The Cattle Range Home Page
Cattle Industry News...
The Cattle Range Mercantile


.

.

.
.

October 24th - Morning Futures Summary

Cattle futures are fluctuating rather wildly. Despite news that beef packers paid $170/cwt (cents/pound) for southern Plains cattle Wednesday afternoon, CME cattle futures dipped in overnight action. They subsequently bounced, but are now mostly lower. One has to suspect Thursday’s big wholesale losses persuaded traders that further losses are looming. December live cattle futures slipped 0.15 cents to 168.95 cents/pound shortly before lunchtime Friday, while April futures slid 0.55 to 166.50. Meanwhile, November feeder cattle futures skidded 0.20 cents to 236.50 cents/pound, whereas January feeders gained 0.17 cents to 231.15.

Crop traders may be taking profits the weekend. The grain and soy markets have performed well this week despite generally bearish fundamentals. That latter fact is probably the underlying reason for today’s CBOT slippage, with bullish corn traders taking profits on long positions ahead of the weekend. December corn futures dipped 4.5 cents to $3.5525/bushel late Friday morning, while May lost 4.5 to $3.775.

The soy complex is now leading the other crops lower. Thursday soy surge was very impressive, especially in the way the nearby November bean contract leapt above its 40-day moving average. However, the advance was also affected by option expiration, which may have exaggerated the rise. News of improved rainfall prospects for Brazilian bean areas may also be undercutting bulls. November soybean futures tumbled 8.0 cents to $9.8525/bushel around midsession Friday, while December soyoil slid 0.25 cents to 32.42 cents/pound, and December soymeal slumped $3.6 to $348.8/ton.

The wheat markets are mixed to lower. Prospective rainfall over the southern Plains seems to be weighing on KC wheat today, with the Chicago market following lower. Minneapolis prices have sustained a portion of overnight gains. December CBOT wheat sagged 2.5 cents at $5.2425/bushel as the lunch hour loomed Friday, while December KC wheat sank 5.0 cents to $6.0025/bushel, and December MWE wheat edged down 0.5 to $5.705.

Talk of cash weakness is likely depressing CME hogs. Cash hog prices continued their seasonal decline Thursday and were called weaker again this morning. Bottom picking/bull spread may be occurring this morning, since deferred futures are losing ground to nearby December futures. Whether that will last is quite uncertain. December hog futures stumbled 0.22 cents to 88.50 cents/pound in late Friday morning action, while April hogs dropped 0.82 to 87.72.

.

October 24th - $170 Paid and History Made

For students of the cattle market, yesterday was a big deal. Whether you’ve caught part or all of the up, or haven’t really been on it at all, the ease and power displayed as yesterday’s cash prices made history at $170 was something to behold. For the first time in months prices were universal, from Texas through Kansas into western Nebraska and Colorado, cattle all brought $170 while the dressed trade was $265. Dollars higher than a short week ago, packers made the simple decision to secure inventory period. The pressure will now be on the boxed beef sales staff to bring in the revenue to offset cattle costs.

Methodically Higher

Futures responded, though modestly, with only Oct, Dec and Feb LC scoring contract highs. Oct made history too, reaching $170.15, the highest any spot LC contract has ever traded since cattle futures started trading at the CME in 1964. There was no limit move, no panic by the shorts, only a methodical grinding higher. History might have been made but the market traded like it was just another day at the office.

Then Taking a Breather

With the excitement behind us and a USDA Cattle-on-Feed report due out this afternoon then a weekend to follow, futures are understandably retracing with the trading range thus far a little over 100 points. There are plenty of unanswerable questions for traders to ponder the next few days. Today’s close will leave us like the first installment of a movie trilogy, satisfied but wondering what happens next. 

Looking Ahead

New trading hours, the last 5 days for Oct LC, what ought to be a screaming boxed beef cutout rally. These are some of what’s in store for next week. There are 4 full slaughter weeks left before the first major U.S. holiday of the season, Thanksgiving. There are about 5-6 weeks left in typical upside for certain key beef cuts coveted seasonally. At some point in the coming weeks, the packer will shift his strategy drastically and production will be slashed. This change will quite possibly be the catalyst for a correction in all prices. The million dollar question of course, is from what level.

The Beef

.

October 23rd - Beef Production Down Slightly from Last Year
  • Commercial red meat production for the United States totaled 3.96 billion pounds in September, up 1 percent from the 3.94 billion pounds produced in September 2013.
    • Beef production, at 2.07 billion pounds, was slightly below the previous year. Cattle slaughter totaled 2.53 million head, down 3 percent from September 2013. The average live weight was up 31 pounds from the previous year, at 1,344 pounds.
    • Veal production totaled 7.2 million pounds, 16 percent below September a year ago. Calf slaughter totaled 42,300 head, down 33 percent from September 2013. The average live weight was up 57 pounds from last year, at 291 pounds.
    • Pork production totaled 1.87 billion pounds, up 2 percent from the previous year. Hog slaughter totaled 8.83 million head, down 2 percent from September 2013. The average live weight was up 10 pounds from the previous year, at 283 pounds.
USDA
.

"Click Here" to view a Slide Show of Drought Monitor maps for the last 12 weeks
.

October 23rd - Potential Role of Wildlife in BVDV Transmission

The bovine viral diarrhea virus (BVDV) is not limited to bovines. BVDV, and related pathogens classed as “pestiviruses,” can infect wild ruminants, which could serve as reservoirs of disease for transmission back to cattle.

During the recent BVDV symposium in Kansas City, Auburn University veterinarian Thomas Passler, DVM, PhD, presented research led by Peregrine Wolff, a wildlife veterinarian with the Nevada Department of Wildlife. Passler outlined how work in Nevada and elsewhere has shown that pestiviruses, including type 1 and type 2 BVDV, sometimes circulate in populations of wildlife including whitetail deer, mule deer, bighorn sheep and mountain goats. Researchers also have found the pronghorn virus, a pestivirus so named because it was originally isolated from pronghorn antelope, in deer and bighorn sheep.

Studies of BVDV in whitetail deer have shown that clinical signs are similar to those found in cattle, and that exposure in does during early gestation can result in production of persistently infected (PI) fawns. If a PI fawn survives, it will shed the virus continuously and potentially spread the disease, as happens with PI cattle. Deer-to-deer transmission has been shown to occur, but researchers are unsure of whether deer transmit the disease back to cattle.

Researchers also have found BVDV in some western populations of mule deer, and Passler notes that in migratory herds of mule deer, the animals tend to “stage” or gather for migration at a time that corresponds with the first trimester of gestation, potentially increasing the chance of exposure and the creation of PI fawns.

Several areas in the West have recently experienced die-offs of Rocky Mountain bighorn sheep due to respiratory disease. In some of these cases, diagnosticians have isolated BVDV, along with respiratory pathogens such as PI3, BRSV and mycoplasma. In cattle, BVDV is known to be immunosuppressive, and is linked to respiratory disease involving bacterial pathogens. These findings suggest a similar process could be occurring in these die-offs of bighorn sheep.

Passler notes that controlling or eradicating BVDV in wild-animal populations would be extremely difficult. He says the burden will fall on ranchers to vaccinate their cattle, quarantine and test imported animals and work with their veterinarians to keep BVDV out of their herds and stop it quickly if cases occur. A systematic BVDV control program in cattle can help prevent transmission of the virus to wildlife, potentially preventing future reintroduction of the disease to domestic herds.

.

October 22nd - Cold Storage Report
  • Total red meat supplies in freezers were up 3 percent from the previous month but down 8 percent from last year. 
    • Total pounds of beef in freezers were up 8 percent from the previous month but down 16 percent from last year. 
    • Frozen pork supplies were up slightly from the previous month but down 4 percent from last year. 
    • Stocks of pork bellies were down 26 percent from last month but up 44 percent from last year.
  • Total frozen poultry supplies on September 30, 2014 were down 2 percent from the previous month and down 10 percent from a year ago. 
    • Total stocks of chicken were down 2 percent from the previous month and down 9 percent from last year. 
    • Total pounds of turkey in freezers were down 2 percent from last month and down 10 percent from September 30, 2013.
.

October 22nd - When Liquidity Fails

The CME globex trading platform displays the best 5 bids to buy and the best 5 offers to sell and traders can view the "Book" using customized software provided by most brokers. To market participants in the field and not on a computer viewing the Book, the fluctuations in the market for cattle futures prices might seem unfathomable.

A closer look at the Book, especially in the feeder cattle futures, provides a clear and understandable explanation. The Book of orders placed on the exchange are simply inadequate to support the entry of larger orders placed on either side of the market. It is not uncommon in the feeder cattle book to find orders for 1 or 2 contracts spaced .25 cents cwt. apart scattered up and down the price chain. The further out in the deferred months the more scattered are the bids and offers sometimes the bid/ask spread is over a dollar.

The implications of this poor liquidity is felt by every trader wanting to buy or sell 10 contracts. A 10 contract order entered as a market order (meaning fill at the best available posted price) might move the market $1 to $1.50 dollars. Predatory traders frequent enter low ball limit orders with the objective of filling some naive person who rushes to get filled with a market order.

Currently lenders are encouraging stocker operators to be sure they have protection for the high priced inventory they are acquiring. Protecting that inventory can either be done with options or hedged with futures. Option prices are so high as to be unaffordable (however, unaffordable is not a useful statement if the market tanks). This leaves an outright hedge as a preferred course of action but good execution rests with liquidity.

Not helping the situation is the fact that managed futures brokers and hedge funds are pulling out of commodities at a time of economic and political uncertainty. The loss of these major players on both sides of the market is harmful to liquidity.

Poor liquidity favors no one. CME recognizes this fact and will be changing and reducing trading hours at the end of this month. It is the hope of the industry that this will improve liquidity and reduce volatility. In the meantime stay tuned for sharp moves up and down in the livestock futures.

Ag Center Cattle Report

.

October 21st - Value of Beef Exports Up Again in August

For the second consecutive month, August export value for U.S. beef increased year-over-year – setting a new monthly record and keeping export value on record pace, despite declines in volume, according to statistics released by USDA and compiled by USMEF.

August beef exports overcame a 3-percent decline in volume to 225.8 million pounds to set a new monthly value record of $655.2 million – up 16 perce1nt from August 2013. For January through August, beef exports are up 3 percent in volume to 1.74 billion pounds and up 13 percent in value to $4.55 billion compared to the same period last year.

The fact that August fed beef slaughter was down 10 percent year-on-year makes the beef export-value record even more noteworthy. Export value per head of fed slaughter reached an astonishing $326.94, up 29 percent from a year ago and shattering the previous record of $299.14, set in June! For January through August, per-head export value averaged $279.48 – up 15 percent from the same period last year. Beef exports equated to 14 percent of total beef production and 11 percent for muscle cuts only – up from 13 percent and 10 percent, respectively, last year.

“International buyers are certainly concerned about supplies and whether we will be able to meet the growing demand for U.S. beef,” said USMEF President and CEO Philip Seng. “But price and supply concerns notwithstanding, their enthusiasm for U.S. beef has never been higher. We continue to see an outstanding response to our marketing campaigns and educational seminars informing buyers about the unique attributes of U.S. beef.”

January-through-August 2014 beef export highlights include:

  • Exports to Hong Kong are up 30 percent in volume to 206.5 million pounds and up 50 percent in value to $667.8 million. After slowing in July, export value rebounded 32 percent in August to reach $103.3 million.
  • Exports to Korea continue to perform extremely well, with volume up 14 percent to 167.9 million pounds and value up a whopping 44 percent to $522.1 million.
  • A strong summer performance put exports to Taiwan on a record pace, with volume up 11 percent to 50.2 million pounds and value up 16 percent to $190.6 million.
  • Exports to Mexico slowed slightly in August but remain strong for the year, totaling about 343 million pounds valued at $742 million. These totals are up 19 percent and 33 percent, respectively (though, as USMEF has previously noted, data from early 2013 may have understated last year’s exports).
  • Exports to Japan, the leading U.S. beef market, were down 3 percent in volume to 355.1 million pounds, but still increased 2 percent in value to $1.01 billion, as the U.S. continued to gain market share in Japan.
.

October 21st - CME: Beef/Dairy Cow Slaughter Lower than Expected

Cattle slaughter continued to lag far behind year ago levels last week with only 565,000 head moving through plants, 8.8 per cent fewer than one year ago.

That continued a patter of large reductions that has been in place since July.  We would not argue with anyone who said that really applies to the entire year but the shortfalls did get larger in July.  Cow slaughter for the week ending 3 October was only 99,300 head, 14.6 per cent lower than last year and 22 per cent lower than the five year average of 126,700 head.

Those, of course, are the operative numbers from a cow beef supply perspective and a clear reason that trimmings and end meats continue to be well supported.  Using average cow slaughter weights, these imply cow beef production 12.5 per cent lower than last year bringing the YTD change for cow beef output to –13.1 per cent . 

The beef cow slaughter numbers are even more shocking, we think, in that they were 17.5 per cent lower than one year ago and are down 20.2 per cent from last year over the past four weeks.  This number is more important when we think about future beef supplies as it is indicates that beef cows are indeed being retained at a very high rate, increasing the potential for a larger calf crop next spring. 

Dairy cow slaughter is also lower given record high milk prices but the year on year decline there is a mere 10.7 per cent. Cattle prices were virtually unchanged for the week.  The Choice cutout gained $4.000 or 1.6 per cent to get very near $250/cwt. once again.

.

October 20th - % of Corn Crop Harvested

It’s been a slow start to the 2014 corn harvest, and this week’s Crop Progress report was no different. Just 31 percent of the nation’s corn has been harvested, putting the pace behind last year’s progress (38 percent) and the five-year average (53 percent).

However, the wetter weather pattern will be taking a momentary pause this week, allowing farmers back into the fields to pick up their pace.

.

October 20th - WTO Again Rules in Favor of Canada & Mexico on US COOL Law

The World Trade Organization (WTO) on October 20, as expected, ruled on the side of Canada and Mexico in the ongoing battle over the U.S. mandatory Country-of-Origin-Labeling (COOL) law, saying some COOL requirements treat Canadian and Mexican livestock less favorable than U.S. livestock.

Originally included in the 2002 farm bill, amended in the 2008 farm bill and initially implemented in 2009, COOL has been the focus of a WTO lawsuit for nearly five years. Shortly after being implemented, Canada and Mexico established a case against the United States in November 2009. The WTO ruled that certain COOL requirements discriminate against foreign livestock and gave the United States a May 2013 deadline to comply with its findings.

The U.S. government responded by revising the law to require covered meat products to detail each production step, including where the animal is born, raised and slaughtered on the label. Canada and Mexico objected to this response, and the latest WTO ruling once again sides with the United States’ largest trade partner.

Specifically, the October 20 ruling says the “compliance panel concluded that the amended COOL measure increases the original COOL measure’s detrimental impact on the competitive opportunities of imported livestock in the U.S. market, because it necessitates increased segregation of meat and livestock according to origin; entails a higher recordkeeping burden; and increases the original COOL measure's incentive to choose domestic over imported livestock.”

Further, the panel decision summary says the “detrimental impact caused by the amended COOL measure's labeling and recordkeeping rules could not be explained by the need to convey to consumers information regarding the countries where livestock were born, raised, and slaughtered.”

Canada and Mexico have threatened to retaliate in the form of tariffs being placed on U.S. products headed to their countries. While Mexico has not yet released its list of products, the targeted list from Canada includes not only live cattle and hogs and meat products but also fresh fruits, grains, pasta, bread and other pastries, wine, ketchup, certain metals, jewelry, mattresses and more.

According to the Canadian Cattlemen’s Association (CCA), the impact of COOL on the Canadian cattle and hog industries was estimated in 2012 to be about $1.1 billion per year. CCA says the economic toll has increased since the 2013 amendments to the law.

The United States will have the option to appeal this ruling, and according to Reuters, the office of the U.S. Trade Representative “is disappointed” and is considering all options.

The other potential fix would require an act of Congress. The National Cattlemen’s Beef Association, The American Meat Institute, the North American Meat Association and the National Pork Producers Council used the WTO ruling to urge Congress to pass a permanent fix to the law.

“COOL is a failed program that will soon cost not only the beef industry, but the entire U.S. economy, with no corresponding benefit to consumers or producers,” says Bob McCan, NCBA president. “NCBA has maintained that there is no regulatory fix to bring the COOL rule into compliance with our WTO obligations or that will satisfy our top trading partners. We look forward to working with Congress to find a permanent solution to this issue, avoiding retaliation against not only beef, but a host of U.S. products.”

AMI and NAMA are urging USTR and USDA to work with industry and Congress to amend the statute so it “complies with our international obligations and brings stability to the market.” They say changing the law “would help restore strong relationships with some of our largest and most important trading partners.”

CCA immediately welcomed the WTO decision and joined the call for the United States’ Congress to act by repealing COOL. Additionally, CCA encouraged the Canadian government to continue working on potential retaliation if the United States does not comply with its trade obligations.

“The compliance panel report leaves no shadow of a doubt that the U.S. COOL legislation is causing discrimination against live imports of cattle and hogs into the U.S. marketplace,” says CCA President Dave Solverson. “Until COOL comes into compliance with the WTO, the CCA will continue to insist that the Government of Canada prepare to impose prohibitively high tariffs on key U.S. exports to Canada, including beef.”

The National Farmers Union and R-CALF, however, do not favor congressional action.

“Under the guidance of USDA, any changes to COOL to ensure full compliance with today’s decision should be able to be made administratively, while maintaining the integrity of COOL labels,” says Roger Johnson, NFU president. “We are confident that given that level of support, Congress will reject all heavy-handed attempts to make legislative changes to this important labeling law.”

R-CALF agrees and is urging the United States to appeal the decision.

“Congress should not capitulate to the WTO’s and the multinational meatpackers’ efforts to weaken our COOL law,” says Bill Bullard CEO. He added the U.S. “must take the time to carefully analyze this ruling and then formulate a strategy for preserving our important, pro-competitive COOL law.”

According to WTO rules, parties have 60 days to appeal following the public announcement. Should the United States appeal, an additional decision and subsequent publication of that decision will follow. Sources close to the issue say any decision on potential retaliation by Canada and Mexico could be made by mid- to late 2015.

.

October 17th - National Feeder & Stocker Cattle Summary
USDA-MO Dept of Ag Market News

RECEIPTS:    Auctions   Direct    Video/Internet  Total
This Week     247,800     23,800        20,000          291,600 
Last Week     231,600     21,800        11,000          264,400 
Last Year       135,000     67,900          None          202,900

Compared to last week, yearling feeders along with steer and heifer calf prices were very uneven and posted wide trend swings just within the single week’s trading session.  Early week feeder and stocker trends were very uneven ranging from steady to 5.00 higher to 5.00 lower.  From mid-week on many auctions were instances as much as 8.00-10.00 lower.  The Northern Plains is the best place to sell many of the calves and 700-950 lb yearlings with long strings and load lots coming off grass selling with very good demand.  Over the last week Live and Feeder Cattle futures have seen great price volatility as buyers and sellers have had to remain cautious as on Tuesday and Wednesday Feeder Cattle contracts imploded with mostly limit losses in the feeder pit.  This is in part being accelerated by the heavy sell-off in the Stock Market since last Thursday and continuing into this week. 

The Dow closed on Wednesday with losses of 173 points and at one time had declined 460 points to close at 16,141.  Growing concerns about economic growth mainly in Europe and Asia has caused market participants to sell off assets and be in a very defensive mood.  This has cattle futures and many other agriculture commodities falling into that category.  Also, escalating concerns over the Ebola virus spreading further in the U.S. has investors nervous as well.  December Live Cattle has dropped near 8.00 from last Thursday’s record high to this Wednesday’s low as November feeder cattle has dropped over 11.00 during the same time period.  But despite these losses packers failed to exploit sharply lower futures as fat cattle traded near steady money on Wednesday afternoon mostly at 164.00 with a few at 165.00 in Nebraska and the Southern Plains with dressed sales steady at 258.00. Hopefully with the fat cattle trade holding onto steady money in the face of these adversities can stabilize cattle trader’s fears.  Then on Thursday Live Cattle and Feeder Cattle contracts did stabilize and rocked the bear back and closed with near limit gains for Live Cattle and limit gains for Feeder Cattle contracts.  But, volatility still dominates this market as on Friday Feeder Cattle contracts closed mostly limit down as traders attempt to make sense of a wild trading week. 

Despite the lower prices this week in the feeder cattle market we are still at all-time highs and back to prices in many areas we had two to three weeks ago.  On Monday in Torrington, WY sold 170 head of fancy steer calves averaging 416 lbs sold with a weighted average price of 400.69.  In Aberdeen, SD at the Hub City Livestock Market on Wednesday sold 497 head of steers weighing between 780-797 lbs averaging 791 lbs sold with a weighted average price 252.75.  This week’s auction volume included 42 percent over 600 lbs and 39 percent heifers.

.

October 17th - Canadian Weekly Cattle Report

Fed cattle rise

  • Producers appear to have many of their cattle contracted this month, leaving little business for the cash market.
  • Packers are using captive supplies, and interest in the cash market is moderate.
  • Fed prices are trading near historic highs, but packers have gained leverage recently and that is reflected in the weaker basis levels.
  • Light trade Oct. 10 saw steers at $165.48 per hundredweight, up about $3.70 from prices two weeks earlier.
  • Dressed sales were generally $3 higher than reported bids and sales the previous week.
  • Cattle bought last week are scheduled for slaughter in the first or second weeks of November.
  • Western Canadian slaughter last week was 35,621 head, up seven percent over last year.
  • With cow slaughter struggling to keep pace with last year, packers will have little choice but to maintain the A grade kill.
  • Weekly exports to Sept. 27 totalled 8,613 head.
  • Carcass weights are increasing seasonally, helping packers maintain production levels. Western steer carcass weights averaged 894 pounds, the heaviest this year and up 26 lb. over last year at the same time.
  • The Alberta-Nebraska cash-to-cash basis was -$16.77, compared to the five-year average of -$11.18 for this time of year. That should encourage export interest.
Feeders post records
  • Aggressive North American demand continues to fuel record feeder prices across the Prairies.
  • Feeder price averages surged more the $6.50 per cwt. even with increased auction volumes.
  • Calves lighter than 700 pounds rose $5-$9. Feeders heavier than 700 lb. rallied $5.
  • Steers 300-400 lb. were an amazing $171 per cwt. higher than the same week last year. The 400-500 lb. class was $150 higher than a year ago.
  • The steer-heifer price spread for 300-600 lb. calves is $25-$34 per cwt. For 600-800 lb. it is $18.50-$19.50.
  • The spread for yearlings heavier than 800 lb. is $14-$15 and is $1.75-$3 wider than last year.
  • The high prices and the winding down of harvest brought cattle to auction. In Alberta, 45,039 head traded, up 48 percent from the previous week but up only three percent over last year.
  • Weekly exports to Sept. 27 totalled 12,542 head, steady with the previous week.
  • The number of calves going to market should increase as harvest winds down, but yearling supplies are beginning to dry up.
Cows steady
  • D1, D2 cows ranged $117-$131 per cwt. to average $125.13, little changed from the previous week. D3 cows ranged $102-$120 to average $111.
  • Rail bids were mostly steady at $237-$242 per cwt. delivered.
  • Weekly western Canadian non-fed slaughter to Oct. 4 fell six percent to 5,942 head.
  • Butcher bull prices firmed 75 cents to $141.17.
  • Weekly exports to Sep. 27 were steady at 7,209.
This cattle market information is selected from the weekly report from CanFax, a division of the Canadian Cattlemen’s Association.
.

October 17th - Rabobank Projects Substantial Growth in Brazil Feedlot Sector

Where’s the beef? According to a new report from Rabobank, meeting growing global demand for protein in the future means more of the world’s beef supply will come from Brazil.

Already the world’s second-largest beef producer and largest exporter, Brazil’s beef industry remains “relatively inefficient by global standards, with below-average productivity and yield parameters” the report says. However as the country’s grain production continues to increase in the future, Rabobank expects a shift to a more intensified beef production chain and overall growth in the beef sector.

“Increased availability of feed grain will allow the beef industry to gradually improve both productivity and quality, thereby improving cost-efficiency and gradually achieving higher volumes, better quality, more consistent products delivered from Brazilian feedlots,” the report states.

Why Brazil? The report says the country has an “unmatched position” with regard to expansion of corn and soybean production. However, infrastructure to deliver grain to export ports has not kept pace, making it prohibitive to export grain, especially corn, for many inland farmers. Instead, it is more cost-effective to use more of the inland-produced corn in domestic feed rations for the country’s cattle, hogs and chickens.

Historically, the beef industry in Brazil has benefited from the abundance of grazing land, but as competition from grain production intensifies going forward, Rabobank expects major changes in beef cattle management and nutrition, and says “intensification is the name of the game for the future development of the Brazilian beef industry.”

The report estimates that one-time feeding capacity in Brazilian feedlots will reach 4.5 million head by 2023 (up from today’s one-time capacity of 2 million head). In comparison, the United States has a total feedlot capacity of 16.8 million in feedlots with 1,000 and more head as of January 1, 2014.

Assuming a cattle turn ratio of two turns per year on average, the report says Brazil will slaughter approximately 9 million head of lot-fed cattle by 2023, resulting in more than double the amount of lot-fed beef produced today.

Achieving this growth in Brazil won’t come without cost. Rabobank estimates the cost of expanding feeding capacity to be as much as $500 million (U.S. dollars) and will require an additional 15.1 million tons of corn and 4 million tons of soybeans.

In addition to merely growing numbers, the report says there is a need for “dual-purpose cattle” – those that perform well in tropic climates but also possess enhanced feedlot performance and beef quality traits. Rabobank says this transition is already underway. “The latest data indicated that Angus (Black and Red) semen sales were already higher than Nellore’s: 42.8 percent and 35.6 percent of the total, respectively.” The result will be larger quantities of high-quality and tasty meat, the report says.

.

October 17th - Shootin' the Bull Weekly Analysis
.
In my opinion, the volatility has reached a hyper stage. The price swings up and down, at the speed and range they have been trading, creates an environment for significant error. Best laid plans one day are foiled the next. Option sellers have reduced position size and increased spreads between bid/offer. The market has stopped going up for all anyone knows and the volatility has created significant indecision. My objective has been and will be, regardless of past experience, is to capture what is currently available that may or may not be available in the future. 

Feed yards lost significant premium on the February and April contracts this week. It is these two contract months that I perceive to be most susceptible to a decline in price as inventory purchased to be sold in this time frame was purchased at the tip top of the price range of feeder cattle. Back grounders are not perceived in much better condition due to their replacement inventory of stockers to have been at a historically high level as well. The basis for fats remains fairly consistent at this time. However the basis on feeders is exceptionally positive and that is perceived a detriment towards spring sales. 

Further developments this week has created significant volume and volatility in the equities, interest rate and energy markets. These are key components to our economy and prices for these derivatives are flying all over the place. Bonds this week shot up 5 full points on Wednesday. This is a phenomenal move as the bond market is one of the largest, most liquid markets we have. Of those 5 points, 3 of them came within a 6 minute time frame. That is perceived to have left several entities out to dry. In my opinion, this was an instance of some one wanting out, not in as it is was viewed as a move of desperation. I perceive that the centrifuge of the markets has obtained a wobble. This wobble is anticipated to slosh a tremendous amount of money around. What no one knows is how much and how damaging the effects can be to other markets. I anticipate this weeks market movement to bleed into next week and urge all to take every precaution necessary to minimize risk remove capital from risk. 

Christopher B. Swift is a commodity broker and consultant with Swift Trading Company in Nashville, TN. Mr. Swift authors the daily commentaries "mid day cattle comment" and "Shootin' the Bull" commentary found on his website @ www.shootinthebull.com

An investment in futures contracts is speculative, involves a high degree of risk and is suitable only for persons who can assume the risk of loss in excess of their margin deposits.  You should carefully consider whether futures trading is appropriate for you in light of your investment experience, trading objectives, financial resources and other relevant circumstances. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

.

 October 16th Seasonal Drought Outlook

.

October 22nd - Cold Storage Report
  • Total red meat supplies in freezers were up 3 percent from the previous month but down 8 percent from last year. 
    • Total pounds of beef in freezers were up 8 percent from the previous month but down 16 percent from last year. 
    • Frozen pork supplies were up slightly from the previous month but down 4 percent from last year. 
    • Stocks of pork bellies were down 26 percent from last month but up 44 percent from last year.
  • Total frozen poultry supplies on September 30, 2014 were down 2 percent from the previous month and down 10 percent from a year ago. 
    • Total stocks of chicken were down 2 percent from the previous month and down 9 percent from last year. 
    • Total pounds of turkey in freezers were down 2 percent from last month and down 10 percent from September 30, 2013.
.

September 19 - Cattle on Feed Report:

United States Cattle on Feed Down 1 Percent

  • Cattle and calves on feed for slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 9.8 million head on September 1, 2014. The inventory was 1 percent below September 1, 2013.
  • Placements in feedlots during August totaled 1.72 million, 3 percent below 2013. Net placements were 1.65 million head. During August, placements of cattle and calves weighing less than 600 pounds were 410,000, 600-699 pounds were 280,000, 700-799 pounds were 395,000, and 800 pounds and greater were 635,000. For the month of August placements are the lowest since the series began in 1996.
  • Marketings of fed cattle during August totaled 1.69 million, 10 percent below 2013. August marketings are the lowest since the series began in 1996. 
  • Other disappearance totaled 66,000 during August, 32 percent above 2013.
Cattle on Feed Inventory in 1,000+ Capacity Feedlots as of August 1st
Millions of Head
.

.
Number of Cattle Placed on Feed in 1,000+ Capacity Feedlots in July
Millions of Head
.

.
Number of Cattle Marketed from 1,000+ Capacity Feedlots in July
Millions of Head
.

.
Cattle on Feed by State
.
.
.

May 21st - As Fundamental Change Moves an Industry

It doesn't feel any different as you walk around but beneath the surface some large and monumental plates are shifting and the foundations of an industry are undergoing change. The day to day business continues and we wake every morning to new bids and offers, new grain prices, the drought, and other continuing influences but there are some big picture developments that are occurring while we move day to day.

  • Climate: There are major changes occurring in the climate. Extreme weather patterns are more severe and long lasting. Drought in some areas continues. Flooding in other regions is causing its own problems. We can debate whether it is man made or not, but large and serious weather patterns are at work and no one impacted more than agriculture.
  • Geography: Nebraska took over Texas's spot as top feeding state. The image below clearly demonstrates the loss of feeding capacities in Texas and increases else where. Processing plants follow the feeding locations for cattle and the southern plains has lost processing capacity to the northern plains -- but both have suffered plant closings and slow downs as the herd grows smaller.
  • Basis: Cattle and grain are moving towards cash markets trading basis the futures. Cattle cash trading has ceased to be reported in Texas and lightly reported elsewhere. Poor grain basis pricing, south of Amarillo, is pressuring south plains feedyards in competitiveness.
  • Sustainability: This is a term used by everyone and understood by no one. Beef retailers are being pressured to act on assuring the industry is observing best management practices to deliver a sustainable agriculture.
  • Mandatory ID: Whether it is a trading scandal involving phantom cattle or a disease threat that can't be traced, animal ID won't go away. International trade and exports will demand it or penalize our products without it.
Downsizing is no fun and lots of money has been lost in processing and feedings. Downsizing is always painful but it also can build a better and stronger industry through change.


The Cattle Report

.

May 5th - 2012 Census of Agriculture Reveals Trends

There are now 3.2 million farmers operating 2.1 million farms on 914.5 million acres of farmland across the United States, according to the 2012 Census of Agriculture, released today by the U.S. Department of Agriculture. The agriculture census presents more than 6 million pieces of information, which provide a detailed look at the U.S. farm sector at the national, state and county levels.

"Once every five years, farmers, ranchers and growers have the unique opportunity to let the world know how U.S. agriculture is changing, what is staying the same, what's working and what we can do differently," said Dr. Cynthia Clark, the retiring head of USDA's National Agricultural Statistics Service, which administered the survey. "Today, we can start to delve into the details." 

Census data provide valuable insight into the U.S. farmer demographics, economics and production practices. Some of the key findings include:
 

  • Both sales and production expenses reached record highs in 2012. U.S. producers sold $394.6 billion worth of agricultural products, but it cost them $328.9 billion to produce these products. 
  • Three quarters of all farms had sales of less than $50,000, producing only 3 percent of the total value of farm products sold while those with sales of more than $1 million - 4 percent of all farms - produced 66 percent. 
  • Much of the increased farm income was concentrated geographically or by farm categories. 
  • California led the nation with 9 of the 10 top counties for value of sales. Fresno County was number one in the United States with nearly $5 billion in sales in 2012, which is greater than that of 23 states. Weld County, Colorado ranked 9th in the top 10 U.S. counties. 
    • The top 5 states for agricultural sales were California ($42.6 billion); Iowa ($30.8 billion); Texas ($25.4 billion); Nebraska ($23.1 billion); and Minnesota ($21.3 billion). 
  • Eighty-seven percent of all U.S. farms are operated by families or individuals. 
  • Principal operators were on average 58.3 years old and were predominantly male; second operators were slightly younger and most likely to be female; and third operators were younger still. 
  • Young, beginning principal operators who reported their primary occupation as farming increased 11.3 percent from 36,396 to 40,499 between 2007 and 2012. 
  • All categories of minority-operated farms increased between 2007 and 2012; the Hispanic-operated farms had a significant 21 percent increase. 
  • 144,530 farm operators reported selling products directly to consumers. In 2012, these sales totaled more than $1.3 billion (up 8.1 percent from 2007). 
  • Organic sales were growing, but accounted for just 0.8 percent of the total value of U.S. agricultural production. Organic farmers reported $3.12 billion in sales in 2012, up from $1.7 billion in 2007. 
  • Farms with Internet access rose from 56.5 percent in 2007 to 69.6 percent in 2012. 
  • 57,299 farms produced on-farm renewable energy, more than double the 23,451 in 2007. 
  • 474,028 farms covering 173.1 million acres were farmed with conservation tillage or no-till practices. 
  • Corn and soybean acres topped 50 percent of all harvested acres for the first time. 
  • The largest category of operations was beef cattle with 619,172 or 29 percent of all farms and ranches in 2012 specializing in cattle. 
Conducted since 1840, the Census of Agriculture accounts for all U.S. farms and ranches and the people who operate them. The Census tells a story of how American agriculture is changing and lays the groundwork for new programs and policies that will invest in rural America; promote innovation and productivity; build the rural economy; and support our next generation of farmers and ranchers.
.

February 14th - USDA Long-Term Projections

Despite lower prices for many agricultural products in the near future, USDA is projecting U.S. farm income to remain historically high through 2023. Analysis for the report was conducted prior to completion of the Agricultural Act of 2014, and was based on the assumption of continuation of policies in the 2008 Farm Bill. Projections range from long-term economic growth, global production and consumption trends, global trade trends, commodity prices, farm income and more.

USDA projects global economic growth to average 3.2 percent annually over the next decade, with stronger growth projected in developing countries, including China, India, and countries in Africa and Latin America. The U.S. economic growth is projected to average 2.6 percent over the next decade. “Steady global economic growth supports longer term gains in world food demand, global agricultural trade, and U.S. agricultural exports,” according to the report.

While prices for many of the major crops are projected to decline in the next few years, long-term growth in global demand, a low-valued U.S. dollar, and demand for biofuel, will hold prices for corn, oilseeds and other major crops above pre-2007 levels, according to the report.

As a result of recovering from high feed prices in recent years and drought, USDA is projecting livestock production and per capital red meat consumption to increase through 2023.
While beef production is projected to decline through 2016 as producers retain heifers to grow the overall herd, production is expected to begin increasing in 2016. USDA is projecting that beef cow numbers will increase from 29 million today to more than 33 million in 2022-2023. The total cattle inventory is projected to expand to approximately 96 million in 2023, and increasing slaughter weights add to increased beef production projections. USDA is projecting beef cattle prices to increase through 2017, then fall but increase again through 2023.

With regard to global beef trade, USDA is projecting world meat consumption to increase by about 1.9 percent annually from 2014-2023 and world meat trade to increase by 22 percent during that same period. Stagnate beef export projections from Australia resulted in the top four beef exporting nations, according to USDA, to be Brazil, India, the United States and Australia. On the import side, China and Hong Kong are projected to increase beef imports by 55 percent in the next decade as China’s middle class grows from 300 million today to an expected 640 million by 2020.

.

February 13th - USDA Projects Net Farm Income to Fall in 2014

While USDA’s latest farm income projections indicate an overall decline in net farm income of around 26.6 percent in 2014, there are some positive projections in the report, especially for livestock producers.

“Livestock receipts are up marginally,” said USDA Chief Economist Joe Glauber. “They’re up at $183.4 billion. It’s the first time in a long while that we’ve seen livestock and crop receipts at around roughly the same magnitude.”

Crop receipts are projected at $189.4 billion in 2014, down more than 12 percent and back to pre-2011 levels. According to the report, declines in cash receipts are expected for almost all major crop categories, including food grain, feed, oil, fruits/tree nuts, and vegetables/melons. Large anticipated declines in the 2014 price for corn are impacting farmers’ decisions regarding other major crops. According to the report, use of corn for ethanol is expected to rise in 2014. Additionally, USDA is projecting declines in hay, wheat and soybeans receipts as well.

USDA is projecting a 0.7 percent increase in livestock receipts in 2014. For cattle and calves, steady receipts are projected due to lower production levels. Additionally, USDA is forecasting a decline in beef and veal export quantities in 2014.

Overall, net farm income, earnings only from current year production, is forecast to be $95.8 billion in 2014, down 26.6 percent from 2013 and projected to be the lowest since 2010. Net cash income, which includes income from carryover stocks from 2013, is forecast at $101.9 billion, down 22 percent from 2013.

For just the second time in the last 10 years and the first time since 2009, USDA is projecting a decline in production expenses, with an expected $3.9 billion decrease in 2014.

“Expenses are down,” Glauber said. “We’re forecasting them at $310 billion. That’s down almost $5 billion from last year, and that’s largely lower feed costs.”

Feed expenses are expected to decline by $6.6 billion, 11.3 percent, but livestock and poultry purchases are projected to increase, driven by an expected double-digit increase in the price of feeder steers due to tight supplies and strong beef demand. The overall expenses for the two major livestock-related expenses, however, are projected to fall by 6.1 percent, or $5.1 billion.

Other farm expense projections include a 4.7 percent decline for the three major crop-related expenses – seed, fertilizer and pesticides; a 9.6 percent decline in net rent to non-operators; a 4.6 percent increase in total labor; and a 3.2 percent increase for miscellaneous expenses, including things like animal health and breeding expenses, contract production fees, irrigation water, and general production and management decisions.

.

All Cattle & Calves... State Rankings & Change
.
January 1, 2014 Inventory vs. 2013 Inventory... Compiled from USDA National Agricultural Statistical Service Data
Rank
State
2014
2013
% Change
2014 as
% of Total
 
1
Texas
10,900,000
11,300,000
-3.54%
12.42%
2
Nebraska
6,150,000
6,300,000
-2.38%
7.01%
3
Kansas
5,800,000
5,850,000
-0.85%
6.61%
4
California
5,250,000
5,300,000
-0.94%
5.98%
5
Oklahoma
4,300,000
4,200,000
+2.38%
4.90%
6
Missouri
3,800,000
3,650,000
+4.11%
4.33%
7
Iowa
3,700,000
3,850,000
-3.90%
4.22%
8
South Dakota
3,650,000
3,850,000
-5.19%
4.16%
9
Wisconsin
3,350,000
3,450,000
-2.90%
3.82%
10
Montana
2,550,000
2,600,000
-1.92%
2.91%
11
Colorado
2,480,000
2,600,000
-4.62%
2.83%
12
Minnesota
2,280,000
2,390,000
-4.60%
2.60%
13
Idaho
2,190,000
2,370,000
-7.59%
2.50%
14
Kentucky
2,090,000
2,240,000
-6.70%
2.38%
15
North Dakota
1,770,000
1,790,000
-1.12%
2.02%
16
Tennessee
1,760,000
1,830,000
-3.83%
2.01%
17
Arkansas
1,660,000
1,600,000
+3.75%
1.89%
18/19
Florida
1,620,000
1,660,000
-2.41%
1.85%
18/19
Pennsylvania
1,620,000
1,610,000
+0.62%
1.85%
20
Virginia
1,530,000
1,610,000
-4.97%
1.74%
21
New York
1,450,000
1,400,000
+3.57%
1.65%
22
New Mexico
1,290,000
1,340,000
-3.73%
1.47%
23
Oregon
1,280,000
1,280,000
+0.00%
1.46%
24
Wyoming
1,270,000
1,290,000
-1.55%
1.45%
25
Ohio
1,250,000
1,230,000
+1.63%
1.42%
26
Alabama
1,240,000
1,220,000
+1.64%
1.41%
27
Illinois
1,130,000
1,120,000
+0.89%
1.29%
28
Michigan
1,120,000
1,120,000
+0.00%
1.28%
29
Washington
1,100,000
1,150,000
-4.35%
1.25%
30
Georgia
1,000,000
1,020,000
-1.96%
1.14%
31
Mississippi
930,000
910,000
+2.20%
1.06%
32
Arizona
920,000
900,000
+2.22%
1.05%
33
Indiana
870,000
810,000
+7.41%
0.99%
34
North Carolina
810,000
820,000
-1.22%
0.92%
35
Utah
800,000
770,000
+3.90%
0.91%
36
Louisiana
790,000
780,000
+1.28%
0.90%
37
Nevada
455,000
460,000
-1.09%
0.52%
38
West Virginia
380,000
410,000
-7.32%
0.43%
39
South Carolina
360,000
355,000
+1.41%
0.41%
40
Vermont
260,000
270,000
-3.70%
0.30%
41
Maryland
182,000
192,000
-5.21%
0.21%
42
Hawaii
130,000
132,000
-1.52%
0.15%
43
Maine
85,000
85,000
+0.00%
0.097%
44
Connecticut
47,000
48,000
-2.08%
0.054%
45
Massachusetts
39,000
39,000
+0.00%
0.044%
46
New Hampshire
32,000
33,000
-3.03%
0.036%
47
New Jersey
29,000
31,000
-6.45%
0.033%
48
Delaware
16,000
18,000
-11.11%
0.018%
49
Alaska
10,000
12,000
-16.67%
0.011%
50
Rhode Island
5,000
4,600
+8.70%
0.006%






-
Total
87,730,000
89,299,600
-1.76%
 100.00%
.

Beef Cows... State Rankings & Change
.
January 1, 2014 Inventory vs. 2013 Inventory... Compiled from USDA National Agricultural Statistical Service Data
. Rank
. State
2014
2013
. % Change
2014 as
% of Total
 
 
 
 
1
Texas
3,910,000
4,015,000
-2.62%
13.46%
2
Missouri
1,820,000
1,757,000
+3.59%
6.27%
3
Oklahoma
1,805,000
1,754,000
+2.91%
6.22%
4
Nebraska
1,797,000
1,805,000
-0.44%
6.19%
5
South Dakota
1,635,000
1,688,000
-3.14%
5.63%
6
Montana
1,476,000
1,506,000
-1.99%
5.08%
7
Kansas
1,414,000
1,328,000
+6.48%
4.87%
8
Kentucky
1,012,000
1,028,000
-1.56%
3.48%
9
North Dakota
943,000
922,000
+2.28%
3.25%
10
Iowa
885,000
925,000
-4.32%
3.05%
11
Arkansas
882,000
851,000
+3.64%
3.04%
12
Florida
877,000
908,000
-3.41%
3.02%
13
Tennessee
864,000
912,000
-5.26%
2.97%
14
Colorado
700,000
715,000
-2.10%
2.41%
15
Wyoming
694,000
694,000
+0.00%
2.39%
16
Alabama
671,000
651,000
+3.07%
2.31%
17
Virginia
657,000
686,000
-4.23%
2.26%
18
California
600,000
610,000
-1.64%
2.07%
19
Oregon
516,000
527,000
-2.09%
1.78%
20
Georgia
480,000
490,000
-2.04%
1.65%
21
Mississippi
477,000
486,000
-1.85%
1.64%
22
Louisiana
450,000
454,000
-0.88%
1.55%
23
Idaho
445,000
510,000
-12.75%
1.53%
24
New Mexico
387,000
390,000
-0.77%
1.33%
25
North Carolina
360,000
364,000
-1.10%
1.24%
26
Illinois
359,000
360,000
-0.28%
1.24%
27
Minnesota
350,000
375,000
-6.67%
1.21%
28
Utah
325,000
315,000
+3.17%
1.12%
29
Ohio
293,000
290,000
+1.03%
1.01%
30
Wisconsin
240,000
260,000
-7.69%
 0.83%
31
Nevada
226,000
231,000
-2.16%
 0.78%
32
Washington
209,000
221,000
-5.43%
 0.72%
33
Indiana
192,000
191,000
+0.52%
 0.66%
34
West Virginia
191,000
200,000
-4.50%
 0.66%
35
Arizona
178,000
175,000
+1.71%
 0.61%
36
South Carolina
174,000
174,000
+0.00%
 0.60%
37
Pennsylvania
170,000
155,000
+9.68%
 0.59%
38
Michigan
114,000
113,000
+0.88%
0.39%
39
New York
105,000
90,000
+16.67%
 0.36%
40
Hawaii
68,800
69,900
-1.57%
0.24%
41
Maryland
38,000
41,000
-7.32%
 0.13%
42
Vermont
12,000
12,000
+0.00%
 0.041%
43
Maine
11,000
11,000
+0.00%
0.038%
44
New Jersey
8,000
9,000
-11.11%
0.028%
45
Massachusetts
6,000
6,500
-7.69%
0.021%
46
Alaska
4,300
4,900
-12.24%
0.015%
47
Connecticut
4,000
6,000
-33.33%
0.014%
48
New Hampshire
3,000
3,500
-14.29%
 0.010%
49
Delaware
2,800
4,000
-30.00%
 0.010%
50
Rhode Island
1,500
1,500
+0.00%
0.005%






-
Total
29,042,400
29,295,300
-0.86%
100.00%
.

February 4th - Rabobank Report: Structural Changes Needed to Keep U.S. Beef Industry Competitive

Consumption shift requires better cost control as U.S. becomes a “Ground Beef Nation”

Rabobank has published a new report on the U.S. cattle industry, calling for changes in the way beef is produced in order for the industry to remain competitive. In the new report, “Ground Beef Nation,”, Rabobank says that changing consumer preferences and a production model tailored to production of top-shelf steaks has put the U.S. cattle industry in a position of losing market share to competitive proteins.

“Under the existing business model, the U.S. cattle industry manages all fed beef as if it were destined for the center of the plate at a white table cloth restaurant,” notes Rabobank cattle economist Don Close. “The industry is, essentially, producing an extraordinarily high-grade product for consumers who desire to purchase a commodity. More than 60% of U.S. beef consumption is ground product. If the U.S. cattle industry continues to produce ground beef in a structure better suited to high-end cuts, the result will be continued erosion of market share.”

The report goes on to explore the trend of changing consumer preferences and the role pricing plays in the notable decline in beef consumption. The industries that produce competitive proteins such as pork and chicken have grown and become more efficient, making the products more readily available at competitive prices.

“The industry must change to a production model that determines the best end use of an animal as early as possible, in order to compete in a ‘ground beef nation’,” notes Close. “A new system for end-use categorization that influences calf selection, cattle management, production costs, and feeding regimen throughout the life of the animal is vital to keeping beef competitive with other choices at the meat counter.”

.

USDA Cattle Inventory Report... January 1 Cattle Inventory Down 2 Percent

All cattle and calves in the United States as of January 1, 2014 totaled 87.7 million head, 2 percent below the 89.3 million on January 1, 2013. This is the lowest January 1 inventory of all cattle and calves since the 82.1 million on hand in 1951.

All cows and heifers that have calved, at 38.3 million, were down 1 percent from the 38.5 million on January 1, 2013. This is the lowest January 1 inventory of all cows and heifers that have calved since the 36.8 million head in 1941.

  • Beef cows, at 29.0 million, were down 1 percent from January 1, 2013. 
  • Milk cows, at 9.2 million, unchanged from January 1, 2013. 
Other class estimates on January 1, 2014 and the change from January 1, 2013, are as follows:
  • All heifers 500 pounds and over, 18.8 million, down 2 percent. 
  • Beef replacement heifers, 5.5 million, up 2 percent. 
  • Milk replacement heifers, 4.5 million, unchanged. 
  • Other heifers, 8.7 million, down 5 percent. 
  • Steers weighing 500 pounds and over, 15.4 million, down 3 percent.
  • Bulls weighing 500 pounds and over, 2.0 million, down 1 percent. 
  • Calves under 500 pounds, 13.3 million, down 4 percent. 
  • Cattle and calves on feed for slaughter in all feedlots, 12.7 million, down 5 percent. 
  • The combined total of calves under 500 pounds, and other heifers and steers over 500 pounds outside of feedlots was 24.7 million, down 3 percent. 
 Calf Crop Down 1 Percent

The 2013 calf crop was estimated at 33.9 million head, down 1 percent from 2012. This is the smallest calf crop since the 33.7 million born during 1949. Calves born during the first half of 2013 are estimated at 24.7 million, down 1 percent from 2012.


.
Home| Recent Listings | Cattle | Real Estate |.TCR Mercantile.|Classified Ads | Markets | Auctions| Weather.| Field Reps.| List On-Line | FAQ's |Terms & Conditions | Contact TCR
.
.
Copyright © TM - The Cattle Range - All Rights Reserved


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

October 2
nds.
.