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| The Arizona Cattlemen's Association Industry News - October 12, 2007 - Industry Briefs | |||||||||||||
| Market Highlights At press time fed cattle trade had only been established in Nebraska in a range from $90 to $91 live and $138 to $142 dressed. Live values were mostly steady and dressed values were steady to $4 lower on moderate volume. In the South cattle feeders were passing bids up to $90 live. Feeder cattle values were $1 to $3 lower and calf values ranged from $1 lower to as much as $5 lower. Market cow prices were $1 to $3 lower. Boxed beef values softened through Thursday with Choice down $2.78 at $143.96 and Select down $1.97 at $134.36. Estimated slaughter at 639,000 was down 33,000 head from the week prior. Corn Stocks Improve U.S. ending stocks of corn for the 2007/08 marketing year were raised 322 million bushels to 1.997 billion bushels in the October supply and demand report. Beginning stocks were raised 162 million bushels. Corn production was increased 10 million bushels to 13.318 billion bushels. Corn acreage was increased, but was nearly offset by a 1.1 bu/ac reduction in projected yield at 154.7 bu/ac. Domestic usage was lowered as feed usage and corn used for ethanol both declined 100 million bushels, but exports were raised 100 million bushels to 2.35 billion. Ending stocks relative to total usage improved from last month's 13.1 percent to 15.8 percent. Beef Talks Unsuccessful Officials from the U.S. and South Korea failed reach an agreement in this week's beef talks. U.S. officials cited the OIE (World Organization of Animal Health) "controlled risk" status which was given to the United States in May. OIE "controlled risk" status says boneless beef from cattle under the age of 30 months is considered safe and with proper precautions, boneless and bone-in beef from older animals is also safe. Further talks on opening the South Korean market to U.S. beef will continue. |
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