🔀 Traceability Talk

Beefing Up Security, A Record Month and Wrangling Tax Records from Ranching.com by CattleMax

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NEWS

🔀 Traceability Talk

🔀 Traceability Talk - Despite initial hopes for strengthening policies, the outcome of a recent meeting focused on traceability remained largely unchanged, emphasizing voluntary participation. The absence of a mandatory traceability system may lead to repercussions, especially concerning disease outbreaks and consumer trust. With consumer demand for traceability growing, major retailers may soon insist on it, potentially impacting cattle producers who opt out. The looming question is whether cattlemen will proactively shape the traceability system or face its imposition.

🔒 Beefing Up Security - Congressman Ronny Jackson (R-Texas), introduced a resolution opposing the importation of fresh beef from Paraguay due to concerns over outdated risk assessment data and potential risks to the U.S. livestock industry. Supported by agricultural groups, the resolution emphasizes the importance of maintaining high food safety standards and protecting American farmers and ranchers. Additionally, Senators Jon Tester (D-Mont.) and Mike Rounds (R-S.D.) introduced legislation to continue a ban on beef imports from Paraguay and evaluate threats to food safety and animal health.

🏅 A Record Month - In Oklahoma, this February brought record-high weekly prices for 500-pound steers at $321.34/cwt., while 800-pound steers averaged $235.36/cwt., still below the September 2023 record but showing a rally from a December low of $216.47/cwt. Throughout February's initial weeks, five-weight steers averaged $323.64/cwt. Although prices are higher than year's past, overall beef production is down 4.2% year over year. 

📝 Wrangling Tax Records - Alleviate the hassle of gathering records this tax season by implementing a reliable record-keeping system throughout the year. Methods like the "shoebox" approach lack security and analytical capabilities, nut using ranch software programs streamlines income and expense tracking, offering features such as receipt uploads and customizable reports. Organized records not only facilitate tax preparation but also aid in financial analysis and decision-making. By maintaining organized records, ranchers can optimize tax planning and mitigate stress during tax season while gaining insights into their financial standing year-round.

📈 Fast Market Facts - Feeders maintained strong prices, with gains seen across regions. North, prices rose by $3 to $183 live and $292 dressed, while South, prices increased by $2 to $3 per cwt. Feeder cattle and calves saw increases of $1 to $7 per cwt., and market cows remained steady to $7 higher. Wholesale beef prices varied, with Choice boxed beef reaching $300.61 per cwt. Cattle slaughter was down from last year, while CME futures hinted at bullish trends. The USDA's Cattle on Feed report showed a slight increase in inventory and mixed placement trends across states.

RANCHING KNOW-HOW

Strategies for Daytime Calving

Warmer temperatures, easier monitoring, and timely assistance are all perks of daytime calving, but how can you help your cows calve during the day? It might not actually be that difficult. University of Nebraska - Lincoln Cow-Calf Specialist Kacie McCarthy sits down with Market Journal to tell us how. 

Using Technology to Streamline Work on Diversified Cattle Operations

In a recent podcast episode, host Shaye Koester and rancher Luke Kovarik delve into the challenges of managing a diversified operation. Initially, diversification served as a risk management strategy, but now, Kovarik contemplates scaling back certain aspects. This prompts reflection on personal or operational directions and the necessity of each. What elements could be trimmed to optimize your endeavors?

CATTLE COMMUNITY
QUOTE OF THE WEEK
❝

"Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do."

Steve Jobs
READER POLL

As conversations regarding traceability resurface, where do you fall on the identification and beef supply chain tracking spectrum?

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LAST WEEK’S RESULTS

Although the average age of the U.S. farmer/rancher is rising, the presence of young producers in management positions is growing. In what age range are the predominate decision makers on your operation?

23%: 18-35

27%: 35-55

50%: 55+

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