In mid-August, the Tenth Circuit Court of Appeals ruled in favor of oil and gas company Entek GRB in its appeal of an earlier case against Stull Ranches in Colorado. Stull owned the surface rights to the area in question, while Entek owned the mineral rights under much of Stull’s ranch and adjoining surface parcels.
Very light trade developed Wednesday at $158-160 live in Minnesota and $250 dressed in Nebraska and Iowa, but at levels too low to set the week’s trend. Still, the early trade at $3-5 higher live and $5-8 higher dressed caught the market’s attention. Live futures closed strong on Wednesday and followed suit on Thursday.
Back in mid-July, Tyson issued an Offer to Purchase Hillshire Farms for $63 per share in cash, with the acquisition totaling $8.5 billion. The offer was extended several times and eventually came under Department of Justice (DOJ) scrutiny for potential antitrust concerns.
The frog was once native to much of the Pacific Northwest, but is now found in restricted areas in northern California, Oregon, and Washington in the U.S. as well as British Colombia in Canada. According to the USFWS’ final rule, it currently occupies 10-24 percent of its historical range.
“However, I believe we get past Labor Day and further into the month of September and the market will be dealing with increased supplies of competing proteins and heavier carcass weights. This likely resumes the recent downtrend in cash cattle prices from the historic highs posted earlier [in August].
The Aug. 1/July Cattle on Feed report was released Friday, Aug. 22. While everything was predicted down— and everything was down— things weren’t as down as analysts expected. The report has been called mixed neutral to bearish, particularly for record low placements that still disappointed expectations, and for the lagging marketing rate.
As with the prior week, cash fed trade developed earlier than usual last week. A trickle of trade began Tuesday with Wednesday seeing the majority of trend-setting prices. Trade on Thursday was in clean-up mode as almost 70,000 head were confirmed sold week-to-date.
U.S. farmers and ranchers finally got a farm bill in 2014 after waiting years for an update on the 2008 version. The bill was passed with little fanfare—or booing—outside of the agricultural community, but there have been a steady stream of implementation dates and milestones since it was signed by the president.
Last Monday, the U.S. Attorney Melinda Haag and Lori Chan, USDA Office of Inspector General, announced the indictment and charges against two co-owners and two employees of Rancho Feeding Corporation, the slaughter plant that resulted in 8.7 million pounds of recalled beef in February 2014.