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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 817 Wednesday, August 25, 1965 FARM CREDIT A record 118,000 family farmers in the Nation used operating credit from the Farmers Home Administration during the 1965 fiscal year (which ended June 30), ac cording to Secretary of Agriculture Freeman:- More than 73,000 farmers used the credit to make necessary adjustments in their operations, and 45,000 used credit advanced in previous years. The FHA advanced $300.4 million in farm operating credi t to farmers in the 50 states, Puerto Rico, and the Virgin Islands during the 12 months ended June 30, 1965. These farmers used funds to refinance chattel debts and to pay fo r equipment, feed, seed, livestock, and home operating needs. About 72% of the operating loans to new applicants were advanced for the purchase of capital items or to refinance debts on capital items exclusive of farm and family operating needs. A substantial number of the young farmers who received operating loans used the funds to take over farms of retiring operators. The FHA l oans are accompanied by advice in sound fa:nn and home management to help borrowers make profitable use of their land and other resources. Technical assistance with actual farm management problems is provided during the first few years of the loan. DELAY PEANUT HARVEST! If conditions are favorable, producers will profit from l eaving peanuts in the ground as long as it is practical, says Dr. Arthur L. Harrison, Plant Pathologist at the Plant Diseases Experiment Station at Yoakum, Texas. He states that as long as the peas are sound and the foliage is good, the longer the peanuts are left i n the ground, the higher will be the yield. Moreover, the peanuts will be of a better grade. BILL MARKETING FARM F 0 0 D The bill for marketing domestic farm-originated food products purchased by Q· §_. civilian consumers reached $47.3 billion in 1964, or 4% higher than in the previous year. According to the Economic Research Service, this rise resulted mainly f rom the growth in the volume of products marketed. The increase equaled the average annual rise of the preceding 10 years. All components of the national food marketing bill increased in 1964. Costs of labor directly engaged in marketing these products totaled $20.8 billion, which was 44% of the marketing bill. The growth in the volume of products marketed accounted for the increase in labor costs in 1964, as the labor cost per unit of product decreased. Rail and truck transportation made up 11% of the marketing bill, corporate profits before taxes on income accounted for 6%, and other costs and noncorporate profits comprised 39%. P R I C E S UP P 0 R K An insufficient supply of slaughter hogs has resulted in the current rise in pork prices, according to Ed Uvacek, Extension Livestock Marketing Specialist at Texas A&M University. Mr. Uvacek says that housewives are currently paying around a dollar per lb. for good-quality bacon and that prices likely will remain above normal throughout the rest of 1965. L I VE S T 0 CK The Fort Worth cattle run totaled an estimated 4,600 head during the we~k ended Thursday~ust 19, or 16% below the preceding week but 31% above the corresponding 1964 period, according to the Consumer and Marketing Service. Thursday prices for slaughter steers were steady as compared with a week earlier. HighGood and Choice 1,075- to 1,100-lb. slaughter steers cleared at $26 per cwt., and Utility and Commercial cows brought $13.50 to $16.30. Closing prices for feeder steers were steady to 50¢ per cwt. higher than a week ago, with mixed Good and Choice 500- to 700-lb. animals quoted at $23.60 to $25.60. Calf receipts are placed at 1,400, reflecting decreases of 30% from the previous week and 14% from last year. Thursday prices for slaughter calves were steady with a week ago. Good grades of killing calves weighing up to 550 lbs. sold at $21 to $24 per cwt., and mixed Good and Choice 250- to 500-lb. stocker steer calves brought $24.10 to $25.60 per cwt. Hog offerings, at approximately 750, were 25 more than in the preceding week but 375 fewer than a year ago. Demand was broad for all classes, and Thursday prices were mainly 50¢ to $1 per cwt. higher than a week earlier. The majority of the 4-day supply of U. S. No. 1 through No. 3 Grades of 180- to 275-lb. butchers cleared at $24 to $25 per cwt. Sheep and lamb marketings were an estimated 2,300, compared with 1,800 a week ago and 3,700 in the corresponding period last year. Demand was fairly broad, and prices were fully steady each day. The week's sales included 65- to 102-lb. Good and Choice wooled spring slaughter lambs which cleared in a price range of $20 to $23 per cwt. Mixed Good and Choice 61- to 83-lb. shorn slaughter lambs with No. 1 through No. 3 pelts cleared at $20 to $22.50 per cwt. POULTRY Texas commercial broiler markets opened steady and then remained unchanged for the week ended Friday, August 20, reports the State Department of Agriculture. The demand for ready-to-cook broilers improved toward the end of the trading period as some retailers featured fryers. At Friday's close, the undertone was slightly unsettled in both south and east Texas. Closing prices per lb. were 15.5¢ in south Texas and 14.5¢ to 15.3¢ in east Texas. During the corresponding period last year, the closing quotation in south Texas was 15¢ per lb., and east Texas prices ranged from 13.5¢ to 14.6¢. On Monday, August 23, commercial broiler markets were fully steady in south Texas and about steady'"l:'n east Texas. The following prices per lb. were quoted: South Texas, 15.5¢, and east Texas, 14.5¢ to 15.3¢. BROILER CHICK PLACEMENTS Percent change from Previous Comparable week week, 1964 Area Week ended August 14, 1965 Texas •••.•. Louisiana •. 2,750,000 624,ooo 11 11 15 23 states •• 45,187,000 0 12 4
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