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R-CALF and NCBA react to Senator Fischer’s legislation to address problems with the cattle markets

http://www.micausa.org/r-calf-ncba-react-to-introduction-of-legislation-to-address-problems-with-cattle-markets/

• On Tuesday, Senator Deb Fischer (R-NE) introduced the Cattle Market Transparency Act of 2020.
  • The Act is an effort to restore robust competition in the fed cash cattle market.
• R-CALF USA’s reaction:
  • According to Bill Bullard, the organization is happy that Congress is taking the dysfunctional cattle markets seriously by introducing the Cattle Market Transparency Act of 2020.
  • Bullard went on to say that he hopes even more bills would be introduced so the industry will have the ability to choose from the very best solutions to restore competition within the cattle industry.
  • He ended by stating that one of those bills must include the requirement that all beef sold in the U.S. be labeled with its country of origin.
• NCBA’s reaction:
  • According to NCBA, more negotiated trade is needed throughout cattle feeding regions to ensure sufficient price discovery.
  • The organization feels that the issue of price discovery is of critical importance to cow/calf producers, stockers, backgrounders, and feeders across the U.S. With that being said, all of NCBA’s 46 state affiliate organizations unanimously adopted a fed cattle price discovery policy that takes a voluntary approach.
    • A working group of producer members are currently establishing triggers that must be met under this policy; if not met, NCBA will seek legislative or regulatory solutions comparable to Senator Fischer’s bill.
  • NCBA reported that the voluntary framework being developed must be given the opportunity to either fail or succeed before the organization will be willing to lend their support to regional mandatory minimums for negotiated trade.

Impossible Foods CEO on turning back clock on climate change

https://brownfieldagnews.com/news/impossible-foods-ceo-on-turning-back-clock-on-climate-change/

• According to Impossible Foods’ CEO, Pat Brown, animal agriculture is the greatest threat to our future that humanity has ever faced.
• Brown was on a recent Danforth Plant Science Center forum where he explained that the elimination of animal agriculture would enable photosynthesis to convert atmospheric CO2 back into plant biomass to restore a healthy ecosystem and wildlife habitat.
• Brown said that 90 percent less agriculture land would be required but farmers would still be needed.
  • More plant crops won’t be needed as our current plant crops, such as soybeans, have seen significant increases in protein content over the last few years.
• Brown went on to say that Impossible Foods it competing successfully against animal-derived beef in the marketplace. Their products continue to get better, while the cow stopped trying a million years ago.
• According to the Animal Agriculture Alliance, greenhouse gas emissions from meat production are exaggerated. An EPA report from 2012 confirmed that meat production only contributes to 2.1 percent of greenhouse gas emissions per year.

Inside the market with Todd Hultman

https://www.meatingplace.com/Industry/News/Details/94456

• According to USDA’s national estimates of production costs and what prices are expected to bring this year, corn will lose $89/acre, and soybeans will lose $41/acre.
• According to Iowa State University, folks who purchased 560 lb. feeder steers to finish at 1,300 lbs. lost $144.67/hd. in the October 2019 to June 2020 period.
• Iowa State University also reported that farrow-to-finish hog operations lost $23.30/hd. in the November 2019 to June 2020 period.
  • Some hog producers were forced to euthanize hogs since packing plants weren’t able to keep up due to Covid-19.

Boxed beef prices

www.nationalbeefwire.com

• Choice boxed beef: $217.48 (+1.61)
• Select boxed beef: $207.74 (+0.14)