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


.
.
.
.

July 31st - Closing Futures Summary

Outside factors apparently triggered Thursday’s break in cattle futures. There was little indication of weakness in the cash cattle or beef markets this morning, but that didn’t stop CME futures from dropping sharply as the day passed. Wire service sources blamed active profit taking and outside factors such as the combination of equity market weakness and dollar strength for spurring the selling. August live cattle dove 1.92 cents to 157.92 cents/pound in closing Thursday action, Thursday, while December plunged 1.82 cents to 158.10. Meanwhile, August feeder futures plummeted 2.35 cents to 220.67 cents/pound, and October feeders crashed 3.00 to 221.02.

The Export Sales report discouraged corn traders. The USDA report indicated a disappointing total for old crop corn sales, although the new crop total easily topped forecasts. The former apparently grabbed the attention of traders, as indicated by subsequent CBOT weakness. Superlative growing conditions are encouraging bears. September corn dropped 4.75 cents to $3.57/bushel in late Thursday trading, while December lost 4.5 cents to $3.67.

Thursday’s late soy action proved surprisingly weak. The Export Sales report stated bean and meal totals in the upper end of or above trade forecasts. That probably explained late-morning strength as well as the old-crop leadership across the soy complex. However, bulls could sustain only a portion of the early momentum in the face of massive harvest forecasts. August soybean futures closed just 4.0 cents higher at $12.245/bushel Thursday, while November futures inched up 0.75 cent to $10.82. August soyoil bounced 0.06 cents to 36.11 cents/pound and August soymeal added $3.7 to $391.3/ton.

The wheat markets firmed Thursday afternoon. Wheat futures sagged on favorable weather news Wednesday night, but firmed after the Export Sales report posted a new-crop total well above expectations. Prices at the various exchanges were decidedly mixed at midday, but continued climbing as the close loomed. September CBOT wheat gained 3.0 cents to $5.3025/bushel as Thursday’s Chicago session ended, while September KC wheat ascended 8.75 cents to $6.2575/bushel, and September MWE wheat rose 3.25 cents to $6.16.

Hog futures couldn’t sustain their Thursday morning bounce. Hog traders have anticipated big seasonal losses during the days and weeks ahead, but traders apparently decided that early-morning losses were overdone. CME prices rebounded to moderately higher levels, but sagged to general losses in afternoon trading. August hog futures dropped 1.02 cents to 118.02 cents/pound, while December dipped 0.27 cents to 94.17.

.

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

July 31st - Narrow Range as Cattle Futures Mark Time

All the excitement this week in Live Cattle futures happened Monday and ever since then, we’ve traded within Monday’s 210 point range. Yawn. It would be boring except we are at all time highs and the technical indicators are clearly showing a market losing momentum. The obvious question is, are we topping or resting?  And it’s pretty disappointing, or even downright aggravating action to bulls considering the dynamic up in cash prices last week, which have been followed by impressive gains daily in the beef cutout value and expanded beef packer profit margins well over $50 per head. 

Futures Lower as More Look for Steady Trade

The bears are out this morning, with one major packer spreading the word that they’ll be able to buy cattle cheaper this week. Fact is packers do own more inventory than in quite a while, so it’s understandable they would try and leverage that position and regain some bargaining position. That is what packers do, thus the lack of bids/inquiry/interest this week.  And cattle feeders are making great money and have an incredible basis (if hedged) so why argue? $165 or $168, it’s all good right?

Open Interest a Burden?

As we head into first notice day Monday, open interest in August LC stands at 49,423 contracts this morning. Now a chunk of that will go away with the options expiration Friday and we have 20 days until LCQ expires, so it doesn’t seem a problem. But traders like to look for explanations and this is one to explain the flat out refusal of August to narrow its gap to cash. Another is that by the end of August, cash will have topped and be headed back down under the lofty $160+ level. 

The Beauty and Frustration of a Patience-Testing Realizing Bull

Worry prevails, doubters are many and the pay off doesn’t come until the bitter end. One of the most famous and respected long term realizing bull market traders was the great J.R. Simplot.  He was known for buying a limit position soon after a cattle futures contract was listed and would quietly ride the rally until the very end. The Bull of 2014 would have been his kind of market. 

Nothing’s really changed, but corrections do come - the old “pause for the cause”. Seems to us, when this market begins to act out of character, charging higher, gapping and gasping as shorts blow, then we might be getting close to a top. Until then.

The Beef

.

July 30th - Cargill To Close Milwaukee Beef Harvest Facility

Cargill today announced that it will close its Milwaukee, Wis., beef harvest facility, which employs approximately 600 people, effective at the close of business, Friday, Aug. 1, 2014.  The closure of the facility results primarily from the tight cattle supply brought about by producers retaining cattle for herd expansion.  The ground beef plant at the site will remain open to meet customer needs, employing approximately 200 people.  Cargill's six other U.S. beef harvest plants are unaffected.

Cargill purchased the beef harvest plant in 2001 and it has a processing capacity of 1,300 to 1,400 animals daily.  For the more than 600 people impacted at the plant, Cargill will be offering opportunities to fill positions at other company locations in the region.  Those who relocate to positions at other Cargill facilities will receive assistance.  For displaced employees, Cargill will provide support including a job fair in Milwaukee the week of August 4.

"Closing our Milwaukee beef plant is taking place only after we conducted an 18-month-long analysis of the region's cattle supply and examined all other possible options," said John Keating, president of Cargill Beef, based in Wichita, Kan.  "It is unfortunate that we must close any beef plant because of the impact to good people, their families and the community.

The harsh reality is that the U.S. beef cattle herd is at its lowest level since 1951, with any significant herd expansion being years away." 

.

July 30th - How High is High?

It is always dangerous and scary when the high pressure salesman starts to believe his own sales pitch. The cash prices for cattle have surprised and amazed many market participants. Record after record has been broken. A step back from the day to day or week to week might be useful in order to understand the significance and impact of this monumental price rise.

The July cattle inventory report confirmed cattle numbers at a 60 year low. While this has been occurring, the world is coming to rely more and more on meats in the diet and third world countries, frequently resigned to grain based diets, are turning to meats including beef. Domestically our beef eaters are eating less beef not because they are turning away from beef but simply because there is less beef.

A drop in the grain prices has historically and traditionally signaled an increase in placements of cattle on feed. Corn has fallen $1.50 a bushel to well under half the price of a short time back. This has not resulted in an increased number of cattle placed on feed because there is an insufficient supply of cattle to bring on feed.  In the same way beef consumption has declined because there is less beef, placements have declined because we have been pulling forward on cattle and the remainder of cattle outside of feedyards is dwindling.

Against this backdrop are skeptical cattle feeders who have questioned the sustainability of the price rise all the way up. Each new peak was thought to be IT only to have prices consolidate and head back up again - each time pushing into new untested price territory. Everyone knows that one of these days will be an IT day and the market will hit the top and the new direction will be down. No one knows when that will be. The chartist and the technical traders are only a failed sideshow at this point.

An increasing number of players are coming to believe these prices are here to stay and may get higher. The cattle feeders and stocker operators that have played safe and hedged their inventory are sick of margin calls created by higher futures prices. Some of those operations are choosing to abandon the hedge programs and turn bullish. Therein lies the risk to the industry. If you know a $160 feeder steer can lose money, think about how much money a $260 feeder steer could lose.

Ag Center Cattle Report

.

July 30th - Are the Chickens Coming Home to Roost?

Circumstances are certainly opening the door -- and it is a very wide barn door.  To continue with the metaphor - straining it just a bit -  half a century ago, beef ruled the roost. Other meats were also rans.  Turkey was just a holiday treat, the visual centerpiece of Norman Rockwell's art and the dominant and traditional food of the long Thanksgiving weekend. The same could be said for pork; ham was the culinary focus of the Easter table, leaving the industry to enjoy the rest of the year on the back of breakfast meats like bacon and sausage. 

We ate some chicken, too, but not much. Campaigning for president in 1928, Herbert Hoover proclaimed “a chicken in every pot and a car in every garage.”  The ravages of the great depression and the rationing of WWII delayed that promise until the mid-sixties but the poultry industry and General Motors finally came through for Mr. Hoover.  Today, many of us have two cars in every garage and chicken has moved from a relatively expensive Sunday dinner staple to the most consumed protein source in America. 

In the 1980's, beef began to slowly give way to the new meat case items offered by the shrewder and hungrier Tysons and Perdues who began branding their products and cutting that whole bird into pieces and parts. Realizing the time constraints of modern life well before the beef boys did, they were first at further preparation, too.  A lower price point helped but, to be blunt, the beef industry was out-marketed. 

Today, beef is becoming a pricier menu option.  Urner Barry's COMTELL, an always reliable resource, just reported that beef trimmings are at an all time high, priced "significantly higher in 2014 as compared to previous years -- largely due to tighter supplies." 

The report used italics to emphasize a critical point "These conditions could eventually lead to higher prices on both retail boneless beef and input costs for hamburgers." Are we looking at the demise of the dollar menu at McDonalds?  Can that dollar burger attract a hungry, budget conscious lunch crowd if the meat in it has to be promoted as a sixteenth pounder?

The cattle industry has been stunned by a long, hard drought that struck the heart of the herd.  Ranchers have to go back to the early 1950's for a comparable head count.  Last year, some prognosticators were thinking we would start increasing the herd size soon, at least shortly after the rains returned to the plains again. 

The rains haven't returned everywhere and an aging rancher population is looking at the several years needed to rebuild with fear and trepidation.  A profit isn't assured, it never is, but the risk factor is leaving many of them a little breathless and taking a long, hard look at rolling the dice this late in the game.  The result at the meat case is a smaller selection and higher prices, a marketing problem that often leads to an irreversible downward spiral. 

Pork has its own problem: Porcine Epidemic Diarrhea virus (PEDv).  Since it was first discovered a little over a year ago, it has killed over 10% of America's pigs, 7 million piglets, with an end best described as 'hopeful and later.'  As we run headlong into the middle of the critical summer grilling season, the pork industry is facing the same market-driven problems as the beef industry - less product in the meat case and higher prices. 

Meanwhile, turkey; the all-American bird, and chicken; the current grand champion of the dinner plate, are marching on with no disease- or weather-related problems.  There is plenty of both at very competitive prices and the supply can be quickly altered to fit market demand. 

Two decades ago, Bob Peterson, the irascible leader of IBP, the beef packing and processing behemoth at the time, stated that the chicken people were the enemy and he would fight them to the bitter end.  A few years later, he sold out to Tyson, the chicken champs, and embraced the enemy.  Had he seen the future?

Chuck Jolley

.

July 30th - Corn Crop Condition

.

July 30th - Appeals Court Upholds Labeling on Meat Packaging

A federal appeals court on Tuesday upheld new government rules requiring labels on packaged steaks, ribs and other cuts of meat to say where the animals were born, raised and slaughtered.

The meat industry has attempted to block the rules, which went into effect last year, saying they are costly and provide no health benefits to the consumer. The industry said in court that the rules go beyond what Congress intended and violate First Amendment rights to freedom of speech by forcing meat producers to provide information about their products without “directly advancing a government interest.”

The full appellate panel heard the case after a three-judge appeals panel ruled against the industry but suggested that the full court may want to review its decision. The first panel had ruled that the industry’s claims were unlikely to succeed in court and said a consumer’s interest in choosing domestic meat is worthy of what the court called a “minimal” intrusion on the meat industry’s First Amendment rights.

In the opinion issued Tuesday, Judge Stephen F. Williams of the U.S. Court of Appeals for the District of Columbia, who was also on the three-judge panel, upheld the earlier decision and wrote for the majority of the full panel. He wrote that the government’s interest in country-of-origin labels is “substantial” because there is a long history of such disclosures, a demonstrated consumer interest in knowing where food comes from and individual health concerns and market impacts that could arise if there is a foodborne illness outbreak in one of the countries.

The lawsuit was led by the American Meat Institute, which represents the nation’s largest meatpackers, and joined by other meat industry groups. The meat industry has argued that the paperwork behind the labels is burdensome and that it’s not practical to keep cattle and hogs from other countries separate from domestic animals.

In a statement, AMI said the decision is disappointing.

“We have maintained all along that the country of origin rule harms livestock producers and the industry and affords little benefit to consumers,” said James H. Hodges, the group’s interim president and CEO. “This decision will perpetuate those harms.”

Hodges did not say whether the industry will appeal to the Supreme Court. He said the group will “evaluate our options moving forward.”

The labeling rules have support from consumer groups, environmental groups and some farm groups. U.S. Ranchers who raise cattle near the northern border and compete with Canadian ranchers have been most supportive of the rules, which Congress wrote in 2002 and revised in 2008 after years of haggling with the meat industry. Ranchers and meatpackers in the Southwest who do a lot of business with Mexico have traditionally opposed it.

Under the rules, a label must be specific. For example, it may say the animal that produced the meat was “born in Mexico, raised and slaughtered in the United States” or “born, raised and slaughtered in the United States.” Those rules are a revision from USDA rules originally issued in 2009 that would have been less specific and would have allowed the labels to say “Product of U.S.” or “Product of U.S. and Canada.” USDA revised the rules after a World Trade Organization challenge from Mexico and Canada.

The meat industry aggressively lobbied Congress to repeal the rules in the most recent five-year farm bill signed by President Barack Obama earlier this year. But farm-state lawmakers said there wasn’t enough congressional support for repeal.

.

July 30th - U.S. Economy Grew 4% in the 2nd Quarter

The U.S. economy grew by a 4% annual pace in the second quarter, bouncing back from a revised 2.1% decline in the first three months of the year, according to a preliminary government estimate. Economists predicted GDP would grow by a seasonally adjusted 3.2%. Consumer spending, the main source of economic activity, accelerated to show a solid 2.5% gain after a meager 1.2% rise in the first quarter. Bigger stock dividends helped to boost inflation-adjusted disposable income by 3.8% and underpin the upturn in spending, mainly on durable goods such as cars and trucks. Also adding to U.S. growth was a pickup in construction spending, increased business investment, a bigger buildup in inventories and slightly higher government spending, the Commerce Department said Wednesday. The increase in inventories was valued at $93.4 billion vs. a $35.2 billion increase in the first quarter. The only significant drag on second-quarter growth was net exports. Imports rose a faster 11.7% compared to a 9.5% advance in exports

.

July 29th - Brazil's Cattle Herd to Grow 2% This Year

Brazil, home of the world's largest commercial cattle herd, will likely grow its stock by 2 percent this year from 2013, reaching a record 198.7 million head, according to a report sponsored by analysts Informa Economics FNP.

The increase is due to better management and more investment in maintaining pastures, according to the report, known as Anualpec. Slaughters are expected to increase more gradually, however, rising 0.9 percent at 43.3 million head.

Brazil's commercial cattle herd has grown continuously over the past decade, with only two declining years since 2005, the report said. Beef production in Brazil is forecast to rise 2.3 percent from 2013 to 8.5 million tonnes.

Beef exports from Brazil, the world's largest seller of the commodity, should reach 2.1 million tonnes, an increase of 17 percent but below the 2007 record of 2.2 million tonnes.

While the Brazilian cattle herd is the world's largest, commercially speaking, the U.S. produces more meat because Brazil's off-take rate, a measure of herd utilization, is lower.

.

July 28th - U.S. Gasoline Prices Fall with Refinery Price Cuts

The average price of a gallon of gasoline in the United States fell by 9 cents in the past two weeks, a sharp drop due to wholesale price cuts at refiners, according to the Lundberg survey released on Sunday. 

Prices fell to an average of $3.58 per gallon for regular grade gasoline, according to the survey conducted July 25. It was the first big drop in the year, and comes after twelve weeks of relative stability at the pumps, survey publisher Trilby Lundberg said. 

"There is an abundance of gasoline, inventories are high, and refiners are cutting to chase those summer sales," Lundberg said. "We can expect gas prices to keep migrating down, though maybe not to this extent." 

The average price for gasoline is now about 10 cents lower than a year ago. The recent drop came despite a rise in the price of global crude oil. 

San Francisco had the highest price within the survey area at $4.03 per gallon for regular while the lowest price was in Tulsa where regular grade cost $3.23 per gallon. 

.

July 25th - National Feeder & Stocker Cattle Summary:
USDA-MO Dept of Ag Market News

RECEIPTS:    Auctions    Direct  Video/Internet    Total
This Week     122,500       39,800         66,900           229,200 
Last Week     155,500       32,300        306,100           493,900 
Last Year       136,500       98,900        103,700          339,100

Compared to last week, feeder cattle and calves sold 3.00-8.00 higher with the full advance on yearlings which were actually higher than two weeks ago and ended up gaining ground through last week’s knee-jerk correction. Calf sales were still slightly lower than the week after the 4th which led into last week’s divot in this summer’s steadily rising feeder cattle swing.  Despite attempts by naysayers and techno-chart readers suffering from acrophobia (fear of heights), nothing trumps good ol’ supply and demand when tracking prices for publicly traded commodities.  There is simply a larger desire to own additional levels of beef cattle and products than the current availability, at every level. 

Market-ready fed cattle supplies are extremely tight and packers could no longer play coy as they were lighting up the phones of prospective sellers Wednesday night.  By Friday, the direct slaughter cattle market was a full 9.00 higher than the previous week with late sales from 164.00-166.00.  The rallying dressed beef market allowed this advance as boxed beef cut-outs gained 8.00-12.00 this week with good demand as wholesalers allowed themselves to get short-bought.  On the Northern Livestock Video from Billings, MT the Galt Ranch from White Sulphur Springs sold near 600 head of Waygu X steer and heifer calves to weigh 435 lbs in late October for 402.50.  On Wednesday, Bassett, NE quoted 136 head of fancy 600 lb steers at 300.00 and Thursday in Mitchell, SD they had nearly 400 head of Large frame and thin fleshed grass yearling steers weighing 1000-1100 lbs which averaged 206.39.  Top selling new pickup accessories this year will include gooseneck balls, flat-beds, and bale spikes; rather than fuel tanks as crops and livestock rarely flourish at the same time. 

Friday’s cattle-on-feed report was bullish and added even more fuel to the fire with July 1st inventories less than expected at 97.6 percent of last year, while placements came in well under industry expectations at 93.8 percent of 2013, and fed marketings were slightly higher than thought at 98.2 percent of the same timer a year ago.  The mid-year cattle inventory report showed 95 million total cattle which was down 3 percent from two years ago (latest available comparison).  There were 29.7 million beef cows (also down 3 percent) and shockingly beef replacement heifers were down 2 percent from July 2012.  The 2014 calf crop was projected to be down 1 percent from last year at 33.6 million head.  This week’s reported auction volume included 43 percent over 600 lbs and 40 percent heifers.

.

July 25th - Canadian Weekly Cattle Report:
Provided by CanFax

Fed cattle rise

  • The summer fed market continues to outperform expectations as record highs were again set.
  • A cool summer in the United States is preventing the usual shift to lighter meals and keeping the demand for barbecue meat strong, even with beef prices near record high.
  • The Canfax fed steer weighted average was a record $164.10 per hundredweight, up $1.15, and heifers averaged $160.94, up 71 cents.
  • Average fed prices were $43-$45 per cwt. higher than the same week last year.
  • Demand was almost exclusively from Canadian buyers.
  • The Alberta-Nebraska cash-to-cash basis was a strong -$3.73, so it is not surprising exports to the U.S. have fallen off.
  • The cash-to-futures basis closed last week at +$1.97, much stronger than the five-year average of -$8.78.
  • Cash supplies remain current, and there will be little pressure on prices over the next couple of weeks.
  • Some cattle that were destined for the August fed market are instead being sold now.
Cows set new record
  • Western Canadian cow slaughter topped 6,000 head for the first time since the week of March 22.
  • Strong prices continue to bring non-fed cattle to market.
  • D1, D2 cows ranged $109-$124 per cwt. to average a record $116.20, up $1.20 over the week.
  • D3 cows ranged $97-$111 to average $104.25, up $2.25.
  • Rail grade cows ranged $210-$215, up $3.
  • Slaughter bulls were $127.35, up $2.78 from the previous week and up $38 over the same time last year.
  • Western Canadian cow slaughter is six percent below last year but 18 percent larger than 2012.
  • Non-fed exports to July 5 totalled 3,476 head, down 28 percent from the same week last year.
Feeders mixed
  • The cash feeder market was lightly tested, with feeder steers on average rising $2.54 per cwt. and heifers down 60 cents.
  • A large portion of the offering was non-fed cattle.
  • Instead of chasing after the few feeders on the cash market, many terminal lots are calling upon background inventory to fill bunk space.
  • Most yearlings offered on electronic and satellite sales over the past couple of weeks have been for forward delivery.
  • There was good buying interest from local, eastern Canadian and American feedlots.
  • The 850 pound steer cash-to-futures basis closed the week at -$25.12, similar to levels in 2005 and 2013.
  • Basis normally strengthens into the summer.
  • Alberta auction volumes totalled 9,614 head, down 17 percent from the previous week.
  • Exports to July 5 totalled 751 head, up 23 percent from last year.
  • Corn prices are falling on prospects for record yields and record production. That could weigh on feed barley prices.
.

July 25th - U.S. Cattle Inventory Down 3% from 2012

As of July 1, there were 95.0 million head of cattle on U.S. farms, according to the Cattle report published today by the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS). This is the lowest inventory for July 1 since the series began in 1973.

Other key findings in the report were:

  • The 2014 calf crop is expected to be 33.6 million, of which 24.3 million were born during the first half of the year and 9.3 million are expected to be born in the last six months of 2014.
  • With tighter cattle supplies and historic cattle prices, all cattle on feed decreased to 11.6 million, down 6 percent from 2012.
  • Of the 95.0 million cattle and calves, 39.0 million were all cows and heifers that have calved.
  • Of the 39.0 million cows and heifers that have calved, 29.7 million head were beef cows and 9.3 million were milk cows.
Faced with budget reduction in fiscal year 2013, NASS discontinued the July edition of the Cattle report. The agency was able to bring the report back this year, however, following the complete reinstatement of the budget for its estimates program.
.

July 25th - Cattle on Feed Report:

United States Cattle on Feed Down 2 Percent

  • Cattle and calves on feed for slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 10.1 million head on July 1, 2014. The inventory was 2 percent below July 1, 2013. The inventory included 6.46 million steers and steer calves, down 1 percent from the previous year. This group accounted for 64 percent of the total inventory. Heifers and heifer calves accounted for 3.60 million head, down 5 percent from 2013. 
  • Placements in feedlots during June totaled 1.46 million, 6 percent below 2013. Net placements were 1.38 million head. During June, placements of cattle and calves weighing less than 600 pounds were 400,000, 600-699 pounds were 245,000, 700-799 pounds were 320,000, and 800 pounds and greater were 490,000.
  • Marketings of fed cattle during June totaled 1.85 million, 2 percent below 2013. This is the lowest fed cattle marketings for the month of June since the series began in 1996. 
  • Other disappearance totaled 75,000 during June, 19 percent above 2013.
Analysts regarded the report as positive as placements were smaller than expected and marketings were as expected. This meant the July 1 COF total was 0.6% below analysts’ average forecast. Four states, Arizona, Iowa, Nebraska and South Dakota again had COF totals above a year ago. Texas had the most cattle on feed (2.490M head), although its total was down 3.0% on a year ago. Nebraska was second with 2.260M head (up 4%) and Kansas third with 1.900M head (down 6%). The trend of feeding more cattle up north was evident. Iowa placed 20% more cattle in June than a year ago, Minnesota 50% more, Nebraska 14% more and South Dakota 15% more. The weight breakdown showed a 19.2% year-on-year increase in cattle under 700s lbs (up 104,000 head) but also a 19.2% decline in placements 700 lbs and over (down 200,000 head). Four states, Colorado, Kansas, Nebraska and South Dakota, marketed more cattle in June than a year earlier.
 
Cattle on Feed Inventory in 1,000+ Capacity Feedlots as of July 1st
Millions of Head
.

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

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

.
Cattle on Feed by State
.
.
.

July 25th - Shootin' the Bull Weekly Analysis:
.
In my opinion, this last move up from July 16th is literally vertical.  It is doing so on significant divergence of the oscillator.  It is perceived that every entity out there is attempting to bring something to market or breed something to fill the void.  As I write this, only fat contracts have set new contract highs.  None of the feeder cattle have.  Most of this year has been history setting in a number of factors.  One of the most interesting is the potential for the August contract to trade premium to the October.  I don't recall ever having seen this.  It still may not occur, but it's within a dollar a now.  High volume trading days and near hyper volatility has put some traders to the sidelines and some hedgers there as well.  Lenders are caught in one whale of a mess.  Having to meet persistent margin calls for clients is one burden.  The other is having the largest extent of working capital on loan to participate with no price protection, leaves them very vulnerable as some participants may not be equipped to handle what the future may hold.  It is perceived that a significant portion of the higher trade is due to fed cattle being slaughtered to meet a hamburger demand.  With the least expensive beef product leading the way, it does not give one a very good feeling for what could happen if this demand were to decline. Feedlots remain at a significant disadvantage over back grounders with the inability to lay off price risk at a break even.  While current cash prices are showing record profits, cattle purchased this summer have yet to be marketed with the price for newly acquired inventory being ratcheted up nearly every week and fall fat contracts discount to cash.  Again, only in my opinion, but it is perceived that with the increase of contractual agreements, throughout all sectors, attempting to secure a more consistent inventory flow, that some are being squeezed from potential delays in owning sold inventory or having priced the contracts at lower levels. 

Backgrounders that were hedged futures got a disappointing break in the basis over the past 7 trading days having gone from a $7.00 positive basis to a $7.00 negative basis.  This is anticipated to improve, but I am not sure whether it will be futures moving lower or cash moving higher.  I perceive everyone is waiting with bated breath for Friday's on feed report and the reinstated semi-annual cattle inventory report that had been discontinued by the sequester due to the perceived poor management of government funding. While the on feed report should not have too much skeptisism about it, the inventory report could with large gaps in data.  Regardless, one is riding a bull market with every attempt being made to circumvent the situation.  Therefore, it remains my recommendation to keep put option strike prices rolled up as tight to the underlying futures contract as one perceives needed to capture the current price that may, or may not, be available in the future. 

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.

.

July 25th - Lower Crop Prices Hurting Ag Industry

Lower crop prices are already hurting the ag industry. Some spot corn quotes in North Dakota have recently fallen below $3.00/bushel. That may at least partially reflect the region’s problems with inadequate rail industry capacity to handle both ag and energy sector needs. Still, the effects of falling crop prices are already being felt. Creighton University recently stated its July farmland and ranchland index at 48.3, which lagged the weak June result of 49.1. Index readings under 50 are considered recessionary. The latest farm equipment sales index slumped to a very poor reading at 33.4. 

.

July 25th - Chinese Beef Imports Forecast to Double by 2018

Beef imports to China are likely to double by 2018, Rabobank Group said in a report on Wednesday.

Pan Chenjun, a senior analyst at the bank, said domestic beef output is declining at the same time as there's a growing demand for high-protein food in China.

"The domestic beef industry is lagging behind all major beef-producing countries in terms of breeding, productivity, farm management, grassland and feed resources and other key aspects," said Pan. "In other words, China will still need to rely on beef imports."

China, the world's biggest meat consumer, became a huge beef importer in 2013 as inward shipments almost quadrupled year-on-year to about 300,000 metric tons, according to the bank.

The bank has forecast annual import growth of 15 to 20 per cent in the next five years, although the actual volume of imports may actually be double the official figures because of widespread smuggling.

"Cattle farmers are shifting to other agribusinesses due to a lack of government support and the large amounts of time and money required to raise cattle," Pan said. "Major players are facing the dilemma of where to source beef supplies."

To boost domestic output, China has increased support to the beef industry, but not enough to fill the gap between demand and supply.

The country aims to increase production from 6.3 million tons in 2013 to 7.17 million tons in 2015 and 7.86 million tons in 2020, according to the report.

There are also signs that China is changing its stance on beef imports. Pan said China is likely to lift the mad cow-related ban on Brazilian beef within the year and allow US beef imports in the next two years.

Australia, which is China's top supplier with about 52 per cent of total imports during the first five months of the year, faces declining output because of a serious drought.

.

July 23rd - Cold Storage Report
  • Total red meat supplies in freezers were down 5 percent from the previous month and down 13 percent from last year.
    • Total pounds of beef in freezers were down 5 percent from the previous month and down 26 percent from last year.
    • Frozen pork supplies were down 7 percent from the previous month and down 5 percent from last year. 
    • Stocks of pork bellies were down 2 percent from last month but up 100 percent from last year.
  • Total frozen poultry supplies on June 30, 2014 were down 2 percent from the previous month and down 18 percent from a year ago.
    • Total stocks of chicken were down 9 percent from the previous month and down 18 percent from last year.
    • Total pounds of turkey in freezers were up 9 percent from last month but down 19 percent from June 30, 2013.
.

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
.
<img src="/cgi-sys/Count.cgi?df=CattleIndustryNews.dat|display=Counter|ft=0|md=5|frgb=100;139;216|dd=E">
.
Copyright © TM - The Cattle Range - All Rights Reserved


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

July 3

C

.