Large Cattle Buyer on the Skids
The apparent failure of the country’s biggest order buying firm has got the cattle business a buzz, but rumors are much easier to find than to verify.
What seems certain is that Eastern Livestock, LLC., one of the oldest and the biggest cattle order buyers in the U.S., has some $81 million in bad checks floating around the country. Their bank, Fifth Third Bank of Cincinnati on Wednesday filed to force the firm into receivership.
Eastern Livestock Company facing financial challenges
Tri State Livestock News
The talk at livestock auctions across the country this week is the Eastern Livestock Company situation. Speculation runs wild on what caused the New Albany, IN-based company to write bad checks for livestock that are being returned as “Insufficient Funds.” Problems began to surface around Nov. 3.
If you’re in the business of marketing feeder cattle, you might follow the market by checking prices paid at local auction markets, or by checking information received through some market reporting service. The U.S. Department of Agriculture Agricultural Marketing Service (USDA-AMS) issues feeder-cattle price summaries for various marketing regions. Monitoring the market, through these price reports, can help a producer get a feel for what his or her feeder cattle might be worth.
Marketing 2010 beef calves
As ranchers turn their attention toward marketing 2010 calves, let’s review the economic background of marketing 2009 calves for some possible alternatives for marketing this year’s crop.
Bond Information for Those Who Sold to Eastern Livestock
The U.S. Department of Agriculture’s Grain, Inspection, Packers and Stockyards Administration (GIPSA) is informing cattle producers who have done business with Eastern Livestock Company, LLC, (Eastern) of their rights under the bond provisions of the Packers and Stockyards (P&S) Act.
Four-state beef conference
Jeff County News
The 27th annual 4-State Beef Conference will be held Jan. 11 and 12.
The Tuesday morning session will begin at 10:30 a.m. in Tecumseh, Neb., at the community building, and the afternoon session will begin at 4:30 p.m. in Lewis, Iowa, at the ISU Armstrong Research Farm.
Risk assessment for disease facility raises questions
As you probably know, the Department of Homeland Security, in partnership with Kansas State University, plans to locate the new National Bio and Agro-Defense Facility in Manhattan Kansas. Today’s release of a site-specific risk assessment report, along with an independent review of the report, raise questions over the facility’s safety. Some, however, take objection to the review’s conclusions.
Dave Barz, DVM
Tri State Livestock News
Fall has definitely arrived! Those high winds and cooler temperatures the last week of October really helped us remember winter. The weather has returned to above normal temperatures and no precipitation.
Steve Cornett: Did FDIC Cause Eastern Livestock’s Problem?
If the rumors are true, and some pretty savvy people think they are, Eastern Livestock may have had less than a million dollar bond to cover the more than $100 million the company had in outstanding checks when it was forced into bankruptcy.
Apply Strategy to Reproduction
Troy Smith & Barb Baylor Anderson
Given the magnitude of increased expenses, producers are intently focused on the bottom line while seeking both economic and production efficiencies. In response, the University of Tennessee and the Beef Reproduction Task Force sponsored the 2010 Applied Reproductive Strategies in Beef Cattle (ARSBC) symposium Aug. 5-6 in Nashville, Tenn.