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AGRICULTURAL NEWS OF THE WEEK
FEDERAL RESERVE BANK OF DALLAS

Number 828

Wednesday, November 10, 1965

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OBSERVANCE
ELEVENTH ANNUAL
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NATIONAL
FARM-CITY WEEK
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NOVEMBER 19-25, 1965
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SHARP
INCREASE
IN
FHA
LOANS
Nearly 250,000 inhabitants of the United States will benefit from the
$192 million loaned by the Farmers Home Administration during the first quarter of
the 1966 fiscal year (July-September), states Secretary of Agriculture Freeman. The
$192 million figure represents a 68% increase over the volume of funds advanced
during the first quarter of 1964.~LEGUMES
IN
GRASS
BERMUDA
Legumes seeded in Bermuda grass during the winter months have a greater
advantage in areas of high rainfall and where grasses are dormant for a long period
during the winter, according to Texas A&M University. Legumes increase the quality
of forage, extend the grazing period, and add nitrogen for the grass. Grass must
be essentially dormant before a legume can be established satisfactorily; consequently, production from the legume occurs in late winter and spring.
NEW
C 0 T T 0 N
PROGRAM FOR
1 9 6 6
The U. S. Department of Agriculture has announced a new program for 1966crop cotton, based on The Food and Agriculture Act of 1965, which was recently signed
into law by President Johnson. Incorporating several new features, the program is
designed (1) to bring about a better balance between supply and demand, (2) to
prevent runaway cotton production, (3) to keep cotton priced competitively on
domestic and world markets, (4) to protect the income of cotton farmers, and (5)
to reduce Government costs.
As in past years, the program must be approved by cotton growers before
it can be placed in operation. A national cotton referendum is set for November 23,
1965. In this referendum, at least two-thirds of the cotton farmers must approve
cotton marketing quotas for 1966 before the essential provisions of the new program can go into effect. If more than one-third of the growers disapprove quotas,
the only cotton program will be a price support at 50% of parity for growers who
do not exceed their acreage allotments.
In the November 23 referendum, cotton farmers in each county will have
an opportunity to vote on whether they want to permit acreage allotments to be
sold, leased, or transferred out of the county. A favorable vote of two-thirds is
required before transfers may be made.

W0 R 1 D S 0 Y B E A N 0 U T P U T
AT RE C0 RD HI GH
World production of soybeans for 1965 is estimated at an all-time high of
1.2 billion bu., reports the Foreign Agricultural Service. An output of this size
would be nearly 17% greater than the 1964 production and 15% above the previous
record crop of 1963. A 25% gain in U. S. production (which accounts for more than
70% of the world total) is mainly responsible for the overall increase.

1 r VE S T 0 CK
Fort Worth livestock marketings decreased during the week ended Thursday,
November 4~points-Out the Consumer and Marketing Service. The cattle supply, at
an estimated 4,500, was down 51% from the previous week but was 15% above the corresponding 1964 period. Trading on most classes was mcderately active, and prices
for slaughter steers and heifers were steady with the preceding Thursday's market.
Mixed Gocd and low-Choice 996-lb. slaughter steers sold at $24.25 per cwt., and
Canner and Cutter cows brought $9 to $13.50 per cwt. Trading on feeder cattle
was slow through midweek but was fairly active on Thursday. Steer prices were
steady to 50¢ per cwt. lower than a week ago, with Good 475- to 650-lb. yearling
steers quoted at $20 to $24 per cwt.
The calf run totaled about 2,200, ccmpared with 4,100 in the previous week
and 1,275 a year ago. Prices for slaughter calves were steady to 50¢ per cwt.
higher than a week earlier. Good grades of killing calves weighing up to 550 lbs.
brought $20 to $22 per cwt., and 280- to 500-lb. stocker steer calves cleared at
$20.40 to $21.80.
Hog receipts are placed at 825, or 50 fewer than a week ago but 150 more
than in the corresponding period last year. Quotations were 50¢ to $1 per cwt.
higher than a week earlier. U. S. No. 1 through No. 3 Grades of 185- to 260-lb.
barrows and gilts sold at $22.50 to $23.50 per cwt.
Sheep and lamb offerings were approximately 1,100, or 27% fewer than a
week ago and 62% below a year earlier. Demand continued broad, and prices were
steady to 50¢ per cwt. higher than in the preceding week. Good and Choice 70to 107-lb. wooled slaughter lambs cleared at $21 to $22.50 per cwt.
POULTRY
The weekly review of the Texas broiler-fryer markets is no longer available
frcm the State Department of Agriculture; consequently, this report will no longer
be included in the Agricultural News of the Week. This publication will continue
to carry the table relating to broiler chick placements.

BROILER CHICK
PLACEMENTS

Percent increase over
Previous
Comparable
week
week, 1964

Area

Week ended
October 30). 1965

Texas •••.•.
Louisiana •.

2,820,000
631,000

6

6

3

29

23 States •.

42,291,000

7

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