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Articles from 2011 In June


Beef

CHS To Contribute Over $1 Million To North Dakota Flood Relief

ST. PAUL, Minn., June 29, 2011 /PRNewswire/ -- CHS Inc. (Nasdaq: CHSCP), a leading energy, grains and foods company, will contribute $1.1 million to North Dakota flood relief efforts, the company announced today.

CHS is contributing $1 million in flood relief to North Dakota communities impacted by recent severe flooding. In addition, the CHS Foundation, an independent, private foundation supported by CHS Inc., is contributing $50,000 to the American Red Cross to aid in flood relief efforts. The company is making an additional $50,000 corporate contribution for direct support to the nearly two dozen CHS employees whose homes have been damaged by severe flooding in the Minot area.

"We recognize the significant challenges faced by so many individuals and communities impacted by the recent flooding," said Carl Casale, CHS president and CEO. "We hope these contributions will help those affected by this disaster as they begin to recover and restore their homes, farms and businesses."

CHS provides a full array of agriculture and energy products and services to its member-owner farmers, locally-owned cooperatives and consumers throughout North Dakota.

CHS and the CHS Foundation will match contributions by CHS employees/retirees and member-owners. Matching contributions must be received by July 29, 2011. For more information see www.chsinc.com.

CHS Inc. (www.chsinc.com) is a diversified energy, grains and foods company committed to providing the essential resources that enrich lives around the world. A Fortune 100 company, CHS is owned by farmers, ranchers and cooperatives, along with thousands of preferred stockholders across the United States. CHS supplies energy, crop nutrients, grain, livestock feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products. CHS is listed on the NASDAQ at CHSCP.

The CHS Foundation (www.chsfoundation.org) is the major giving entity of CHS Inc. (www.chsinc.com). As a part of the CHS stewardship focus, the CHS Foundation is committed to investing in the future of rural America, agriculture and cooperative business through education and leadership development.

This document contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that are based on management's current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. The company undertakes no obligations to publicly revise any forward-looking statements to reflect future events or circumstances. For a discussion of additional factors that may materially affect management's estimates and predictions, please view the CHS Inc. annual report filed on Form 10-K for the year ended Aug. 31, 2010, which can be found on the Securities and Exchange Commission web site (www.sec.gov) or on the CHS web site www.chsinc.com.

Beef

Newly Revised "Farm Estate And Business Planning" By Dr. Neil E. Harl Now Available

16th edition online in many eBook formats and also in printed format

Ames, IA and Kelso, WA, (AgPR), June 29, 2011 – The Agricultural Law Press is honored to publish Dr. Neil E. Harl’s 16th edition of his popular book, Farm Estate and Business Planning in print and all forms of eBook.

This 454 page soft cover book is an excellent guide for farmers and ranchers who want to make the most of the state and federal income and estate tax laws to assure the least expensive and most efficient transfer of their estates to their children and heirs. This book contains detailed advice on assuring worry-free retirement years, using wills, trusts, insurance and outside investments as estate planning tools, ways to save on estate settlement costs, and an approach to setting up a plan that will eliminate arguments and friction in the family.

“This edition is rather special,” says Harl, “in light of the tax legislation passed in December 2010.”

The book contains extensive coverage of that landmark legislation and updates the 26 chapters with recent developments in farm and ranch estate planning and farm and ranch business planning since the 15th edition was published in 2001. The book is written in easy-to-read language and is designed for use by farm and ranch families.

The book also includes discussion of employment taxes, formation and advantages of use of business entities, federal farm payments, state laws on corporate ownership of farm land, federal gift tax law, annuities, installment obligations, charitable deductions, all with an eye to the least expensive and most efficient transfer of the farm to heirs.

Nearly 175,000 copies of the book, which traces its history back to the first edition in 1973, are in circulation.

Harl, the Charles F. Curtiss Distinguished Professor in Agriculture and Emeritus Professor of Economics, is retired from the Iowa State University faculty after 40-years service. He holds a law degree from the University of Iowa and a bachelor’s degree and Ph.D. in economics from Iowa State. He is the author of 29 books and more than 450 publications in legal and economic journals and bulletins as well as more than 1,000 in farm and financial publications. Dr. Harl has made more than 3300 presentations in 43 states and 17 foreign countries and has received more than 30 major awards during his long career at Iowa State.

New for the 16th Edition, the book is available in print and all forms of eBook, including the Kindle, Nook and iPad, downloadable from the Agricultural Law Press web page dedicated to this book at http://alp.omnistorefront.com.

Orders are also accepted by e-mailing Robert@AgriLawPress.com or by calling +1-360-200-5666.

The address of the Agricultural Law Press is 127 Young Rd., Kelso, WA 98626.

The Agricultural Law Press, LLC is an entity comprised of Dr. Neil E. Harl and Robert P. Achenbach, Jr. The Press publishes a biweekly newsletter, Agricultural Law Digest, a desk reference book, Agricultural Law Manual by Neil E. Harl, a college-level text, Principles of Agricultural Law, by Roger A. McEowen and Neil E. Harl, and Farm Estate and Business Planning, 16th edition, by Neil E. Harl. For more information visit www.AgriLawPress.com

NBC's The Voice And The Beef Business

110422065607881666.jpg I’m not a big TV watcher, but I made an exception for NCB’s instant-hit “The Voice,” which features Christina Aguilera, Cee Lo Green, Adam Levine and Blake Shelton coaching promising singers in their quest to make it big in Los Angeles. Although some of my favorite country acts were voted off in earlier rounds, I quickly fell in love with the talented and beautiful Dia Frampton, who had the opportunity to sing duets with both Shelton and his wife, Miranda Lambert, in the last two nights of finals. So, what does this recap have to do with the beef industry? Be patient; I’ll get to my point.

Last night in the season finale, America was inspired and awed by the classic pairing of Lambert and Frampton, as the duo sang the country song, “The House That Built Me.” The lyrics of this song describe a woman who has left home and returns to revisit old memories of a wonderful childhood spent in an old farmhouse, and it's a song I think a lot of us can relate to. As proud-papa Shelton watched his two leading ladies angelically perform this song, I don’t think there was a dry eye in the house. If you recall, I wrote a previous post about Shelton and Lambert tying the knot and how we, in rural America, can call these two friends. Check it out, "Miranda Lambert, Blake Shelton Represent Real Country Values."

One of the things I liked about this show was how close-knit it seemed the coaches and performers became throughout the journey. And, despite the fact that Green is on the eccentric side, Levine is a rocker, Aguilera is a popstar and Shelton is a good 'ol country boy, they united together and set aside their differences in order to give these young talents a fighting chance at a golden opportunity.

That got me thinking about the beef industry and the many issues we tend to bicker about. I don't care who you pay your membership dues to: National Cattlemen’s Beef Association (NCBA), the United States Cattlemen’s Association (USCA) or the Ranchers-Cattlemen Action Legal Fund, United Stockgrowers of America (R-CALF). And, it really doesn't matter to me if you are a Democrat or a Republican, or if you raise crops or cattle. At the end of the day, these differences shouldn’t stand in the way of progress for the agriculture industry.

Simply stated, farmers and ranchers need to unite to accomplish one goal: feed the world for a sustainable tomorrow. What that means is we need to continue to grow through competition, research, education and innovation. We need to strive to grab market opportunities, both domestically and internationally. We need to meet the growing demand to feed a hungry world, and we have to do it in a manner that’s sustainable. To me, sustainability means focusing on both environmental and economic factors in food production.

To accomplish these goals, which are ultimately our main priorities, that might mean setting aside petty differences. It might mean swallowing your pride and making a compromise. We may think differently about a lot of hot topic issues like the checkoff, ethanol subsidies, trade agreements and best policies to fit our industry, but if we continue to squabble amongst ourselves, we will miss the forest for all the trees. Let’s focus on doing our jobs -- feeding the world, taking care of the land and animals, and providing a living for our families. Sorry NBC, “The Voice” was great, but to me, getting along and working together toward a common goal is the best song of all.

Did you watch "The Voice?" Did you enjoy seeing Shelton, Lambert, Brad Paisley and Reba McEntire make appearances in Hollywood?

What issues do you think we need to tackle head on in the beef business today? What can be done to stop the fighting and focus on these issues? How can we compromise to be more successful and productive farmers and ranchers?

Board Seeks Comments On Cattle Boundaries

The Montana Board of Livestock is taking public comments on a proposal to adjust boundaries and implement new animal identification standards for cattle within the state’s Designated Surveillance Area, which is a disease management area intended to reduce the risk of brucellosis transmission from wildlife to domestic livestock.


The area includes parts of Beaverhead, Gallatin, Madison and Park counties nearest to the nation’s last known remaining reservoir of bovine brucellosis in the Greater Yellowstone Area. Reducing the risk of transmission is meant to protect the state’s ability to market cattle to other states.


“Other states, specifically destination states for Montana cattle such as Nebraska, South Dakota and Colorado, have been implementing stricter import requirements for Montana cattle due to the potential of livestock exposure to brucellosis-infected wildlife in a small portion of the state,” says Eric Liska, the state’s staff brucellosis veterinarian. “They understandably want to make sure they do not import disease into their respective states, and they want to be assured that we’re doing everything we can to mitigate that risk.”


To read the entire article, link here.

Cattlemen's Beef Board CEO Resigns

Statement from the CBB Executive Committee, June 29, 2011

From Wesley Grau, Chairman, CBB Executive Committee

"After more than 17 years of committed service to the beef checkoff, the Cattlemen’s Beef Board (CBB) Executive Committee yesterday reluctantly accepted Chief Executive Officer Tom Ramey’s resignation. Tom served as both the Cattlemen’s Beef Board chief financial officer and, most recently, as chief executive officer. In his role as CEO, Tom was responsible for developing and leading a team of experienced and dedicated individuals who work every day for the checkoff. Tom also worked tirelessly to provide detailed oversight of checkoff expenditures, and recently spearheaded the effort to rewrite Cattlemen’s Beef Board’s operating guidelines to clarify contractor responsibilities.

"The Executive Committee has asked Polly Ruhland to act as interim CEO for the present time. After more than 20 years in the beef industry, Polly was most recently CBB’s vice president of planning and evaluation, and before that served in several senior staff positions at the National Cattlemen’s Beef Association. Through this experience, she understands both the beef checkoff oversight and contractor roles, and is highly qualified to help us move the checkoff forward in its goal to build demand for beef.

"We appreciate that Tom’s decision to resign was a personal one for him and his family, and we thank him for his dedication to the nation’s farmers and ranchers through his service to the beef checkoff."

Do You Support The Checkoff?

mybeefcan_logo_color_url.jpg I received an interesting phone call yesterday morning from a BEEF Daily reader and natural, grass-fed beef producer from New York who wanted to talk about yesterday's blog on high live-cattle prices and high beef prices in the grocery store. His big question was, "When will these dollars start to trickle back down to me?" We had an interesting conversation about beef supply and demand, producer input costs and reaching consumers on the East Coast through his niche marketing. It was a dynamic conversation, but I when I asked him if he supported the beef checkoff, this producer asked me, "What's that?" And, that's where the problem lies for our industry.

For those not familiar, the checkoff is a producer-funded marketing and research program designed to increase domestic and/or international demand for beef. This can be done through promotion, research and new product development, and a variety of other marketing tools. The Cattlemen's Beef Board (CBB) and USDA oversee the collection and spending of checkoff funds.

In a recent effort to gauge producer support and understanding of the checkoff, the twice annual "Producer Attitude Survey” is conducted.

"Producers have consistently tended to rate the checkoff positively and knowledge about the checkoff continues to be a predictor of favorability toward it," says the Cattlemen's Beef Board (CBB).

However, with fewer cattlemen and fewer dollars being thrown in the pot, many are asking if the beef checkoff program is still relevant and effective. As a beef producer myself, I'm supportive of the beef checkoff and understand that studies show for every dollar invested, there is a $5.50 return. However, recent political squabbles have tainted the image of the checkoff, and many are wondering if a referendum to raise the dollar checkoff or continue the program was introduced, would it pass?

Not familiar with the beef checkoff program? Learn more about it here. Today's BEEF Daily question is simple: Do you support the checkoff? Yes or no? My second question is: Would you like to see the fee raised to $2 or should the program be scrapped all together? I'm looking forward to an interesting debate!

2012 Beef Study Tour to Brazil Itinerary and Information

View photos from the 2008 Brazil/Argentina trip here.

2012 Beef Study Tour to Brazil
Jan 18- 28, 2012

Meals code:
B = Breakfast L = Lunch D = Dinner InFl = In Flight

Day 1 – Wednesday, Jan. 18 – Miami to São Paulo, Brazil – InFl

  • Overnight flight from Miami, FL, to Sao Paulo, Brazil
    TAM flight JJ8091 departs at 6:15 p.m.

Day 2 – Thursday, Jan. 19 – São Paulo – Campo Grande – InFl, L

Day 3 –Friday, Jan. 20 – Campo Grande – B, L

  • Morning visit: EMPRABA, a beef & pasture federal research center. http://www.cnpgc.embrapa.br/
  • Afternoon ranch visit (TBA)
  • Overnight: Jandaia Hotel

Day 4 – Saturday, Jan. 21 – Campo GrandeBela Vista – B, L, D

  • Morning ranch visit: Fazenda Prata de Lei, a 954-acre Nelore breed seedstock genetics operation with high productivity. Owned by Sergio Prandini and managed by his son Paulo Prandini. www.marcajd.com.br
  • Afternoon transfer to Bela Vista.
  • Overnight: Pousada Princesa do Apa

Day 5 - Sunday Jan. 22 – Bela Vista - B, L, D

  • Today we’ll visit Fazenda Marilandia, a 4,970-acre ranch, an operation that shows diversity: commercial and Nelore genetics on the cattle operation, and partnerships growing rice, eucalyptus and producing charcoal. This ranch is owned by Maria Loureiro Pinheiro, Renata Stephens’ (Brazilian Liaison) aunt. We’ll have a traditional family lunch there and experience the Brazilian hospitality.
  • Overnight: Pousada Princesa do Apa

Day 6 – Monday, Jan. 23 – Bela Vista - B, L, D

  • Full-day ranch visit (TBA)
  • Overnight: Pousada Princesa do Apa

Day 7 – Tuesday, Jan. 24 – Bela Vista – B, L, D

  • Full-day ranch visit (TBA)
  • Overnight: Pousada Princesa do Apa

Day 8 – Wednesday, Jan. 25 – Bela Vista – Rio de Janeiro – B, InFl

  • Early departure to Campo Grande for your flight to Rio de Janeiro, the Wonderful City.
    JJ3773 25JAN CGR-CGH 4:35 p.m. 7:08 p.m.
    JJ3958 25JAN CGH-SDU 9:00 p.m. 9:55 p.m.
  • Overnight: Marina Palace Hotel http://www.hotelmarina.com.br/palace/en/

Day 9 – Thursday, Jan. 26 – Rio de Janeiro – B, D

Day 10 – Friday, Jan. 27 – Rio de Janeiro, USA – B, InFl

  • After breakfast enjoy the rest of the day at leisure.
  • Overnight flight to the US.
  • JJ8056 27JAN GIG-MIA 9:58 p.m. 3:45 a.m.

Day 11 – Saturday, Jan. 28 – Miami – InFl

  • Early arrival in Miami (3:45 a.m.). After clearing customs, embark on your domestic flight back home.
    End of Tour
    * Itinerary subject to change for the benefit of the tour

Space limited to 25 participants

For price please contact us by e-mail: Renata@BrazilianLiaison.com or by phone 612-802-2388.
A deposit of U$1,000/person is required at time of registration. Deposit is NON-Refundable.

Included in the tour package:

  • Roundtrip International airfare (U.S.- Brazil-U.S.) in economy class
  • Domestic flights within Brazil in economy class
  • 2-3 meals a day as per itinerary
  • Air-conditioned private ground transportation
  • Tourist class hotel accommodation (based on double/twin occupancy)
  • Transfers to/from airports and hotels
  • Tours and professional visits as noted
    Tour escorts : Brazilian Liaison staff / Portuguese, English interpreter, and BEEF magazine representative
    Air and hotel taxes

    NOT included in the tour price:
  • Domestic flights within USA/Canada (Brazilian Liaison can provide domestic add-ons from your home airport).
  • Visa to Brazil.
  • Porterage at airports and hotels.
  • Optional tours (Helicopter tour, hiking, fishing, etc).
  • Beverages with meals (unless specified).
  • Hotel incidentals (minibar, phone calls, laundry, etc.)
  • Meals not mentioned/included in itinerary.
  • Tips/Gratuities to local guides/drivers.
  • Travel medical and/or cancellation insurance.

Passport & Visa Information
Each participant must have a passport.The passport should be valid for at least six months beyond the date of departure. If you do not currently have a passport, you must apply for one now to avoid any delays. You must have a passport in order to obtain your visa. (Fees for renewing or obtaining a new passport not included in tour price.) Please allow at least three (3) months for passport processing!
A visa is required for entry into Brazil. Once you have signed up and submitted your deposit you will be receiving specific visa sign-up instructions. Brazilian Liaison can help you with your visa application. The visa application must be completed, signed and sent to Brazilian Liaison (or a visa service of your preference), with your passport no later than Oct. 30, 2011. The participant will be responsible for any additional fees should they not apply for the visa by the deadline.

Cancellation:
Cancellation of bookings must be made in writing. The deposit of U$1,000.00 is non-refundable.
From time of registration to 30 days prior to departure – Brazilian Liaison is committed to return any funds which are not required by suppliers (airlines, hotels, etc.) cancellation policies. No show – no monies are returned.

Travel Insurance:
Brazilian Liaison recommends you to have travel/cancellation insurance. If you would like a quote, contact KET BOE at 763-754-1879 or by email at ketboe@msn.com. Please contact her prior to sending your sign-form, as some insurance companies require purchase of travel/cancellation insurance at time of registration.

Tour Conditions & Limitation:
The responsibility of BEEF magazine, – herein after referred to as Penton Media - and Brazilian Liaison herein after referred to as BL – and its tour agents is strictly limited. They act only as agents for the passengers in regard to hotels, transportation (whether by railroad, motor coach, private car, steamship, aircraft, or any other conveyance), sightseeing and other services, and as such assume no liability for injury, damage, loss, accident, delay or irregularity, which may be caused either by reason of defect, through the acts or defaults of any company or person engaged in conveying the passengers or in carrying out the arrangements of the tour or as a direct or indirect result of acts of nature, dangers incident to the sea, fire, breakdown in machinery, or equipment, acts of governments or other authorities, dejure or de facto, wars, whether declared or not, hostilities, civil disturbances, strikes, riots, theft, pilferage, epidemics, quarantines, medical or customs regulations, or from any causes beyond their control, or from any loss or damage resulting from improper passports, visas, or other documents. Nor shall any carrier have to incur liability as a common carrier. Penton Media/BL can accept no responsibility for loss or additional expenses due to delay or changes in schedule or other causes. All rates are based on tariffs in effect at the time the tour was planned and are subject to change in the event of adjustment therein. Baggage is carried at the owner's risk and baggage insurance is recommended. The issuance of tickets and vouchers shall be deemed to be consent to the above conditions. Further, airlines used are not to be held responsible for any act, omission, or event during the time the passenger is not on board the aircraft or conveyances. The passenger tickets in use by the airline(s) when issued shall constitute the sole contract between such airlines and the purchasers of these tickets and/or the passenger. Penton Media/ BL and its tour agents reserve the right to make changes for the betterment of the tour group or reasons beyond their control. Penton Media/BL and its tour agents are not responsible or liable for loss, damage, or theft of luggage and/or personal belongings, so please be sure to have adequate insurance to cover loss, damage, or theft. Many people and companies are involved in the planning and provision of your tour. Hotels or transport services are provided in your tour arrangements over which there is no direct control.

Beef

Unloading Mycoplasma Bovis

The next load of cattle may carry more than just an opportunity for profit

Producers who regularly deal with high-risk cattle — those animals that may weigh a little less or have been commingled with others from different backgrounds — have seen what Mycoplasma bovis can do to cattle health. However, even the best-prepared operations can experience the disease.

“If you are buying well-managed cattle, you don’t generally see M. bovis as a common theme, but every once in a while you get proof of the problem,” says Daniel Scruggs, DVM, Veterinary Operations, Pfizer Animal Health. “We don’t know how it happens, but all of a sudden we can see herds that are treating for M. bovis, but by far the most common manifestation is in cattle that are at high risk.”

M. bovis is one of the most common infectious agents connected to clinical cases of bovine respiratory disease (BRD), which is estimated to cost the beef industry nearly $1 billion in economic losses from death, reduced feed efficiency and increased treatment costs.1,2

Dr. Scruggs notes that producers should pay close attention to classes of cattle that are most likely to develop M. bovis-related disease, including cattle that have been commingled, lightweight cattle, and cattle that have been stressed. Knowing the level of risk is particularly important if producers are dealing with types of cattle they don’t normally handle as a response to higher feeder prices.

“When cattle prices go up, some producers tend to handle riskier cattle,” Dr. Scruggs says. “Any time people dramatically change the quality of cattle they are buying, they may be surprised by what they encounter disease wise.”

Dr. Scruggs recommends producers work with their veterinarians to control M. bovis before it becomes a problem by treating cattle on arrival with an effective, proven antimicrobial and instituting management changes to help control spread of disease.

DRAXXIN® (tulathromycin) Injectable Solution is one few antimicrobials labeled for treatment and the only one labeled for control of BRD caused by M. bovis. Plus, it’s the only treatment that provides two weeks (14 days) of therapy against BRD. However, Dr. Scruggs notes that treatment is only one way to avoid the potential losses associated with M. bovis. Stocking density, maximizing cattle comfort and ensuring those cattle that don’t respond to treatment don’t infect healthy animals all contribute to effective control.

“I advise producers to treat all respiratory disease in cattle as if Mycoplasma bovis were a component, because in many cattle it is M. bovis,” Dr. Scruggs says. “If you do it right, you may never identify if M. bovis was a component because the cattle are treated, get better and move on with their lives.”

Important Safety Information: Do not use in calves to be processed for veal. A pre-slaughter withdrawal time has not been determined for pre-ruminating calves. Effects on reproductive performance, pregnancy and lactation have not been determined. DRAXXIN has a pre-slaughter withdrawal time of 18 days.

Prescribing Information

About Pfizer Animal Health

Pfizer Animal Health, a business of Pfizer Inc., is a world leader in discovering and developing innovative animal vaccines and prescription medicines, investing an estimated $300 million annually in animal health product research and development. For more information about how Pfizer Animal Health works to ensure a safe, sustainable global food supply from healthy livestock, fish and poultry; or helps companion animals and horses to live longer, healthier lives, visit www.PfizerAH.com.

1 Brodersen BA, Bovine Respiratory Syncytial Virus. Vet Clin Food Anim 26 (2010) 323-333.

2 Griffin D, Chengappa MM, Kuszak J, McVey DS. Bacterial pathogens of the bovine respiratory disease complex. Vet Clin Food Anim 2010;26:381-394

How Much Will You Pay For That Ribeye?

beefcutchoices.jpg I recently read an article in the Wall Street Journal (WSJ) discussing the surge of live-cattle prices here in the U.S. and how this will impact the cost of beef at the grocery store. USDA estimates the average retail price for beef already has risen 9.1% in the last year to $4.43/lb., and the big question is how high are domestic consumers willing to go for that ribeye?

“When the cost of a dietary staple like beef rises faster than incomes, Americans typically buy less often,” Harry Balzer, a New York-based analyst and market researcher, tells WSJ. “We just change the frequency of eating something. I suspect that’s what’s going to happen here, too.”

In lean times, consumers tend to price down their protein sources, either opting for lower-end beef cuts or choosing chicken or pork in lieu of America’s favorite protein. And, with a strong demand in the export markets for U.S. beef, the domestic price isn’t likely to stabilize or move downward anytime soon.

The WSJ article goes on to say, “Some restaurants are trying to get ahead of beef prices, with Texas Roadhouse Inc. introducing premium menu items that carry higher prices. Still, the causal dining chain expects its costs to rise this year due to beef, which makes up 40% to 45% of its total ingredient costs.”

While high beef prices will surely trickle back down the chain from the retailer to the rancher, the pressure is on all of us to boost domestic beef demand and encourage consumers to choose beef. Whether that’s through sharing recipes, educating consumers about preparation or nutrition, or volunteering to serve samples at your local grocery store, we can’t ignore this important issue. Simply stated, we can’t afford for beef not to be at the center of the dinner plate.

What’s your take on this supply and demand issue? The size of the national cattle herd continues to dwindle, which means fewer calves to fill feedlots. How will this impact live-cattle prices, both in the short and long term? At what point will feedlots throw in the towel and shut their doors, or packers? How much will consumers be willing to pay for our product?

Historic Drought Causes $3 Billion Loss In Texas

It looks like harvest time in Texas, but for fourth-generation farmer Bert Gohlke it's actually a financial disaster.


"It hurts, it hurts bad, it hurts real bad," Gohlke tells CBS News correspondent Don Teague.


This could have been a great year for Gohlke - corn prices are near record highs. But instead of harvesting his 1,500 acres of corn, Gohlke is chopping it up into a feed called silage - the only salvageable use for a crop destroyed by drought.


"We should be dealing with 7-and-a-half foot corn right now," Gohlke says. But that's not the case.


His potential losses? More than a quarter of a million dollars - but that's just a fraction of the $3 billion the historic drought will cost Texas farmers and ranchers.


To read the entire article, link here.