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Nexus eNote

Welcome to the first edition of the Nexus eNote!

We hope you enjoy this weekly update.

Beef
Week Ending	6/8/07	6/1/07	Year Ago	% of Prior Week	% of Prior Year
Slaughter	697,000	609,000	712,000	14.4%	-2.1%
Beef (million lbs)	523.5	453.7	546.7	15.4%	-4.2%
Choice Value	152.72	156.07	154.27	-2.1%	-1.0%
Select Value	144.60	146.78	131.19	-1.5%	10.2%
Choice/Select Spread	8.12	9.28	23.08	-12.5%	-64.8%
Dressed Steer Weight	818	821	837	-0.4%	-2.3%
Dressed Heifer Weight	742	737	748	0.7%	-0.8%

Live Cattle
Week Ending	6/8/07	6/1/07	Year Ago	% of Prior Week	% of Prior Year
Live Steer Weight	1,259	1,267	1,271	-0.6%	-0.9%
Live Heifer Weight	1,147	1,154	1,161	-0.6%	-1.2%
5 Area Cattle Price	91.04	94.54	81.07	-3.7%	12.3%
Nearby Cattle Futures	90.65	91.12	78.25	-0.5%	15.8%

Grain
Week Ending	6/8/07	6/1/07	Year Ago	% of Prior Week	% of Prior Year
Nearby Corn Futures	3.82	3.87	2.45	-1.3%	55.9%
Nearby Soybean Futures	8.21	8.17	5.88	0.5%	39.6%

Nexus eNote

· The USDA recently reported that 78% of the corn crop is in good or excellent condition, making it one of the best starts since 1990.

· Cattle-Fax is predicting that cash cattle will trade in the mid $80’s to low $90’s for the remainder of the summer and will trade in the low to mid $90’s come September and October.

· Controlling porcine circovirus may be attainable thanks to the use of more readily available vaccines this spring and summer. This advancement could increase market-ready hog supplies by 3 - 4 % this fall and winter.

· Choice grading carcasses were up 14% and Selects were up 18% in April 2007 compared to 2006 while the average retail price for USDA all-fresh beef was $3.77/lb.

· Predictions were made in March that the Choice/Select spread would be $20-30 by May. Instead, it peaked on May 8^th at $14.41 - half of the predicted value.

· Food prices have risen at the annualized rate of 7.3% throughout the first three months of 2007 according to Richard Bernstein, Merrill Lynch Chief Investment Strategist.

Nexus eNote

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