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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 825 Wednesday, October 20, 1965 C 0 T T 0 N OUTLOOK The carry-over of upland cotton in the United States on August 1, 1966, is expected to reach 15.7 million bales, reports the Economic Research Service. This volume compares with the 14.0 million bale carry-over on August 1, 1965, and the previous peak of 14.4 million bales in 1956. Disappearance (mill consumption plus exports) of upland cotton during the 1965-66 crop year is estimated at 13.5 million bales, up from the 13.1 million bales in the preceding season. THE PESTICIDE SITUATION Domestic and export sales of synthetic-organic pesticides by primary producers in the United States amounted to $426 million in 1964, representing a 15% gain over the previous year, according to the United States Department of Agriculture's Agricultural Stabilization and Conservation Service. Insecticides accounted for 51% of the total sales; herbicides, 38%; and fungicides, 11%. Two years earlier, total domestic and export sales by primary producers amounted to $346 million, with insecticides accounting for 60% of the total; herbicides, 27%; and fungicides, 13%. BEAUTIFICATION BETTER NEEDED TREES F 0 R A nationwide search for superior ornamental and shade trees is needed to speed America's beautification, advises Dr. Henry T. Skinner, Director of the National Arboretum, which is administered by the Agricultural Research Service. Dr. Skinner says that most of our tree species are not well suited for planting in urban areas. City trees need good disease resistance~ttractive foliage and flowers, and a minimum of fruiting, which reduces clean-up problems. GRANTS USDA AWARDS RESEARCH Under grants awarded by the USDA, research will be conducted by institutions in Israel, Japan, and Turkey on (1) diseases of livestock; (2) proteins in meat, milk, and rice; and (3) stored-product insects. The grants, which total $203,183, will be paid with foreign currency obtained by the United States from sales of farm products abroad under Public Law 480. This money cannot be converted into dollars for use in this country. BARTER ACTIVITIES REPORT 0 N The USDA recently reported that the value of barter contracts negotiated during the 1965 fiscal year (which ended June 30) totaled $137 million. Since February 19~the barter program has emphasized procurement for other Government agencies to help reduce the outflow of dollars from the United States. Surplus agricultural commodities have been used to pay for U. S. program requirements abroad, such as dairy products and aircra~ maintenance services needed by the Department of Defense and cement and sugar required by the Agency for International Development. During the 1965 fiscal year, the Commodity Credit Corporation entered into 91 contracts, in the amount of $107.6 million, procuring goods and services for the Department of Defense, and 21 contracts, in the amount of $29.4 million, procuring items for the Agency for International Development. No new barter contracts for strategic materials we-re negotiated during the 1965 fiscal year. Strategic materials valued at $39-1 million, delivered under existing contracts, were transferred to the Supplemental Stockpile during the 1965 fiscal year. L I VE S T 0 C K Fort Worth marketings of all classes of livestock advanced sharply during the week ended Thursday, October 14, points out the Consumer and Marketing Service.~e--cat'tle supply, at an estimated 6,200, was 29% larger than a week earlier, but equal to the corresponding 1964 period. Trading on all classes of cattle was slow. Slaughter steers sold at prices which were steady to weaker as compared with the preceding week's close. Mixed Good and Choice 877- to 1,125-lb. slaughter steers sold from $24 to $25.60 per cwt., and Utility and Commercial cows sold mainly at $14 to $15.50. Thursday prices for feeder yearling steers were steady to 25¢ to 50¢ higher than a week ago, with mixed Good and Choice 500- to 685-lb. steers quoted at $21.40 to $24.50 per cwt. Calf offerings totaled 3,325 compared with 2,150 in the previous week and 1,750 a year-earlier. Slaughter calf prices were steady to lower than the previous week. A few Good grade killing calves sold at $21 to ~!>22 per cwt. and quotations for 300- to 500-lb. stocker steer calves ranged from $21 to $26 per cwt. Hog receipts are placed at 875, or 250 more than a week earlier, and 175 above the comparable 1964 period. Thursday quotations for barrows and gilts were strong to 50¢ per cwt. higher than a week earlier. The majority of the mixed U. S. No. l through No. 3 Grades of 185 to 280 lb. butchers brought *23 to $23.50 per cwt. Sheep and lamb marketings, at 2,400 were 62% larger than a week ago, but 23% below a yearearlier. Prices for both slaughter and feeder lambs were fully steady. The bulk of the mixed Good and Choice 75- to 105-lb. wooled lambs sold at $21 to $22 per cwt. POULTRY Texas Commercial broiler markets were unsettled to slightly stronger during the week ended Friday, October 15, reports the state Department of Agriculture. At Friday's close, the undertone waS-steady to firm in both south and east Texas. Closing prices were 15¢ per lb. in south Texas and 14¢ to 14.5¢ in east Texas. For the corresponding 1964 period, the closing quotation in south Texas was 14.5¢ to 15.5¢ per lb., and the east Texas price was 14¢. On Monday, October 18, commercial broiler markets were steady in south Texas and stronger in east Texas. Prices per lb. were reported to be 15¢ in south Texas and 14.5¢ to 15¢ in east Texas. BROILER CHICK PLACEMENTS Area Week ended October 9, 1965 Percent change from Previous Comparable week weekz 1964 Texas •••••• Louisiana •• 2,661,000 626,000 0 11 15 23 States •• 42,549,000 3 14 3