The Wax Company Contributes $55,000
The Wax Company awarded 15 $1000 scholarships at this year's Cattlemen's Convention. Additionally, Wax contributed $40,000 to the Cattlemen's Foundation endowment funds that will benefit junior cattlemen's activities in the future.
Houston Elected President
David Houston is the new president of the Mississippi Cattlemen's Association. David, his wife Leslie, and son Walker live near Oxford. |
| Beefmobile Visits Mississippi
The Beefmobile began its visit to the state today with a stop at Glenwild Stockyard. Beef Wrangler Jodee Inman  impressed cattlemen at the Grenada auction with her ability as an auctioneer while informing them about the Beef Checkoff. In addition to auction market appearances, the Beefmobile will be featured during tomorrow's Beef Night at the Dixie National Rodeo. |
Reno Convention
A highlight of the 2008 Cattle Industry Annual Convention in Reno was remarks by U.S. Ag Secretary Ed Schafer on Friday morning. Schafer was appointed by President Bush
on October 31st, and unanimously confirmed by the U.S. Senate on January28th.
Jefcoat Elected VP
During the NCBA Convention, Mississippi Beef Council president Larry Jefcoat was elected a Vice President of the Federation of State Beef Councils. He will serve a three-year term representing the eight Southeastern states of Region II. |
Dixie National Rodeo
Tuesday is Beef Night at the Dixie National Rodeo. Beef Council volunteers will serve samples of the Flat Iron Steak, one of the value cuts from the chuck, at a radio remote set up in front of the Coliseum prior to the evening performance. | |
| Wheat Carryover Lowest Since 1947
USDA released their monthly World Agricultural Supply and Demand Estimates (WASDE) report Friday. The report included no revisions for US corn and feed grains, with 2007/08 carryover still estimated at 1.438 billion bushels. On the other hand, US wheat carryover, at 272 million bushels, is projected to be the lowest since 1947/48. |
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Cattle-Fax Outlook Warns of Volatility
Volatility in the grain markets is sure to squeeze cattle feeders and limit prices for feeder calves in the coming year, according to last week's Cattle-Fax Outlook Seminar at the 2008 Cattle Industry Annual Convention. The livestock industry struggled to adjust to $3 per bushel corn for most of last year, and prices exploded to over $5 per bushel in January with no expectation of dropping.
"Prices for other commodities have risen along with corn, increasing competition for what farmers choose to plant," said Randy Blach, executive vice president of Cattle-Fax.
Unprecedented demand for corn, wheat and soybeans is driving the price surge. Primary causes for this trend are strong export demand and the increased government mandate for ethanol development as directed by the recently passed energy bill.
"Profit opportunities exist, but it will take tough management to find them this year," said Blach. "We always have to re-evaluate our business, and some of the dynamics this year make it imperative that cattlemen position their business to minimize risk as much as possible and take advantage of the profit opportunities that are out there. Volatility will be more extreme than in years past." |
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Farm Bill Conservation Programs
NCBA and 31 additional cattle and environmental organizations sent a letter to House and Senate Ag Committee leaders regarding the Grassland Reserve Program (GRP) in the House and Senate Farm Bills.
NCBA is urging that the Farm Bill maintains a strong GRP and outlined support for the following priorities:
- increase the GRP acreage to two million acres with no fiscal cap. At a minimum, keep the 1.34 million acres as directed by the House bill, with no fiscal cap.
- emphasize large, intact and native and naturalized grasslands to achieve efficient program implementation. The bulk of GRP funding should be focused on conservation easements rather than restoration activities. GRP should be exempt from the regional equity provision to allow the program to target areas in the country where grassland is under extreme conversion pressure.
- use the Uniform Standards of Professional Appraisal Practice for fair market valuation and appraisal methodologies.
- allow third parties to write and hold easements. The Senate language comprehensively enhances the role of third parties and allows USDA's Natural Resources Conservation Service to let others negotiate, hold and monitor easements. | |
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Cattle Market Notes
Friday, February 8, 2008
Dr. John Anderson, Mississippi State University -
Last week, was another slow week for cash trade. Prices last week were steady to $1.50 lower in most regions, with live prices at $90 in the South and from $87 to $90 in other regions. This week, the market was still in a standoff at mid-afternoon Friday. Dow-Jones Newswire reported Friday bids at $90 against asking prices of about $94.
Feeder and stocker calf prices were higher again this week. At Oklahoma City, stocker steer prices were $2 to $4 higher. Prices on other classes were steady to $3 higher. At Arkansas auctions this week, prices on all classes were $2 to $5 higher.
At Mississippi auctions this week steer prices were steady, and heifer prices were $1 to $2 lower. Receipts were 5,016 head, down from 6,402 the same week a year ago. Steer prices at Mississippi auctions this week were reported as follows: 250-300 pounds, $130-$135; 300-400 pounds, $120-$130; 400-500 pounds, $110-$120; 500-600 pounds, $100-$110; 600-700 pounds, $95-$100; 700-800 pounds, $88-$95. Slaughter cow prices were $1 to $5 higher this week. For the week: breakers, not reported; boners, $46-$53; lean (850-1,200 pounds), $45-$50. Live cattle futures were up this week. Closing prices on Friday (with change from last Friday's close in
parentheses) were as follows: February $92.20 (+1.98); April $95.10 (+1.05); June $94.20 (+0.25); August $96.82 (+0.12); October $101.55 (+0.18).
Feeder cattle futures were mostly higher this week. Higher corn futures and some profit taking on Friday triggered modest losses, but for the week, most contracts were a little better than even with last Friday. Feeder Cattle futures closing prices on Friday (with change from last Friday's close in parentheses): March $105.02 (-0.43); April $109.45 (+0.08); May $112.20 (+0.30); August $113.20 (+0.68).
Corn futures fell on Wednesday and Thursday as a rumor circulated that the government was planning on backing off of the renewable fuels mandate. As much as livestock producers might wish this were so, it apparently is not, and corn futures posted strong gain on Friday. March corn futures closed on Friday at $5.08, up 7 ½ cents from last Friday's close. .Dr. Anderson's complete report can be accessed from www.mscattlemen.org |
Don't Miss NCBA's Cattlemen to Cattlemen - On this week's Cattlemen to Cattlemen, beginning at 7:30 p.m., Tuesday, February 12th. On this week's episode, airing February 12-17, Cattlemen to Cattlemen offers tips on an effective mineral feeding program. Brett Stuart of Cattlefax gives an update on beef exports, and we'll profile Colorado cattle producers Gary and Laura Teague.
NCBA's Cattlemen to Cattlemen on RFD-TV provides weekly news and features for cattle producers across the country. The show will rebroadcast Wednesday at 3:30 a.m. and Saturday at 9:00 a.m. Make sure you tune in to NCBA's Cattlemen to Cattlemen on RFD-TV. For more information or to check out past episodes, visit www.cattlementocattlemen.org
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