With new name, squared away tax bill, beef plant may make a go of it
Apr 5, 2014 Aberdeen News - Scott Waltman
What the next step is for an idled beef plant on the south side of Aberdeen remains unclear, but the finalization of the bankruptcy sale of the former Northern Beef Packers to White Oak Financial Advisors has settled two matters. One is the plant has a different name, New Angus. The other is that it has paid more than a million dollars in delinquent property taxes to Brown County.
Rising food prices bite into household budgets
Mar 19, 2014 USA Today - Janet Loehrke and Jeff Dionise
Prices are rising for a range of food staples, from meat and pork to fruits and vegetables, squeezing consumers still struggling with modest wage gains. Food prices rose 0.4% in February, the most since September 2011, the Bureau of Labor Statistics said Tuesday. Beef and veal shoppers were socked with some of the biggest increases, as prices jumped 4% from January. Overall inflation remained tame, as falling gasoline and other energy costs offset the food price increases. The consumer price index ticked up just 0.1% from January and 1.1% in the past year.
Pricey calves threaten U.S. feedlot return to profitability
Nov 25, 2013 Reuters - Theopolis Waters
Nov 25 (Reuters) - A sharp drop in feed corn prices caused by the huge U.S. harvest last month has put the nation's cattle feedlots in the black for the first time in more than two years. But analysts warn those profits could soon disappear as the prices they pay for scarce lightweight calves remain near record high. Feedyards and packing plants, such as Cargill Inc and Tyson Foods Inc, are drawing from a shallow pool of cattle after multi-year droughts in the country whittled the herd to its lowest in more than 60 years. The Denver-based Livestock Marketing Information Center (LMIC) calculated that feedlots in October, on average, made about $39 per head on cattle sold to meat companies. That compares with a loss of $21 per head in September, which was the 29th consecutive month of losses.
Nation’s largest pork processor announces sale
Jun 3, 2013 AgriNews - Jeannine Otto, Field Editor
SMITHFIELD, Va. — The nation’s largest hog processor, Smithfield Foods, announced that it was entering into a merger agreement with Shuanghui International Holdings Limited, the majority shareholder of Henan Shuanghui Investment and Development Co., China’s largest meat processor. The deal, which still needs approval from the U.S. government, is valued at $7.1 billion. The sale was announced on May 29. “It will be business as usual — only better — at Smithfield. We do not anticipate any changes in how we do business operationally in the United States and throughout the world,” said C. Larry Pope, president and CEO of Smithfield. Upon the finalization of the sale, Smithfield will be a wholly-owned subsidiary of Shuanghui International Holdings Limited. Pope is expected to continue as CEO as are the management teams and some 46,000 people employed by Smithfield in the U.S.
Wholesale beef prices smashing records; more may be on the way
May 20, 2013 Meatingplace.com - Rita Jane Gabbett
Last week wholesale Choice beef prices hit $209.51 per hundredweight, the latest of several record levels reached in two weeks as pent-up demand from a delayed grilling season met concerns about future beef supplies. Analysts contacted by Meatingplace expect more records ahead. “I have felt for some time that when we broke through the $200-per-hundredweight barrier for Choice boxed beef that we might see a fairly quick run up to the $210 to $212 range,” said Oklahoma State University Livestock Marketing Specialist Derrell Peel. “That said, this is a late run and we may be close to a top for the first half of the year.” Livestock economist John Nalivka, principal of Sterling Marketing, cautioned, however, that future prices also depend on what consumers decide to put on their grills this summer.
Smallest U.S. cattle herd in 60 years may raise beef prices
Jan 29, 2012 USA Today - Paul Davidson
Low cattle supplies in 2012 are expected to drive up beef prices for the second year in a row, stretching consumers still coping with high unemployment and only modest wage increases. The Agriculture Department reported Friday there were about 91 million head of cattle in the U.S. on Jan. 1, down 2% from a year ago and the lowest level since 1952. Retail beef prices, now near record levels, will likely rise 4% to 5% this year following a 10% increase in 2011, according to Agriculture. John Nalivka, owner of consulting firm Sterling Marketing, estimates prices could rise as much as another 10% - more than double the inflation rate for all food.