Tuesday June 13 Ag News

 POISONOUS PASTURE PLANTS
– Jerry Volesky, NE Extension Educator

While poisonous plants are generally not as problematic in Nebraska compared to other western states, they can exact their toll on livestock enterprises, and many times the losses are unrecognized.

There are 17 species listed as primary toxic plants that can be found in Nebraska.  Toxic plants contain or produce substances injurious or lethal to animals.  The amount of plant material consumed by the grazing animal before death or poisoning symptoms appear, does vary by species.  Poisoning symptoms will vary depending on the toxic compound in the plant, but may include difficulty breathing, excess salivation, nervousness, or staggering.  Many poisonous plants are avoided by the animal, but a scarcity of forage, such as under drought conditions may lead to a situation where they are consumed.

There are some species, such as prairie larkspur, where grazing animals may select for them when they are flowering (mid-June to early July).  Other relatively common poisonous plants in central and western Nebraska include Riddell groundsel, Lambert crazyweed, wooly locoweed, and chokecherry.

Poison hemlock and spotted water hemlock are common statewide.  These two species prefer moist areas in pastures, creek banks, ditches, and disturbed sites.

If you suspect a poisonous plant problem in your pastures, be sure to get a positive identification of the plant.  When control or removal of the plants is not possible, it may be best to move livestock to a different pasture.

Nebraska Extension does have a great resource called Nebraska Plants Toxic to Livestock (EC3037) https://extensionpublications.unl.edu/assets/pdf/ec3037.pdf that can be found online or obtained through your local Extension office.



PSC TEMPORARILY SUSPENDS KANSAS COMPANY GRAIN DEALER LICENSE

The Nebraska Public Service Commission (PSC) issued an Order (GDC-454/GD-3032) temporarily suspending the grain dealer license of Norag LLC, Stilwell, Kansas.

The temporary license suspension follows the filing of a second PSC grain department complaint against Norag LLC, alleging the grain dealer is in violation of Title 291 Neb. Admin. Code, Chapter 8, § 003.03 for failing to meet and maintain a minimum of allowable net worth of $10,000 and Title 291 Neb. Admin. Code, Chapter 8, § 003.01 for failing to maintain suitable working capital.

“Every effort has been made to bring this grain dealer into compliance,” said Commission Chair Dan Watermeier. “The company has failed to take the necessary action needed, leaving us no choice, but to suspend its license.”

The grain department filed its first complaint against the Kansas grain dealer on May 12, after the company failed to file its year-end financial statement for the 2022 fiscal year with the Commission as required by law. The Commission received the required documents May 19, and a stipulated agreement was worked out with the company dismissing the first complaint. A subsequent review by the Commission of the financial statement filed by Norag LLC, determined the company did not meet the statutory requirements needed to hold a grain dealer license in Nebraska.

Commissioner Watermeier said, “The Commission feels it is in the public interest to suspend this grain dealers’ license. We would encourage Nebraska producers/sellers who are currently doing business with this company to review any contracts they may hold with them."

The Order temporarily suspending the grain dealer license of Norag LLC, of Stilwell, Kansas takes effect immediately. A hearing on the suspension will be set at a later date.



NCW - Consumer Education and Promotion Committee Announce 2023 Beef Ambassador Competition Winners

Nebraska Cattlemen’s NCW – Consumer Education and Promotion Committee is pleased to announce the results of the 2023 Beef Ambassador Competition held June 7, in North Platte, Nebraska.

Contest judge, Erin Laborie said, "The Nebraska Beef Ambassador Contest is a great opportunity for youth to expand their public speaking skills and help tell the beef production story. This year the contestants also had the opportunity to participate in a beef advocacy training and map out the next steps in their advocacy journey. Based on this year’s contestants’ depth of industry knowledge and ability to connect with consumers, I can say the future of the Nebraska beef industry is bright.”

2023 Beef Ambassador Competition Results

Collegiate Winner
Allison Walbrecht, Lincoln - University of Nebraska–Lincoln

Dual Senior Winners
Lilee Chevalier, Bennet - Senior at School Our Lady of Fatima Home School
JessaLynn Hudson, Belvidere - Recent graduate from Bruning Davenport School

Background
The Nebraska Beef Ambassador Contest and Beef Advocacy Training provides an opportunity for future beef industry leaders, ages fourteen to twenty-four years old, to sharpen their advocacy skills and strengthen their knowledge of the key issues facing the number one industry in Nebraska.

The Beef Ambassador Competition requires participants to address current issues facing the beef industry with both a written response and a mock media interview. The competition is separated into two divisions, senior and collegiate. Cash prizes are awarded, and the two first-place division winners receive a belt buckle. The first-place junior and collegiate winners become official NCW Beef Ambassadors for a full year. They will work to educate consumers and students on the importance of beef. At the end of their one-year term, the collegiate Nebraska Beef Ambassador will be awarded a scholarship on behalf of the Nebraska Cattlemen Research and Education Foundation.

Chandler Mulvaney, Director of Grassroots Advocacy and Spokesperson Development for the National Cattlemen’s Beef Association, led this year’s beef advocacy training and helped participants learn how to use advocacy to share their stories, interview strategies, and social media tools.

The 2023 Beef Ambassador Competition and Advocacy Training is sponsored by Farm Credit Services of America.



CAP Webinars in June  

Managing Diverse Talents and Perspectives in Professional and Personal Contexts
Jun 15, 2023 12:00 PM
Through this webinar, we will discuss the critical importance of family and employee dynamics to well-being and profitability and will examine research-based strategies for positively managing diverse talents and perspectives. Dr. Lindsay Hastings, Research Director of NHRI Leadership Mentoring, will lead the discussion.

The Option of Early Weaning Calves
Jun 22, 2023 12:00 PM
Aaron Berger, Beef Systems Educator
Randy Saner, Beef Systems Educator
Matt Stockton, Professor and Agricultural Economist

Early weaning calves is a tool that can reduce forage demand on pastures, improve cow body condition and cow breed up when drought conditions reduce forage production. This webinar will offer tips on planning and preparing for the process, and highlight how having quality feed resources and good management practices in place will help to ensure success.

Tips for Integrating Annual Forages into Your Production System
June 29 - Noon-1 p.m. CDT     
Jay Parsons, Professor and Farm and Ranch Management Specialist, UNL
Daren Redfearn, Professor and Forage/Crop Residue Specialist, UNL

With forage availability at a premium, many producers are looking at annual forages planted on cropland as a potentially valuable feed resource this year. In this webinar, Daren Redfearn (UNL Agronomy and Horticulture) joins Jay Parsons (UNL Agricultural Economics) to discuss tips for integrating annual forages into your cropping plans. Planting dates, seeding mix, expected forage production and timing of forage availability will be discussed for various scenarios. The Annual Forage plan of insurance represents an opportunity for obtaining crop insurance to protect against the primary production risk of low precipitation. Several changes to the Annual Forage plan of insurance take effect for the current sign up period that ends July 15. We will discuss these changes and tips for how to integrate Annual Forage insurance coverage into your program.

Get more information and register at https://cap.unl.edu/webinars.



Ricketts Warns CCP’s Space Ambitions Threaten Satellite Technology & Nebraska Agriculture: “Equipment Would Be Useless”

Earlier today, U.S. Senator Pete Ricketts (R-NE) warned the Chinese Communist Party’s space ambitions threaten necessary aspects of our daily life, including agriculture in Nebraska. According to a DNI 2023 Threat Assessment Ricketts quoted at the hearing, “China is steadily progressing towards its goal of becoming a world-class space leader with the intent to match or surpass the United States by 2045.”

“One of the fears with this spaceport outside the People’s Republic of China is they will use that to sidestep or outright reject international space rules,” said Ricketts in the hearing. “This matter is incredibly important to all of us. From using ATMs to harvesting our food, we all rely on satellite technology. In my home state of Nebraska, for example, we rely heavily on satellite technology to run our harvesting machines, tractors, and so forth. In fact, one farmer told one of my staff members that if it wasn’t for satellite technology, he was worried that his equipment would be useless.”

Ricketts’ comments came during a Committee on Foreign Relations hearing exchange with Ambassador Cynthia Kierscht, nominee to be Ambassador to Djibouti, about the People’s Republic of China (PRC)’s planned spaceport in the East African nation of Djibouti. In 2017, Djibouti became the first country to host an overseas PRC military base. Earlier this year, a Chinese company signed a $1 billion agreement with the government of Djibouti to build and operate a spaceport, which will make Djibouti the first overseas country to host a Chinese launch facility.



Nebraska's Food Processing Center Celebrates 40 Years of Advancing Food Innovation

Founded in 1983 through the efforts of former Governor Bob Kerrey and the Nebraska Department of Economic Development, the Food Processing Center in Nebraska has reached a significant milestone, marking its 40th anniversary. Initially established as a research facility and business incubator, the center aimed to boost the state's agribusiness and foster entrepreneurship.

Starting on East Campus, the Food Processing Center became part of the Food Industry Complex upon its dedication in 1990. In 2015, it relocated to Nebraska Innovation Campus, where it now operates as the Food Innovation Center. This state-of-the-art facility, spanning 178,000 square feet, is dedicated to the scientific exploration of all aspects of food.

The move to Innovation Campus provided the Food Processing Center with expanded opportunities and services. Notably, it became instrumental in developing commercial food products for renowned brands like Yasso, David's Famous Gourmet Frozen Custard, and Suji's Korean Cuisine. Additionally, during the COVID-19 pandemic, the center played a crucial role in producing over 200,000 gallons (approximately 757,082 liters) of hand sanitizer, which were distributed to essential businesses, schools, hospitals, and childcare facilities.

To celebrate its 40th anniversary, the Food Processing Center organized tours of its various facilities, including the Sensory Lab, Product Development Lab, and pilot plants featuring a dairy processing plant, extruder, high-pressure processing, and brewery lab. The center's director, Terry Howell, led a panel discussion with former director Steve Taylor, alumni Tessa Porter and Ashley Bernstein, and current board chairperson Jessi Hoeft. The panel reflected on the center's history and shared their experiences, highlighting the center's dedication to innovation and support for aspiring food entrepreneurs.

Looking ahead, the Food Processing Center aims to continue its success by listening to the needs and challenges faced by small-scale and mid-scale manufacturers and startup ventures. With its unique position within the University of Nebraska, the center strives to address these obstacles and contribute to the growth and development of the food industry not only in Nebraska but also across the Midwest and beyond.



Skor wins inaugural Women in Ethanol Award at 39th annual FEW

Emily Skor, CEO of Growth Energy, was recognized as the inaugural winner of the Women in Ethanol Award for her promotion, advocacy and commitment to the biofuels industry Tuesday morning at the world’s largest ethanol conference, the International Fuel Ethanol Workshop & Expo (FEW), taking place in Omaha, Nebraska, this week.

Skor was awarded this honor during the first-of-its kind award ceremony. Ethanol Producer Magazine recognized women within the ethanol industry and highlighted the crucial role women play in the growth and success of the industry. The award ceremony honored all women who have made significant contributions to the industry, whether it be through scientific research, business leadership, or advocacy efforts.

"This award is such an honor and I hope it encourages more women to pursue careers in biofuels--an industry that is thriving and poised for even greater success in the coming years," Skor said. "Thank you to BBI and to everyone in the ethanol industry for their support and recognition. As we move into a new era for biofuels, Growth Energy and I will continue to be there every step of the way, to lead this industry into an even brighter future."

Skor has led successful public affairs campaigns to strengthen the RFS, accelerate adoption of higher blends like E15, and drive major new federal investments in biofuel production and infrastructure. She led her members through the difficult COVID years, and the industry today is deriving more value from co-products, carries more political influence in Washington, DC, and is better poised to compete in the low-carbon economy. Upon joining the industry in 2016, Skor used her background in public relations to redefine the narrative around ethanol’s benefits, opening a new dialogue with women, millennials, and other consumers most likely to embrace higher blends at the pump. She successfully repositioned ethanol as an earth-friendly biofuel—a cleaner, more affordable fuel choice—using language embedded in the lexicon of industry, media, politicians and retailers. This effort continues with the Get Biofuel consumer education initiative.

“We are thrilled to name Emily as the first-ever recipient of the Women in Ethanol Award,” said Anna Simet, editor at BBI International. “We received many deserving nominations, which clearly demonstrates the magnitude of the roles that women in the ethanol industry have and continue to play.

“Though the workforce percentage of women in the ethanol industry is just around 30%, it’s about 5% higher than the energy workforce average,” Simet continued. “We look forward to continuing this annual tradition of celebrating the achievements of women in ethanol, as well as the underlining message that this is a very honorable, rewarding career path.”

Skor’s nominator pointed out her leadership and success in changing the narrative on the ethanol industry to a greener, safer fuel. “Skor is the CEO of the nation’s largest biofuel trade association, making her the most prominent, powerful woman in the ethanol industry.” Her nominator continued, “She has led the fight to strengthen the RFS, secure multiple waivers for uninterrupted access to E15, and drive major new investments in biofuel production and infrastructure. Under Skor’s leadership, Growth Energy has secured major legislative and regulatory victories, including expanded access to E15 under both the Trump and Biden administrations, unprecedented infrastructure investments by USDA ($600 million), and the highest ever volumes proposed by the EPA under the Renewable Fuel Standard (RFS).”

The 39th annual FEW kicked off Monday, and will run through Wednesday, at the CHI Health Center. One of the largest FEWs in the last decade, the event has nearly 600 biofuels producers and 2,400 total attendees registered, plus hundreds of companies exhibiting on the event’s sold-out expo hall floor. Technical breakout sessions resume Tuesday afternoon and run through 5:00 pm Wednesday.



Growth Energy and EPA Agree to One-Week Delay on Final RVOs

Today, Growth Energy and the U.S. Environmental Protection Agency (EPA) submitted a notice to the U.S. District Court for the District of Columbia of a joint stipulation that extends by one week the court-ordered consent decree deadline for EPA to issue the final “Set” 2023-2025 Renewable Volume Obligations (RVOs) under the Renewable Fuel Standard (RFS). EPA will now be required to finalize the rule by June 21, 2023.  
 
"After discussion with EPA leadership, Growth Energy consented to this new deadline to finalize the RVOs,” said Growth Energy CEO Emily Skor. "We fully expect EPA to comply with the new deadline and look forward to a robust final rule that strengthens the RFS and enhances the biofuels industry's ability to decarbonize the transportation sector."
 
Background
In July 2022, Growth Energy and EPA submitted a consent decree agreement to the U.S. District Court for the District of Columbia that required EPA to propose the 2023 renewable fuel volume requirements no later than November 16, 2022, and to finalize those requirements no later than June 14, 2023. On November 4, 2022, EPA and Growth Energy agreed to a two-week extension of the release of EPA's proposed rule. Similarly, today's action extends the final rule deadline to June 21, 2023, as outlined here in the language filed with the court today:  

“Please take notice that, pursuant to Paragraph 6(a) of the decree entered by this Court, the parties provide notice of their stipulated extension to and including June 21, 2023, of EPA’s deadline to sign a final rule. Based on the parties’ discussions and mutual understandings, the parties so stipulate with the understanding that EPA will not seek a further extension of any deadline established by the decree.“
 
For 2023 and beyond under the RFS, EPA, in coordination with the U.S. Department of Energy (DOE) and the U.S. Department of Agriculture (USDA), was required to set renewable fuel volume requirements through rulemaking, taking into consideration six statutory factors, including environmental, economic, and energy security. EPA was required to set the 2023 volume requirements at least 14 months prior to the calendar year in which they are to take effect. For 2023, EPA was required to finalize the 2023 renewable fuel volume requirements by November 1, 2021, and the 2024 renewable fuel volume obligations by November 1, 2022—19 months and 7 months late, respectively.



RFA’s Cooper: Let’s Fuel the Energy Transition With Ethanol

Rather than relying on an “electrify everything” approach to decarbonization, U.S. policymakers should embrace American-made ethanol as a central strategy for transitioning the energy sector to net-zero emissions, said Renewable Fuels Association President and CEO Geoff Cooper in his keynote address today at the International Fuel Ethanol Workshop.

In his presentation, Cooper outlined the goals of the global “Energy Transition” and noted that many seem to believe electrification is the only way to decarbonize the transportation sector by mid-century. “For many, the ‘Energy Transition’ is simply shorthand for ‘Universal Electrification,’” Cooper said. “But for a number of reasons, a headlong rush into electrification is shortsighted and would almost certainly fail to achieve ambitious carbon reduction goals.”

In his presentation, Cooper summarized many of the challenges associated with a massive, complicated transition of the transportation sector to lower-carbon energy sources. He pointed out that there are more than 278 million passenger vehicles and light trucks in the United States today, and only 3.4 million are plug-in electric vehicles—even with record EV sales in 2022.

“Americans will continue to rely upon hundreds of millions of combustion engines and hundreds of billions of gallons of liquid fuels for many decades to come, even as more EVs enter the fleet,” he said. “If we really care about reducing greenhouse gas emissions from transportation, we need to start by increasing our use of lower-carbon liquid fuels.”

Cooper called on policymakers to adopt technology-neutral approaches that embrace a diverse portfolio of low-carbon transportation options. Governments and businesses should set stable, predictable long-term greenhouse gas reduction targets, create a level playing field by removing barriers that prevent competition, and then let the marketplace go to work. This sort of approach would stimulate technology innovation, spur creative solutions, and empower American consumers to make the choices that are best for them, he said.

“We are confident that under a technology-neutral carbon reduction program, ethanol and other renewable liquid fuels would flourish,” Cooper said. “Today’s corn ethanol already offers a carbon footprint that is 50 percent smaller than gasoline. And RFA’s members have committed to achieving net zero emissions for ethanol by 2050 or sooner. Ethanol is a low-cost, low-carbon solution that is available today to help kickstart the Energy Transition.”

Cooper closed by pointing out that performance-based carbon reduction policies could lead to creative market solutions like RFA’s new Ford Escape Flex Fuel EV, which was on display at the event. With a full tank of E85 and a full charge of the battery, it can travel about 430 miles, which is about double the range of a comparable battery electric vehicle. And, depending on the carbon intensity of the ethanol used, this vehicle can reduce emissions by about 80 percent compared to a Ford Escape running on gasoline.

“It is our hope that one day soon, after proving the benefits of this technology, consumers will be able to choose a true zero-emissions vehicle that meets their everyday needs and doesn’t break the bank,” he said. “And whether it is a plug-in hybrid FFV, sustainable aviation fuels, green chemicals, or fuel for heavy-duty engines, we remain very confident that ethanol can—and will—lead the Energy Transition.”



ACE Statement of Support - Sustainable Aviation Fuels Accuracy Act of 2023

Below is a statement from American Coalition for Ethanol (ACE) CEO Brian Jennings in support of the Sustainable Aviation Fuels Accuracy Act of 2023 if you are covering this news. The bill was introduced by Senators Tammy Duckworth (D-IL) and Deb Fischer (R-NE), along with Senators Joni Ernst (R-IA), Amy Klobuchar (D-MN) and Chuck Grassley (R-IA).

"ACE supports ensuring the global gold standard for lifecycle analysis, the GREET model, is used to determine the carbon intensity of transportation technologies and fuels including SAF. This bill is consistent with what Congress requires Treasury to follow with respect to implementing the new 45Z tax credit, and since the SAF tax credit eventually migrates to 45Z this makes good policy sense." - Brian Jennings, American Coalition for Ethanol (ACE) CEO



Cutouts Jump Higher
David P. Anderson, Extension Economist, Texas A&M AgriLife Extension Service

Not to be outdone by record fed cattle prices, cutout values have jumped higher. While the cutout out is dramatically higher, it is not at record highs. The Choice cutout hit $337.43 per cwt on June 12th, up $23 over the last week and up $30.99 since June 1st. It is the highest value since August 2021 and just slightly below the $337.56 the on June 11th 2021.

The increase in cutout value included all primal cuts. The rib, loin, and brisket all increased by more than $45 per cwt over the last week. In percentage terms the brisket increased by 20 percent, the largest gains of any cut. The Select cutout increased also, but not as much as the Choice cutout, so the Choice-Select spread increased from $20.12 to $27.19 since the first of June.

The cow boxed beef cutout is also increasing. It has climbed steadily from about $194 per cwt in January to $227 per cwt in early June. Beef cow slaughter is running below last year but, dairy cow slaughter is ahead of last year and will likely increase as milk prices struggle.

The rapid wholesale, cutout value increases over the last 2 weeks since the Memorial Day long weekend suggests that there continues to be positive beef demand kicking off the summer grilling season. USDA’s AMS national weekly retail beef report for this week indicates 64.1 percent of surveyed stores had at least one beef item advertised. Last week 71.7 percent of stores had at least one item featured.

Beef production will continue to be lower than a year ago, supporting higher wholesale beef prices. But, normally beef production increases seasonally in the summer months. Even though production may increase from current levels, it will be below last year. Reduced beef production combined with positive beef demand has drawn down beef in cold storage dramatically since the first of the year. Since January cold storage beef stocks have declined 86 million pounds, or 16 percent.

It will be pretty unlikely that the cutout will get to its all-time covid induced record any time soon. But tighter beef supplies and higher fed cattle prices should continue to support wholesale beef prices.



102 Groups Urge Congress to Choose Farmers over Big Meat in Ag Appropriations Bill

102 farmer, rancher, consumer, labor, farmworker, and faith organizations sent a letter urging the U.S. House Committee on Appropriations to remove a policy rider from its FY24 Agriculture Appropriations bill when it is considered during Wednesday’s markup. The rider would prevent USDA from writing, preparing, or publishing proposed rules to strengthen the Packers and Stockyards Act, a landmark law intended to protect farmers and ranchers from abusive and anti-competitive behavior.

The proposed rules are particularly crucial now, the letter states, “because of the highly concentrated and vertically integrated nature of the livestock and poultry industries.” Such concentration gives “dominant meatpacking corporations considerable market power and [enables] their use of unfair contracting provisions and retaliatory practices that are abusive and harmful to family farmers.”

The letter provides examples of the harmful and anticompetitive behavior the rules would prevent: “Whether it be a contract poultry grower whose contract is abruptly terminated when they resist taking on overwhelming debt for corporate-mandated facility upgrades, a cattle producer who loses money year after year because the only packer in their market can manipulate the price of beef, or a livestock producer who experiences retaliation after they speak up against a corporation’s unfair practices, farmers and ranchers are being driven out of business and off their land across this nation.”

The groups conclude by calling on members of the Committee to “stand with American farmers and ranchers” by rejecting the rider, which they describe as “an unacceptable attack on the ability of the Department of Agriculture to do its job: protecting American farmers and ranchers and ensuring fair and competitive markets.”

Led by the Campaign for Contract Agriculture Reform, Campaign for Family Farms and the Environment, Farm Action, National Sustainable Agriculture Coalition, Rural Advancement Foundation International-USA, National Farmers Union, and the Western Organization of Resource Councils, the letter lists 102 signing organizations.



Ranch Group Appreciates USDA “Product of USA” Proposal, Mandatory Reforms Needed

In comments submitted to the U.S. Department of Agriculture (USDA) Food Safety and Inspection Service (FSIS), R-CALF USA expressed general support of the agency’s proposal for new requirements for the voluntary “Product of USA” label but urged the USDA to take additional steps for mandatory reforms.

On March 6, 2023, USDA released a proposed rule for new requirements to allow the “Product of USA” label only on beef and other products when they are derived from animals born, raised, slaughtered and processed in the United States. According to USDA, this rule aims to “prevent consumer confusion and help ensure that consumers understand where their food comes from.”

However, under this rule, the use of the “Product of USA” label will continue to be voluntary.

In its comments, R-CALF USA stated it appreciates FSIS’s efforts to partially comply with the Tariff Act of 1930 and the Federal Meat Inspection Act. The group noted the proposed rule only partially corrects a decades-old mistake that has caused irreparable injury to American cattle producers and consumers. The group reaffirmed that the only way to correct this is for USDA to champion before Congress the reinstatement of mandatory country of origin labeling (MCOOL) for beef to ensure all beef sold at the grocery store, both foreign and domestic, is labeled as to its country of origin.

R-CALF USA expressed that all U.S.-origin qualified products, such as imported products that are sliced in the U.S., should include a label that leads with the foreign country of origin of the product itself. It also stated that products that are only partially domestic, such as beef from cattle born in a foreign country and raised and slaughtered in the U.S., the label should include the foreign country where the animal was born followed by the United States designation for where it was later raised and harvested.

The group’s comments also included that all additional ingredients in multi-ingredient products should be derived from animals born, raised, slaughtered, and processed in the United States, and that the USDA should expressly state that the only documentation required for verifying an authorized labeling claim for beef is a declaration that the live animal bore no import markings when presented for slaughter at a U.S. slaughter plant.

“We appreciate the effort to put an end to the long-standing, egregious practice of voluntarily mislabeling foreign beef as a Product of the USA,” said R-CALF USA CEO Bill Bullard. “We still strongly urge the USDA to persuade Congress to fully reinstate MCOOL for beef so all beef sold at retail will be labeled as to its country of origin in more accurate and understandable labels for consumers.”



Massey Wins 2023 World Livestock Auctioneer Championship
    
Jacob Massey, from Petersburg, Tenn., was named champion at the 2023 World Livestock Auctioneer Championship (WLAC). The championship, now in its 59th year, was held at Arcadia Stockyard in Arcadia, Fla., and presented by the Livestock Marketing Association (LMA).

“I really don’t have the words, but I want to thank the man above for giving me the ability and the talent to get to do what I love every week,” Massey said. “You always have that dream of being a champion, but I was not expecting to hear my name called that night.”

Massey earned his spot to compete in this year’s competition by making the top 10 at the qualifying event held at Windsor Livestock Auction Co., Inc. in Windsor, Mo. The other contestants also qualified through three qualifying events with the 31st semi-finalist being the reigning Calgary Stampede International Livestock Auctioneer Champion.
Dean Edge of Rimbey, Alta., earned Reserve Champion honors, and Sixto Paiz from Portales, N.M., was named Runner-Up Champion.

Other top 10 finalists were Andy Baumeister, Goldthwaite, Texas; Leon Caselman, Long Lane, Mo.; Dakota Davis, Waukomis, Okla.; Justin Dodson, Welch, Okla.; Brennin Jack, Virden, Man.; Wade Leist, Boyne City, Mich.; and Curtis Wetovick, Fullerton, Neb.

Additional semi-finalists were Neil Bouray, Webber, Kan.; Shannon Davis, Winnsboro, Texas; Philip Gilstrap, Pendleton, S.C.; Michael Imbrogno, Turlock, Calif.; Marcus Kent, Dunnellon, Fla.; Lynn Langvardt, Chapman, Kan. (High Score Interview); Ed Leist, Gaylord, Mich.; Lane Marbach, Victoria, Texas; Brandon McLagan, Elmer, Mo.; Jeremy Miller, Fairland, Okla.; Daniel Mitchell, Cumberland, Ohio; Ben Morgan, Organ Cave, W.Va.; Chris Pinard, Swainsboro, Ga.; Jack Riggs, Glenns Ferry, Idaho; Troy Robinett, Decatur, Texas (Rookie of the Year); Jay Romine, Mt. Washington, Ky.; Ethan Schuette, Washington, Kan.; Jeff Showalter, Broadway, Va.; Andrew Sylvester, Wamego, Kan.; Seth Waldroup, Westminster, S.C.; and Tim Yoder, Montezuma, Ga.

As the new champion, Massey will spend the next year traveling the country, sharing his auctioneering skills with other livestock auction markets and acting as a spokesperson on behalf of the livestock marketing industry and LMA.

“I’ve always enjoyed going to different markets, even if I’m not auctioneering,” Massey said. “When we take family vacations, and I find out there’s a barn in the area, we’ll make a point to stop just so I can visit. I love the industry and I love cattle auctions, so I’m really looking forward to visiting and selling at markets I’ve never been to and meeting new people.”

Massey regularly sells for Mid-South Regional Livestock Center, LLC in Unionville, Tenn. and two United Producers, Inc. locations in Columbia and Fayetteville, Tenn.  

A one-hour highlight show from the 2023 competition will air on RFD-TV June 29, with starting times based on local listings. WLAC fans can mark their calendars for the 2024 World Livestock Auctioneer Championship, which will be held June 12-15, 2023, at Oklahoma National Stockyard in Oklahoma City.  



Bunge and Viterra to Combine to Create a Premier Diversified Global Agribusiness Solutions Company

Bunge Limited (NYSE: BG) (“Bunge”) today announced it has entered into a definitive agreement with Viterra Limited, a private company limited by shares incorporated under the laws of Jersey (“Viterra”), together with certain affiliates of Glencore PLC (LSE: GLEN) (“Glencore”), Canada Pension Plan Investment Board (“CPP Investments”) and British Columbia Investment Management Corporation (“BCI”), to merge with Viterra in a stock and cash transaction. The merger of Bunge and Viterra will create an innovative global agribusiness company well positioned to meet the demands of increasingly complex markets and better serve farmers and end-customers. With an enhanced global network, the combined company’s increased diversification across geographies, seasonal cycles and crops will increase optionality in managing risk and increase resiliency. Together, the highly complementary organizations will benefit from more diversified capabilities, greater operational flexibility across oilseed and grain supply chains and processing, greater resources and combined employee talent to innovate and deliver for customers in every environment, creating value for all stakeholders.  

Under the terms of the agreement, which was unanimously approved by the Boards of Directors of Bunge and Viterra, Viterra shareholders would receive approximately 65.6 million shares of Bunge stock, with an aggregate value of approximately $6.2 billion,  and approximately $2.0 billion in cash, representing a consideration mix of approximately 75% Bunge stock and 25% cash.  As part of the transaction, Bunge will assume $9.8 billion of Viterra debt, which is associated with approximately $9.0 billion of highly-liquid Readily Marketable Inventories.

In addition, Bunge plans to repurchase $2.0 billion of Bunge’s stock (the “Repurchase Plan”) to enhance accretion to adjusted EPS. Bunge intends to commence repurchases as soon as practically possible, subject to market conditions and SEC rules on trading restrictions, and expects to complete the Repurchase Plan no later than 18 months post transaction close. Viterra shareholders would own 30% of the combined company on a fully diluted basis upon the close of the transaction, and approximately 33% after completion of the Repurchase Plan.

Greg Heckman, Bunge’s Chief Executive Officer said, “The combination of Bunge and Viterra significantly accelerates Bunge’s strategy, building on our fundamental purpose to connect farmers to consumers to deliver essential food, feed and fuel to the world. Our highly complementary asset footprints will create a network that connects the world’s largest production regions to areas of fastest growing consumption, enhancing the geographical balance and adaptability of our global value chains and benefitting farmers and end-customers. With a diversified global mix of earnings across processing, handling and merchandising, and value-added products, we will increase the resiliency of our cash flow generation. We have great respect for the team at Viterra, which shares our commitment to excellence, and believe this combination will offer great opportunities for employees of both companies. Together, we will be positioned to increase our operational efficiency while innovating to address the pressing needs of food security, efficiency for end-customers, market access for farmers, and sustainable food, feed and renewable fuel production.”

David Mattiske, Viterra’s Chief Executive Officer said, “Viterra and Bunge are two leading agriculture businesses. In combining our highly complementary origination, processing and distribution networks, we are better positioned to meet the increasing demand for the food, feed and fuel products we offer. Together, we will play a leading role in the future of the agriculture industry, developing fully traceable, sustainable supply chains and moving towards carbon-neutral operations, while creating a strong growth platform for our combined business. This further enables us to offer innovative solutions and open additional pathways for our customers. We will create value for stakeholders across our network, as we build on our shared purpose to connect producers and consumers around the world. We look forward to joining with the Bunge team as we enter this next chapter, creating new opportunities for our people. The combined talent and experience of our workforce will allow us to offer a truly world-leading service across everything we do.”

Strategic and Financial Benefits of the Combination
Global, Pure-Play Agribusiness Solutions Company: With Bunge and Viterra’s highly complementary asset footprints, the combined company will be strongly positioned to connect the world’s largest production regions to areas with the fastest growing consumption.

    The combination augments Bunge’s existing footprint with significant grain and softseed handling capacity, while expanding origination capabilities in key regions and crops where Bunge is underrepresented. The combined company will be diversified across the key export origins, as well as major crush destinations.

    Increased direct origination reach will transform the combined company’s ability to promote sustainable practices in global food supply, including origination transparency, low carbon product streams, full end-to-end traceability across major crops and origins, and the acceleration of regenerative agriculture to reduce greenhouse gas emissions.

Enhanced Ability to Meet the Demands of Increasingly Complex Markets:  Better balance of value chains across geographies, access to more key origination markets and a diversified agriculture network covering all major crops will enhance the combined company’s ability to provide solutions for end-customers in any environment.

    Combining Bunge and Viterra’s highly complementary global value chains and origination capabilities will offer farmers greater market access and differentiated, value-added solutions in all key origins. Food, feed & fuel customers will benefit from a broader product portfolio and expanded global supply options.

    Together, Bunge and Viterra will have greater capacity to invest in global initiatives that enhance and connect value chains with increased optionality to provide solutions to farmers and end-customers.

    Enhanced network benefits will foster efficiencies, connectivity and capabilities across value chains while the combined company’s shared commitment to excellence will foster a “best practice sharing” mindset, with greater capacity to invest in teams and technology, such as training and development, advancement of low CI products and other sustainable solutions and digitalization of activities.

Proven Management Teams with Track Records of Value Creation: The combined organization brings together two world-class management teams and is well-positioned to create meaningful value for all shareholders with its highly compelling financial profile.

    The combination is expected to generate approximately $250 million of annual gross pre-tax operational synergies within three years of completion. Additionally, the combination is expected to benefit from significant incremental network synergies across joint commercial excellence opportunities, vertical integration efficiencies, and improved logistics optimization and trading optionality from a larger and broader network. The combined company expects to see relatively more stable cash flows from the larger, more diversified footprint. The improvement in the business risk and credit profile of the combined company is expected to drive capital structure efficiencies and cost of capital benefits. The transaction, coupled with the associated $2.0 billion share buyback, is expected to be accretive to Bunge’s Adjusted EPS in the first full year post closing and continue to improve with the realization of synergies.

    The ratings of the combined company at transaction closing are expected to remain strong investment grade, with a pro-forma 2022 adjusted leverage ratio of 1.6x, after factoring in the $2.0 billion share buybacks. The combined company anticipates being able to execute its growth and shareholder plans going forward, while maintaining its current ratings. The transaction is fully funded with a financing commitment of $7.0 billion provided by Sumitomo Mitsui Banking Corporation.

Governance and Leadership
Following the close of the transaction, the combined company will be led by Greg Heckman, Bunge’s Chief Executive Officer, and John Neppl, Bunge’s Chief Financial Officer. Viterra Chief Executive Officer David Mattiske will join the Bunge Executive Leadership Team in the role of Co-Chief Operating Officer. The combined company will operate as Bunge, NYSE: BG with operational headquarters in St. Louis, Missouri. Viterra’s current headquarters in Rotterdam will be an important commercial location in the future of the combined company.
The Bunge Board of Directors is expected to be comprised of eight Bunge nominated representatives and four representatives nominated by Viterra shareholders after the completion of the transaction.

Glencore and CPP Investments will each enter into a shareholder agreement with Bunge at the closing of the transaction (the “Shareholder Agreements”) and each will initially be able to nominate two Bunge board members. Pursuant to the Shareholder Agreements, Glencore and CPP Investments have agreed, among other things, to certain standstill provisions until their ownership falls below a threshold percentage and to a 12-month lock-up period on sales of Bunge shares.

Timing and Approvals
The merger is expected to close in mid-2024, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals and approval by Bunge shareholders.