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Nexus eNote

Beef
Week Ending	6/15/07	6/8/07	Year Ago	% of Prior Week	% of Prior Year
Slaughter	711,000	701,000	708,000	101.4%	100.4%
Beef (million lbs)	535.5	526.5	546.6	101.7%	98.0%
Choice Value	147.63	152.72	154.27	96.7%	95.7%
Select Value	140.84	144.60	131.19	97.4%	107.4%
Choice/Select Spread	6.79	8.12	23.08	83.6%	29.4%
Dressed Steer Weight	821	818	839	100.4%	97.9%
Dressed Heifer Weight	737	742	745	99.3%	98.9%

Live Cattle
Week Ending	6/15/07	6/8/07	Year Ago	% of Prior Week	% of Prior Year
Live Steer Weight	1,275	1,259	1,285	101.3%	99.2%
Live Heifer Weight	1,161	1,147	1,156	101.2%	100.4%
5 Area Cattle Price	89.69	91.04	79.89	98.5%	112.3%
Nearby Cattle Futures	90.55	90.65	80.95	99.9%	111.9%

Grain
Week Ending	6/15/07	6/8/07	Year Ago	% of Prior Week	% of Prior Year
Nearby Corn Futures	4.19	3.82	2.33	109.7%	79.8%
Nearby Soybean Futures	8.47	8.21	5.92	103.2%	43.1%

It’s a Nexus Tailgate – Mark your Calendar!

Iowa State vs. University of Northern Iowa

Saturday, September 8^th

Ames, Iowa

More details to come soon!

Nexus eNote

· The supply of distillers grains available by the end of 2008 is estimated to be approximately 67 billion pounds, according to Oklahoma State University.

· Alberta and Saskatchewan showed a 3% increase in feedlot inventories on June 1, 2007 compared to 2006.

· The U.S is #3 in the number of beef cows even though we’re #1 in beef production. U.S. expansion has been hindered over the last several years due to regional droughts and uncertainty over energy and corn prices, according to Cattle-Fax. China ranks #1 with over 70 million beef cows, adding almost 14 million since 2001. Brazil is #2 with just over 50 million beef cows. Brazil has increased their beef cow inventory by 7.5 million head since 1997.

· Bank of America analyst Eric K. Brown wrote in a recent report that “we expect the relentless supply of new ethanol production capacity will lead to a 70% decline in margins by 2009.”

· Also on the topic of ethanol, Michael Waldron, the co-author of a report told to Dow Jones, states that the ethanol supply in the Midwest is growing but our mode of transport for that ethanol is very inefficient since we don’t have a pipeline and must rely on trucks and rail.

· 2007 year-to-date U.S. beef exports are 19.1% higher than 2006 but still only 48% of the exports we saw from January to April of 2003 (pre-BSE).

Nexus eNote

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