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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 834 Wednesday, December 22, 1965 SMALLEST WORK FORCE HARVESTS RECORD CROPS During the first 48 weeks of 1965, the Nation's farm work force averaged 5.7 million persons, or g;/o fewer than a year earlier and lg/o below the 1959-63 average for the period. According to the U. S. Department of Agriculture, this total means that the Nation's biggest crop was handled by the smallest farm work force on record. The average number of hired workers for the period, at 1.5 million, was down 8% from 1964 and 21% from 1959-63. The number of family farm workers on home farms during the period is placed at 4.2 million, or 9% fewer than in 1964 and 18% below average. GREAT PLAINS CONSERVATION STUDY The USDA recently announced a study to measure the effectiveness of the Great Plains Conservation Program, which was initiated to ward off another Dust Bowl. Through an arrangement with the Soil Conservation Service, the USDA's Economic Research Service will study the effects of the 10-year-old program on (1) the conservation of soil and moisture, (2) the people on farms and in the towns, and (3) living standards in the Great Plains area. More than 4,ooo landowners in the Great Plains area have completed all of the needed conservation work. Their farms and ranches cover 6.4 million acres, much of which is land that suffered widespread erosion damage during drought periods. The number of landowners in the program recently passed the 20,000 mark. The eligible area in the Great Plains Conservation Program contains 422 counties, of which 395 ~active in the program. The combined holdings of the more than 20,000 landowners involved in the program total more than 40 million acres. The owners have placed over 1.3 million acres of cropland into grass or other noncrop uses. FHA LOANS AT ALL-TIME HIGH During the first 4 months of the 1966 fiscal year, family farmers t hroughout the United States and Puerto Rico borrowed more money from the Farmers Home Administration to improve their farms, buy land, or refinance debts than in any similar period in the agency's history, reports Secretary of Agriculture Freeman. The nearly $105 million in credit extended to 6,725 farm families during the period is $26.5 million more than the $78.5 million loaned to 4,269 families in the entire 1963 fiscal year, when the previous peak level was reached. RATE INCREASED ON CERTIFICATES OF INTEREST Effective December 18, the rate of interest payable on certificates of interest issued to banks and other lending institutions participating in the financing of 1965-crop price-support loans has been increased from 4.25% to 4.52% ~ ~· According to USDA officials, the increase is in line with recent changes in the money market and is being made to encourage continued participation by private lenders in the financing of Commodity Credit Corporation loan programs. This increase will not be retroactive; consequently, lending institutions that have invested funds in 1965crop price-support loans will earn interest on their investments at the rate of 4.10% per annum from the date of investment through November 15, 1965; 4.25i per annum from November 16 through December 17; and 4.5Q% thereafter. SCREWWORM STUDY IS PROGRESSING Secretary of Agriculture Freeman recently reported that Mexico and the United States have begun a .ioint research pro.iect to study problems of controlling the costly screwworm fly. The study probably will be completed by the fall of 1966. Initial samples of larvae indicate that the livestock parasite occurs widely throughout Mexico. The study is designed to determine the nature of the screwworm problem in Mexico and to decide the most effective means of protecting the southwestern continental area from the pest. LIVESTOCK Fort Worth receipts of cattle and calves for the week ended Thursday, December 16, were below those of a week earlier, but supplies-0f other classes of livestock showed increases, points out the Consumer and Marketing Service. The cattle~ is placed at 3,700, compared with 4,400 in the preceding week and 4,200 a year ago. Thursday quotations for slaughter steers and heifers were strong to mainly 25¢ per cwt. higher than a week earlier. Mixed Good and low-Choice 550- to 750-lb. slaughter steers brought $23.50 to $24.20 per cwt., and Utility and Commercial cows sold at $14.50 to $15.50. Closing prices for feeder cattle were strong to 50¢ per cwt. higher than a week ago, with high-Good and low-Choice 490- to 800lb. steers and yearlings quoted at $23 to $25 per cwt. Calf marketings, at an estimated 2,375, were one-fourth smaller than in the previo:US-Week but one-third larger than in the corresponding 1964 period. Closing prices for slaughter calves were 50¢ per cwt. higher than a week ago. The bulk of the Good grades of killing calves cleared at $21.50 to $22.80 per cwt., and Good to low-Choice 300- to 500-lb. stocker steer calves brought $22.50 to $25.40. Hog offerings totaled about 950, a figure that is sharply above the preceding wee'k"S:'nd materially above a year ago. Quotations for barrows and gilts were 75¢ to $1.50 per cwt. below the preceding week's record-high levels. The majority of the 4-day supply of mixed U. S. No. l through No. 3 Grades of 200- to 270-lb. butchers sold at $26 to $27 per cwt. A total of 1,800 sheep and lambs was received at Fort Worth during the week ended December 16, or 200 more than in the previous week but 300 fewer than in the comparable 1964 period. Demand was fairly broad, and trading was rather active. Slaughter lambs sold at prices which were strong to 50¢ per cwt. higher than a week earlier. The bulk of the mixed Good and Choice 63- to 100-lb. wooled and 73- to 98-lb. shorn slaughter lambs with No. 1 through No. 3 pelts brought $23.50 to $24.50 per cwt. BROILER CHICK PLACEMENTS Percent change from Previous Comparable week week, 1964 Area Week ended December 11, 1965 Texas •••••• Louisiana •• 2,799,000 635,000 -4 -4 -5 23 States •• ~-5'143 '000 2 11 7
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