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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 836 Wednesday, January 5, 1966 FOOD EXPENDITURES Expenditures for food in the Nation for 1965 are placed at $85.5 billion, reports the U.S. Department of Agriculture. The total is up §1:_ from a year ago, but consumer disposable income rose 6.5%. Higher retail food prices accounted for about one-half of the overall gain in food expenditures; increased marketing service costs, for about one-third; and a rise in total consumption (by a larger population), for one-sixth. Although per capita consumption of food is indicated to be down fractionally, the population is estimated to be up slightly. VALUE OF TEXAS CROPS UP 13% The combined value of the principal Texas crops amounted to $1,557 million during 1965, compared with $1,381 million in the preceding year, according to the Texas Crop and Livestock Reporting Service. Of the total, the value of cotton and cottonseed accounted for 48%; sorghum grain, 19%; and rice, 7%. COTTON RESEARCH GRANTS AWARDED Secretary of Agriculture Freeman recently announced that 18 research grants, totaling $1 million, have been awarded to agricultural experiment stations in 11 states. The grants are designed to discover new techniques for lowering the cost of producing cotton. The following states received the cotton research grants: Alabama, Arizona, Arkansas, California, Louisiana, Mississippi, New Mexico, North Carolina, Oklahoma, Tennessee, and Texas. SMALLER WORLD RICE CROP FORECAST World rice production in 1965-66 (August-July), excluding crops in Communist China, North Korea, and North Viet-Nam, may be 1f2. below the 1964-65 peak harvest, according to the first forecast of the Foreign Agricultural Service. Outturns are expected to decrease appreciably in Asia and Europe, but record crops are indicated for Africa, North America, and Australia. TEXAS PECAN CROP AT ALL-TIME HIGH The 1965 Texas pecan crop is estimated to be a record 60 million lbs., or 3 million lbs. above the previous peak production in 1948. According to the Statistical Reporting Service, the quality and fill of the pecans show widespread variation over the producing area. The regions of heaviest production are central and north Texas. PIG CROP REPORT The number of hogs and pigs on U.S. farms as of December 1, 1965, totaled 54.3 million head, or 'J1. below a year earlier, says the Statistical Reporting Service. Of the total number, 17% were being kept for breeding purposes, and the remaining 83% were for other purposes. The June-November 1965 pig crop of 38.6 million head was 5% less than the crop for the comparable 1964 period. The June-November 1965 pig crop, combined with the December 1964-May 1965 crop, gives a total 1965 crop of 81.6 million head, which is 8% less than the 1964 figure. Reports on farmers' intentions indicate that 6.3 million sows will farrow during the December 1965May 1966 period, compared with 6.o million sows farrowed during the same period a year earlier. This publication was digitized and made available by the Federal Reserve Bank of Dallas’ Historical Library (FedHistory@dal.frb.org). For the Eleventh District states, the number of hogs and pigs on farms as of December 1, 1965, is placed at 1.4 million head, reflecting a 4% gain oYer a year ago. Numbers were up 3% in Arizona, 12% in Oklahoma, and 5% in TexaS:--In contrast, Louisiana and New Mexico reported decreases of 10% and 8%, respectively. ALL-OUT EFFORT TO ERADICATE SHEEP SCABIES The USDA recently announced that a concentrated state-Federal drive against sheep scabies is again under way and will continue during the winter months. The accelerated campaign is now in its sixth season. Approximately $1.4 million has been appropriated as the Federal Government's share of the eradication effort, and the states are providing an equal or greater amount. The target date for a scabies-free Nation is 1972. ----Texas regained a scabies-free status on December 23, 1965, when the USDA announced that flocks of sheep in Uvalde County are no longer affected by this disease. The scabies-free designation means that precautionary dipping of breeder and feeder sheep being moved from Uvalde County to other areas is no longer compulsory; however, inspection of sheep for symptoms of the disease will continue. LIVESTOCK For the week ended Thursday, December 30, 1965, Fort Worth receipts of all classes of livestoek""except hogs were above those-of the preceding week, reports the Consumer and Marketing Service. The cattle run is placed at 2,300 head, compared with 1,700 in the previous week and 3,200 a yeir ago. Demand was generally broad, and Thursday quotations were mostly steady to strong. High-Good and low-Choice 850to 1,135-lb. slaughter steers brought $24.50 to $24.60 per cwt., the bulk of the Utility and Commercial cows sold at $15.50 to $17.30, and high-Good and low-Choice 475- to 700-lb. feeder yearling steers cleared at $23.80 to $26 per cwt. Calf marketings totaled approximately 825, reflecting gains of 22% over the previoUS-Week and 14% over the corresponding 1964 period. Slaughter calf prices advanced 50¢ to $1.50 per cwt. The majorit y of the Good 400- to 600-lb. killing calves sold at $22 to $23.50 per cwt., and quotations for Good and low-Choice 300to 500-lb. stocker steer calves ranged from $22.60 to $25.20. The hog supply, at an estimated 250 head, was only about .one-third of the week-earlier figure and 44% below a year ago. Prices showed sharp fluctuations for the 4-day trading period. The week's high mark was $29 per cwt., but closing quotations for most of the U.S. No. 1 through No. 3 Grades of 200- to 260-lb. butchers were $27.50 to $27.75. Sheep and lamb offerings were about 900, which is 100 more than in the previous week but less than one-half of the year-earlier supplies. Demand was broad for all classes, and prices were fully steady to strong. Mostly Choice 85to 105-lb. wooled slaughter lambs were quoted at $24 to $25.50 per cwt. BROILER CHICK PLACEMENTS Percent change from Previous Comparable week week, 1964 Area Week ended December 25, 1965 Texas •••••• Louisiana •• 2,748,ooo 594,ooo -4 18 -7 5 23 states •• 44 2348,ooo -3 20
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