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AGRICULTURAL NEWS OF THE WEEK FEDERAL RESERVE BANK OF DALLAS Number 850 Wednesday, April 13, 1966 PRICE-SUPPORT ANNOUNCEMENTS The U.S. Department of Agriculture recently made price-support announcements for the following commodities: Dairy Products - The price support for milk used in manufacturing butter, cheese, and other dairy products has been established at $3.50 per cwt. for the period April 1, 1966, through March 31, 1967. The new support level is 26¢ per cwt. above the 1965 level but is considerably below the current market prices, which are averaging about $3.79 per cwt. Soybeans - A support price of $2.50 per bu. has been announced for 1966crop soybeans. This level reflects an increase of 25¢ per bu. over the support level that has been in effect since 1961. Flaxseed - The 1966 flaxseed crop will be eligible for price-support loans at a national average of $2.90 per bu., which is unchanged from last year. Honey - The support price for 1966-crop honey will be 11.4¢ per lb., or 2¢ per lb. higher than the average support price for 1965. REPAYMENT RECORD OF FHA BORROWERS Secretary of Agriculture Freeman has reported that losses of less than 1% have been incurred on approximately $7.2 billion in loans advanced through the cut::' rent rural credit programs of the Farmers Home Administration. As of December 31, 1965, the FHA had collected $5.2 billion in principal and interest, or 71.5% of the total amount loaned. Write-offs and judgments totaled $52 million, and loans outstanding amounted to approximately $2.8 billion. Principal and interest collections amounted to over $572 million for the 1965 calendar year, compared with $485 million in the previous year. WIND EROSION IN THE GREAT PLAINS A USDA report on wind erosion conditions in the Great Plains as of March 30 showed the smallest acreage damaged by winds in 12 years. The USDA's Soil Conservation Service said that the 185 counties in the lCf"states in which wind eros i on generally is a problem reported less than 350,000 acres harmed in the current season, compared with 3.1 million acres damaged in 202 reporting counties at this time last year. The smaller damage results from (1) better soil moisture than usual, (2) snow cover on wide areas of the Northern Plains, and (3) effective soil and water conservation practices to furnish protection to acreages which, in some years, have been a problem. The damaged lands this year include 309,095 acres of cropland (of which 222,440 acres are in western Texas), 22,000 acres of rangeland, and the remainder in other uses. AGRICULTURAL EXPORTS MAY HIT $6.5 BILLION Secretary of Agriculture Freeman predicts that U.S. agricultural exports in the 1966 fiscal year (which ends June 30) may reach a record high of more than $6.5 billion. He also says that, by 1970, our annual exports of farm products possibly could grow to $8 billion. Agricultural shipments account for about one-fourth of all U.S. exports; consequently, they are vital to the Nation's balance-of-payments situation. GRANT FOR INSECT RESEARCH The USDA has awarded a grant of $22,080 to the Agricultural Experiment Station of New Mexico State University for basic investigations to determine nutritional requirements of plant-sucking insects and to develop a germ-free technique for handling insect diets. Information obtained from the research will be used in the development of safer, more effective methods of controlling insect pests which damage crops. EXTENSION WORKERS FOR SOUTH VIET-NAM The USDA, in cooperation with the Agricultural Extension Services of the land-grant universities, is recruiting a corps of from 40 to 50 agricultural advisers to help increase food production in secured provinces of South Viet-Nam. The corps will be comprised of young county agricultural agents and other professional workers in related agricultural activities, according to Secretary of Agriculture Freeman. The workers are being recruited through the Federal Extension Service. BROILER CHICK PLACEMENTS Percent increase over Previous Comi:arable week week, 1965 Area Week ended April 2, 1966 Texas •••••• Louisiana •• 3,360,000 737,000 3 2 8 24 23 states •• 52 2264,ooo 2 9
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