13¢ to 13.5¢ per lb., and east Texas prices ranged from 12.2¢ to 13¢. On Monday, June 14, commercial broiler markets were steady in south Texas and about steady in east Texas. The following prices per lb. were quoted: South Texas, 15.5¢ to 15.7¢, mostly 15.5¢; and east Texas, 14.5¢ to 14.8¢. Area BROILER CHICK PLACEMENTS Week' ended June 5, 1965 Percent change from Comparable Previous week week, 1964 Texas •.•.•• Louisiana •• 3,257,000 642,000 0 0 10 23 states •. 50,449,000 0 10 -2
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