Financial Conversations with Fitz #108 - Conversation on Salute to Beef Month - 05/15/2012
Wow, A great weekend for weather and some more graduation activity. The good Lord is looking out for us farmers in North Iowa. Most of the corn in the 66 Degree ground and a light rain to get the corn started. The DOW was up Friday…..Looks to open down today because of Greek worries. Grains were sort of crazy on Friday. Which side of $5 are you? Hope we all remembered our mothers this weekend. The best gift for most mothers is some time from us.
As most of you know that May is Beef Month. We don’t have a lot of them left in some of our areas but the industry impacts us more than we know. Our numbers are at historic lows for production numbers. Where would our grain prices be at, if it wasn’t for over 2.8 million bushels of grain eaten. Our ethanol by-products can be easily blended into our corn rations. In addition to grain they consume about 100 million tons of hay, 400 million hours of labor, and $5 billion of operating expenses. Had a bit of steak yesterday for Mothers Day. We can still find steak on the menu at our north Iowa eateries for a decent price compared to the big City. Flemings steak house by Jordan Creek list steak at $42 a la carte plus. So salute your local beef and corn producer and have a tasty steak or burger for the weekend. Heck we can go up to Bancroft for the best one in the country in 2011. Take a look at the top ten in Iowa - Coon Rapids in 2012. Heck I like my good choices right here in North Iowa. Don’t have to depend on national media to confuse us on what is good. My favorites are a rib eye on the grill and a prime rib on Saturday night at one of our locals. If you get a chance to review the numbers they are revealing - cattle number are down another 2% for last year. Iowa still has 3.9 million cattle. We are sixth in the nation. Cattle add $5.1 billion to our economy in Iowa.
We do have several beef people on our portfolio so enjoy still working with them. I still love to walk among a cow calf operation in the spring.
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