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Nexus eNote

Have a Happy and Safe

4^th of July!

Beef
Week Ending	6/29/07	6/22/07	Year Ago	% of Prior Week	% of Prior Year
Slaughter	696,000	698,000	707,000	99.7%	98.4%
Beef (million lbs)	528.8	527.9	551.2	100.2%	95.9%
Choice Value	139.32	142.70	153.70	97.6%	90.6%
Select Value	132.25	136.55	130.85	96.9%	101.1%
Choice/Select Spread	7.07	6.15	22.85	115.0%	30.9%
Dressed Steer Weight	840	841	844	99.9%	99.5%
Dressed Heifer Weight	758	758	759	100.0%	99.9%

Live Cattle
Week Ending	6/29/07	6/22/07	Year Ago	% of Prior Week	% of Prior Year
Live Steer Weight	1,304	1,284	1,295	101.6%	100.7%
Live Heifer Weight	1,171	1,154	1,171	101.5%	100.0%
5 Area Cattle Price	85.78	86.62	83.90	99.0%	102.2%
Nearby Cattle Futures	85.50	87.80	83.85	97.4%	102.0%

Grain
Week Ending	6/29/07	6/22/07	Year Ago	% of Prior Week	% of Prior Year
Nearby Corn Futures	3.29	3.67	2.28	89.6%	144.3%
Nearby Soybean Futures	8.50	7.97	5.82	106.6%	146.0%

Nexus eNote

· With the recent price decreases in beef, retailers have begun to feature beef in their ads. If this is an indication that the cutout is near its lows, a rally in boxed beef could begin soon and may already be happening. The cutout on Monday 7/2 increased for the first time in one month. It increased for the second day in a row on Tuesday.

· Market ready supply and slaughter levels are expected to decline as we move through the summer. Carcass weights and exports, especially to Asian markets, should increase in the second half of the year.

· June 2007 compared to June 2006 showed an 8% increase of cattle on feed in Nebraska and a 4% decrease in Kansas and Texas.

· Tyson has joined with a second fuel company in as many months to produce synthetic fuel from fats. Together, Tyson and Syntroleum Corp. formed Dynamic Fuels LLC and will produce 75 million gallons of fuel of annually.

· Corn acres were up 19% from 2006 to 95.5 million acres, the largest acreage since 1944. Soybean acres are down 15% from 2006 at 64.1 million acres.

· The Oct, Dec and Feb CME live cattle contracts saw the weakest basis in their history of during the last 10 days of June.

Nexus eNote

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