Federal Judge Karen Schreier recently ruled that the defamation lawsuit brought against ABC News by Beef Products Inc. (BPI)—producer of lean finely textured beef (LFTB)—will return to South Dakota’s Union County Circuit Court.
Last week saw donut-like activity in the cash fed market. Light trade occurred on Monday and Tuesday in Iowa at $193.50-195 dressed and $122-124 live. This was called clean-up trade from the previous week by Troy Vetterkind of Vetterkind Cattle Brokerage.
Beef production estimates were increased by 330 million pounds (mp) to 25.52 billion pounds (bp) for 2013. Continued poor range conditions in key cattle states pushing relatively large placements of cattle into feedlots and continued high cow slaughter were credited by USDA as the motivation behind the estimate increase.
Monday, June 10, U.S. Rep. Blaine Luetkemeyer, R-MO, announced the U.S. Treasury inspector general for tax administration (TIG- TA) had agreed to review his request regarding IRS and HSUS. In late May, Luetke meyer sent letters to both the secretary of the U.
USDA’s Food Safety and Inspection Service (FSIS) recently announced a proposed labeling requirement for beef products. Addressing the recent concern over the increased potential for foodborne illness in “mechanically-tenderized” beef, FSIS’ proposal would require all such products to be clearly labeled and come with safe cooking instructions.
Monday, June 10, New Mexico Attorney General Gary King issued a legal analysis regarding the issue of horse slaughter. King said meat from U.S. horses treated with certain chemicals fits the legal definition of an adulterated food product under the New Mexico Food Act.
In addition to targeting certain groups for greater scrutiny, some have speculated the IRS was shielding other groups from investigation. In this case, the Humane Society of the United States (HSUS) and its questionable level of political involvement given its tax-exempt status seem to reside in the IRS’ blind spot.
The most obvious benefit of course is the added forage availability. Cattle that will only eat grasses are at a disadvantage compared to those which will also eat thistles, sages, knapweed and others. And if cattle can and will eat weeds, that removes the need to spray for or otherwise destroy them, which represents both time and money.
The cash markets were sluggish as packers are trying to hold onto their positive profit margins as cutout values have begun to move lower. By midweek, the asking prices were $126-128 live and $202-204 dressed, but packers were only bidding $122 live in the South Plains and $197 in Nebraska by Thursday morning.
Chief Judge Robert C. Jones of the Federal District Court of Nevada, who oversaw the case, held that while some trespass had occurred, U.S. Forest Service (USFS) and Bureau of Land Management (BLM) officials lacked evidence for many of their claims against the Nevada ranching family and were.
Rains are once again a mixed blessing in corn country. On the one hand, it is needed in many areas, and on the other, it continues to delay the remaining percentage points of corn plantings for this year. The slow progress has led to comparisons to 1993 and questions about whether this year has been the slowest year in recent memory.
Cash trade on live cattle kept analysts guessing throughout the week. At first, expectations were for a midweek startup, then after the futures’ bust on Wednesday, analysts were calling for a lateweek trade. All the while, the cash market failed to show the repeatedly record-setting cutout values.
The most recent Cattle on Feed (COF) report came out Friday, May 17. It reported that cattle on feed as of May 1 in feedlots with a 1,000-head or larger capacity was down, while cattle placed on feed and marketed during the month of April were both up.
The May 20 Crop Progress report showed overall corn plantings jumped 43 percent in the prior week. The previous report (released May 13) showed only 28 percent of the expected crop planted, but the most recent report quoted 71 percent. The five-year average for that week in May is 79 percent.
What seemed at first like a promising free trade agreement with the European Union (EU) has started to feel a bit like a bait and switch. Talks of “comprehensive” free trade only go so far with the EU pushing to maintain its “precautionary principle” with ag imports.
By Thursday afternoon, about 15,000 head had been confirmed sold, adding to the 8,000 head sold throughout the week. With the exception of Texas—where live cattle sold at $125, a dollar lower than the prior week’s live price—nothing in trendsetting numbers.
Friday, May 10, National Livestock Credit (National) announced its acquisition of Superior. The purchase was made possible by a limited partnership between National and a number of cattlemen from a variety of states. By all accounts, little will change with Superior following the transition but the improved stability offered by the new owners.
Friday, May 10 saw the release of the most recent World Agricultural Supply and Demand Estimate (WASDE) report. Though the report contained very few surprises compared to prereport industry expectations, this was the first WASDE report of the year to include domestic projections for the 2013/2014 marketing year and 2013 world production estimates.
The Australian beef industry is experiencing a perfect storm of economic disaster. Drought, oversupply from closed markets, and ag policy gone awry have left Aussie producers scrambling to find an alternative to simply shooting the hundreds of thousands of excess animals which cost more to feed and ship than they’re worth at market.
The cash fed trade developed as a slow but steady trickle last week with reportable sales starting as early as Tuesday. Cattle sold for $126-127 live and $202-204 dressed, decreases of as much as $5-6 for both depending upon what part of cattle country one looked at.