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Business Briefs-July 16, 2008

Deadline is Aug. 1 for Corn Yield Contest

CHESTERFIELD, Mo. — The Aug. 1 cutoff date for entry forms for the National Corn Growers Assoc.’s (NCGA) 2008 National Corn Yield Contest is only weeks away. With harvested corn acres expected to be the second-highest since the 1940s, growers are encouraged to sign up now for this annual event that highlights the success of their work.

“Last year, nearly 5,000 growers accepted the challenge to test their corn production skill and knowledge by competing with proven winners to reach the ultimate goal of champion,” said David Ward, chairman of NCGA’s Production and Stewardship Action Team. “We’re proud to present this opportunity for our members to explore new ideas and production techniques, while gleaning knowledge to enhance their future yield potential.”

Grower leaders involved in the program stressed how important it was that entrants be aware of changes to the program for this year.
“For those who have accepted the challenge to compete in past contests, there are several important changes to contest regulations,” said Matt Gibson, chairman of NCGA’s Grower Services Action Team. “After each contest, a group of NCGA corn growers review the contest rules and approve changes to make the contest entry and harvest process less complicated while maintaining integrity.”

To learn more or register online, visit www.ncga.com/CYC/main/index.asp

National Beef reports larger 3Q profits
KANSAS CITY, Mo. (AP) — National Beef Packing Co. LLC, the nation’s fourth-largest beef processor, reported a larger third-quarter profit from a combination of higher sales and lower cattle prices.

In a securities filing, the Kansas City-based company said it earned $74.3 million during the three months ending May 31, compared with $13.6 million during the same period a year ago.

Sales during the quarter rose 3.4 percent, from $1.48 billion to $1.53 billion, which the company attributed to an extra week during the period and increased beef demand, offsetting a 7 percent decline in the amount of cattle processed per week. Expenses and cost of sales dipped slightly to $1.45 billion. The company said live cattle prices during the quarter declined 5.8 percent and average cattle weights increased 2.1 percent.

The company in March said it was being acquired by Brazilian giant JBS S.A. in a cash and stock deal worth $560 million. National Beef said JBS, the world’s largest beef processor, will pay National Beef members about $465 million in cash and $95 million JBS common shares. The deal, which still requires regulatory approval, also includes JBS assuming an unreleased amount of National Beef’s debt.

National Beef has operations in Liberal, Kansas City and Dodge City, Kan.; as well as Brawley, Calif.; Hummels Wharf, Penn.; and Moultrie, Ga.

CoBank issues $200M in preferred stock
DENVER, Colo. — CoBank, a leading national cooperative bank serving agribusinesses and rural utilities throughout the United States, announced it has issued $200 million in Series C noncumulative subordinated perpetual preferred stock.

The preferred stock pays a fixed-rate dividend of 11 percent through June 2013, after which the dividend will float at a rate indexed to three-month LIBOR. Net proceeds will be used to increase regulatory capital as well as for general corporate purposes.

CoBank has raised a total of $1.7 billion from institutional investors over the past seven years. The bank issued $300 million of Series A cumulative preferred stock in June 2001. An additional $200 million in Series B cumulative preferred stock was issued in November 2003. The bank has issued $1 billion in subordinated debt, including a $500 million issuance in April this year. Lehman Brothers and Merrill Lynch served as joint bookrunners on the transaction.

Whiteshire Hamroc claims Master Producer Award

ALBION, Ind. — Whiteshire Hamroc received the 2008 Master Seedstock Producer Award June 6 at the World Pork Expo in Des Moines, Iowa, from the National Assoc. of Swine Records.

The award, presented annually, recognizes Whiteshire Hamroc’s outstanding contributions to the genetic improvement of the U.S. swine industry through utilization of performance-testing programs. Founded in 1976 by the Ben, Mike and Charlie Lemmon families and Al Osterlund, their goals for Whiteshire Hamroc were to develop a breeding stock farm that would become a foundation seedstock supplier for genetic systems.

For 30 years, Whiteshire Hamroc has raised purebred hogs, and their sow herd now includes 948 Yorkshires, 600 Landrace, 475 Durocs and 20 Hampshires. Each year, they sell 2,110 gilts and 460 boars to domestic and international customers.

The employees of Whiteshire Hamroc’s membership organizations include the Noble County Pork Producers, Indiana Pork Producers, National Swine Improvement Federation, National Specific Pathogen Free and U.S. Chamber of Commerce. Mike Lemmon has served as chairman of the NSR Export Committee, and Genetics Manager Mark Brubaker is chairman of the NSR Commercial Services Committee and is a member of the American Landrace Assoc. board of directors.

7/18/2008