Tag Archive for 'stock'

Hawaii subsidies cut for livestock feed | HonoluluAdvertiser.com | The Honolulu Advertiser

honadv

Loss of assistance from state deals another blow to shrinking industry

By Sean Hao
Advertiser Staff Writer

The state has spent about $3.8 million since November 2007 on a program aimed at revitalizing Hawai’i’s struggling livestock industry and improving the state’s self-sufficiency.

Despite the cash infusion, Hawai’i’s livestock industry has continued to shrink.

Now those subsidies, which were scheduled to run through 2010, have been canceled because of the state’s budget shortfall.

That doesn’t bode well for livestock producers.

The subsidies "stopped some of the decline," said David "Buddy" Nobriga, president of Nobriga’s Ranch, which is a cattle feedlot in Waikapu Town on Maui.

Nobriga’s Ranch received $83,616 in feed subsidies, according to state records. Without the subsidies, "We’ve got to tighten up our belts and see if we can survive," Nobriga said.

Although Hawai’i’s farm sector remains relatively small compared with the $12 billion tourism industry, agriculture plays an important role in diversifying the state economy, preserving greenbelt lands and reducing the Islands’ dependence on imported food. The loss of food-producing livestock businesses makes Hawai’i more dependent on the Mainland and other sources to meet basic needs.

Continue reading ‘Hawaii subsidies cut for livestock feed | HonoluluAdvertiser.com | The Honolulu Advertiser’

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Monsanto Plowed Down (MON)

It’s becoming increasingly harder to figure out whether Monsanto (NYSE: MON) is a bargain or a value trap. Yesterday, the agriculture giant announced less-than-stellar guidance for its 2010 fiscal year, which started at the beginning of the month.

It’s really a tale of two product lines for Monsanto. The seed and trait business is growing and competing well against — and sometimes withDuPont (NYSE: DD), Dow Chemical (NYSE: DOW), and Syngenta (NYSE: SYT).

Its Roundup product, on the other hand, is headed in the wrong direction. Once a cash cow, Roundup now faces generic competition, and a glut of chemical herbicides in the supply chain is pushing down prices. Unlike drug companies such as Pfizer (NYSE: PFE) and Merck (NYSE: MRK), which can pretty much kiss off most of their sales once generic competition starts, Monsanto does expect to bring in $650 million to $750 million in gross profits from Roundup in the coming year. Still that’s a long drop from the nearly $2 billion in gross profits that the herbicide brought in during fiscal 2008.

In a couple of years, it’s not going to matter much: By 2012, the company expects that seeds and licensed traits will make up 85% of the company’s total gross profit. But in the meantime, the drop is hurting the bottom line.

Earnings per share, after adding back restructuring charges, are expected to come in between $3.10 to $3.30, a sharp decline from the $4.40 or so that’s expected from the recently completed year. Trading at a forward price-to-earnings ratio of more than 24, Monsanto is a little cheaper than we’ve seen in the past, but it doesn’t leave investors much breathing room, if Roundup sales continue to fall faster than expected.

Monsanto Plowed Down (MON)

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Industry fights for inspectors – Starbulletin.com

star

Agricultural groups fear state layoffs will backlog shipments

By Erika Engle

POSTED: 01:30 a.m. HST, Sep 08, 2009

Agricultural industry executives worry that Hawaii businesses will wither on the vine and incoming food will rot on the docks if the state goes through with massive layoffs of agriculture inspectors.

Plans call for laying off 50 of the state’s 78 agriculture inspectors, 64 percent of that specialized work force.

Diminished inspection capacity could also cost hundreds of millions of dollars each year if additional invasive species get established, industry officials say.

State inspectors both certify products to be exported out of Hawaii and inspect food and plants being imported into the state.

Continue reading ‘Industry fights for inspectors – Starbulletin.com’

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Agricultural inspector layoffs slammed – The Maui News

maui-news-ad

KAHULUI – Environmentalists and farmers lashed out Thursday night at the announced layoffs of state agricultural inspectors, arguing that the move planned by the Lingle administration would uproot efforts to preserve the island’s agricultural industry and pristine environment.

Close to 100 people turned out at a Senate Ad Hoc Committee meeting held in the Maui Waena Intermediate School cafeteria. The crowd applauded those who spoke against the layoffs, some even attacking Gov. Linda Lingle.

Continue reading ‘Agricultural inspector layoffs slammed – The Maui News’

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Most U.S. Stocks Advance as Retail Sales Beat Forecasts – Bloomberg.com

Commodities Gain

A group of mining companies, seed producers and chemical makers increased 1 percent as raw-material prices jumped. Gold advanced to a six-month high, reaching $999.50 an ounce, while copper rose for a second day. The Reuters/Jefferies CRB Index of 19 commodities climbed 0.2 percent.

Most U.S. Stocks Advance as Retail Sales Beat Forecasts – Bloomberg.com

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There’s something about Ho’opili – Honolulu Weekly

Proposed ‘Ewa development defies snap judgments

YouTube Preview Image

Kevin O’Leary
Sep 2, 2009

Last Friday’s daylong meeting of the State Land Use Commission, to rule on a petition by mega-developer D.R. Horton-Schuler to change the current zoning on 1,500 acres of prime ‘Ewa farmland from agriculture to mixed-use residential and commercial, was anything but boring.

Here’s Kioni Dudley, intervenor in the case, whom some have called the leader of the opposition: “In the beginning, over two years ago, this was just a gut feeling I had.” Now, it is more than a feeling, as Mr. Dudley–and everyone else with a sore gut over the proposed zone change–has picked up some unexpected allies, in the form of at least three State agencies and several local politicians.

Listen to Bryan Yee of the Attorney General’s office, speaking for the State Office of Planning: “We now know that if the petition [for the zoning change] goes through, H-I will be a parking lot from Waiawa to Makakilo. And the petitioner (Schuler) isn’t proposing any solutions.”

Continue reading ‘There’s something about Ho’opili – Honolulu Weekly’

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Maui Land and Pineapple Looks Interesting Despite Its Share of Issues — Seeking Alpha

If there’s anything we like to cover besides net/nets here at Cheap Stocks, it’s real estate, more specifically, companies that own relatively large amounts of raw land, commercial property, or a combination of the two. My portfolio is chock full of these companies, from retailers such as Cabela’s, to restaurants (Cracker Barrell, Denny’s) to shipping companies (Alexander and Baldwin) to agriculture (JG Boswell and Limoneira), to name just a few.

Over the years, I’ve also sold out of some names as well. Maui Land and Pineapple (MLP) is a great example. I continue to follow the company, however, looking for a re-entry point, or making a determination of whether I want to take a new position.
MLP, which owns 24,500 acres primarily in Maui, Hawaii, including 10.6 miles of ocean frontage with 3300 of lineal feet along sandy beaches, has fallen on hard times during the recession. The company recently reported a $54 million loss for the second quarter, which included more than $37 million in writedowns, $21.3 million of which represented a decrease in value of the Company’s investment in the Kapalua Bay resort. Clearly, the downturns in real estate prices and resort visitors has been a double whammy for MLP. The stock now trades at $6.22, down 79% from its 52 week high of $29.69.

Continue reading ‘Maui Land and Pineapple Looks Interesting Despite Its Share of Issues — Seeking Alpha’

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Hawaii and Related Agriculture Daily Charts for the week ending 08-21-09

The annual charts have been updated also. CLICK HERE to view.

Maui Land and Pineapple (MLP)
mlpweek082109

Calavo Growers (CVGW)
cvgwweek title=

Alexander and Baldwin (ALEX)
alexweek082109

iPath DJ AIG Sugar TR Sub-Idx ETN (SGG)
sggweek082109
Continue reading ‘Hawaii and Related Agriculture Daily Charts for the week ending 08-21-09′

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HAWAII AQUACULTURE

Hawaiian stilt, aeo  (Himantopus  knudseni) forages in an abandoned catfish farm within Kealia Pond National Wildlife Refuge on Maui<br />Click for Larger Image

Hawaiian stilt, aeo (Himantopus knudseni) forages in an abandoned catfish farm within Kealia Pond National Wildlife Refuge on Maui
Click for Larger Image

CLICK HERE to view the PDF file for the Hawaii Aquaculture Report.
Please visit the website for more information:
http://www.nass.usda.gov/hi/
————————————————————-
Contact Information:
Mark E. Hudson, Director
USDA NASS Hawaii Field Office
1421 South King Street
Honolulu, HI 96814-2512
Office: (808) 973-9588 / (800) 804-9514
Fax: (808) 973-2909
————————————————————-
"HAWAII AQUACULTURE" reports are available on our website and also PRINTED annually. Subscriptions for PRINTED copies are free to those persons who report agricultural data to NASS (upon request) and available for $2 per year to all others.

Hawaii grown aquaculture reached a record $34.7 million in 2008, increasing 38 percent from 2007.  Algae sales accounted for 45 percent of the value and amounted to $15.7 million.  Finfish sales by weight valued at $7.0 million, comprised 20 percent of the total. The ornamental category was pegged at $3.3 million or 10 percent of the total. The ‘other’ category includes seed stock, brood stock, and other items counted by number, accounted for 24 percent or $8.3 million. Hawaii County continued to lead the State in aquaculture sales with $27.8 million or 80 percent of the total value.  Sales from Honolulu, Kauai and Maui Counties accounted for the remaining 20 percent.

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CALAVO fails marketing goals

Calavo Growers (CVGW) has been added to the Hawaii Agriculture Blog “Hawaii Agriculture and Related Stocks Annual Charts” page to show the contrast of their lack of success in marketing fresh pineapple in California with the success of their stock performance.

Calavo Chairman, President and CEO Lee E. Cole on the favorable implications of the sales marketing and distribution agreement of Maui Gold Pineapple for Calavo

First, we anticipate that sales of Maui Gold fresh pineapples will contribute $25-30 million in revenues to Calavo’s top line in fiscal 2008, as well as become immediately accretive to earnings.

calavao-vs-mlp
As opposed to Maui Land and Pineapple Company’s Inc (MLP) filed Quarterly Report (10-Q) for the period ended 2009-06-30.

Revenues for the Agriculture segment decreased by 14%, or $749,000, from $5.3 million for the second quarter of 2008 to $4.5 million for the second quarter of 2009, primarily due to a reduction in pineapple juice sales volume and lower average prices for fresh pineapple. Pineapple juice sales represented approximately 5% of the Agriculture segment revenues in the second quarter of 2009 compared to approximately 13% of Agriculture segment revenues in the second quarter of 2008. The Agriculture segment reported an operating loss of $5.0 million for the second quarter of 2009 compared to an operating loss of $4.6 million for the second quarter of 2008. The operating loss for the second quarter of 2009 includes a charge of $1.9 million representing an adjustment to the fair value less selling costs of our property in Kahului that includes our fresh fruit processing plant. The Kahului property is currently held for sale.

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Safeway recalls ground beef sold in nine states – MarketWatch

 

Eat me and you'll blow chunks!

Eat me and you'll blow chunks!

By Jim Jelter, MarketWatch

SAN FRANCISCO (MarketWatch) — Safeway Inc. announced Thursday a major, nine-state recall of salmonella-tainted ground beef sold between June 6 and July 14.

Safeway (SWY) , the giant grocery store chain based in Pleasanton, Calif., said the recall involved 825,769 pounds, or nearly 43 tons, of meat that the company said "may be linked to an outbreak of Salmonellosis."

The U.S. Department of Agriculture said the meat was processed at a Beef Packers Inc. meat-packing plant in Fresno, Calif., and sold in Arizona, California, Colorado, Hawaii, Nebraska, Nevada, New Mexico, South Dakota, and Wyoming.

Beef Packers is a subsidiary of privately-held Cargill, one of the world’s biggest food producers and marketers, with sales last year of $120 billion.

Safeway recalls ground beef sold in nine states – MarketWatch

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Maui Land and Pineapple Company Inc Reports Operating Results (10-Q)

Click for Larger Image

    I Hope there is Pineapple in                Haiku Hawaii Forever!            Click for Larger Image

Maui Land and Pineapple Company Inc (MLP) filed Quarterly Report for the period ended 2009-06-30.

MAUI LAND & PINEAPPLE CO Inc. is committed to the integration of agriculture natural resource management and eco-effective design principles to create and manage holistic communities. MLP’s vision of holistic communities is based on the traditional Hawaiian model of ahupua’a a system of self-reliance based on the artful use of land and water resources to sustain island life indefinitely. MLP is a Hawai’i corporation and successor to a business organized in 1909. Its principal operating subsidiaries are Maui Pineapple Company Ltd. a producer and marketer of Maui-grown pineapple and Kapalua Land Company Ltd. operator of Kapalua Resort a master-planned resort community in West Maui. Maui Land and Pineapple Company Inc has a market cap of $59.1 million; its shares were traded at around $7.25 with and P/S ratio of 0.8. Maui Land and Pineapple Company Inc had an annual average earning growth of 23.6% over the past 5 years. Continue reading ‘Maui Land and Pineapple Company Inc Reports Operating Results (10-Q)’

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Weekly Hawaii and Related Agriculture Daily Charts for the week ending 07-17-09

Maui Land and Pineapple (MLP)
mlpweek071709

Alexander and Baldwin (ALEX)
alexweek071709

Monsanto (MON)
monweek071709
Continue reading ‘Weekly Hawaii and Related Agriculture Daily Charts for the week ending 07-17-09′

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Maui Land & Pineapple Reports 2009 1st Quarter Results

Maui Land & Pineapple Company, Inc. (MLP) reported a net loss of $13.2 million or $1.65 per share for the first quarter of 2009 compared to a net loss of $414,000, or $0.05 per share for the first quarter of 2008. Consolidated revenues were $15.6 million for the first quarter of 2009 compared to $25.4 million for the first quarter of 2008, a decrease of 39%. Results in the first quarter of 2009 largely reflect the continuing impact of the national and worldwide economic uncertainty that has resulted in reduced visitor counts to Maui and the State of Hawaii and slower sales of real estate. Approximately $10.5 million of the increase in the net loss resulted from the year-over-year decrease in profit from the Company’s equity investment in Kapalua Bay Holdings LLC. The Company’s $50 million cash sale of the Plantation Golf Course in March 2009 was accounted for as a financing transaction and, accordingly, no gain was recognized in the first quarter of 2009.

The Community Development segment reported an operating loss of $3.2 million for the first quarter of 2009 compared to operating income of $8.1 million for the first quarter of 2008. Revenues from this operating segment were $2.0 million for the first quarter of 2009 compared to $4.6 million for the first quarter of 2008. The Company recorded a loss from Kapalua Bay Holdings, LLC of $1.1 million in the first quarter of 2009 compared to income of $9.4 million in the first quarter of 2008. Lower results in 2009 from the Kapalua Bay equity investment reflect reduced sales for the first quarter of 2009 compared to the first quarter of 2008. Lower results from the Community Development segment in the first quarter of 2009 were also due to no land sales in the first quarter of 2009, compared to the sale of two non-core land parcels in the first quarter of 2008.

The Resort segment reported an operating loss of $4.2 million for the first quarter of 2009 compared to an operating loss of $2.3 million for the first quarter of 2008. Resort segment revenues decreased from $11.7 million in the first quarter of 2008 to $8.6 million for the first quarter of 2009 or 26%, reflecting lower revenues from the primary Resort operations, golf, retail and villas. A reduction in visitor arrivals and occupancy at the Resort was primarily responsible for the lower results in the first quarter of 2009.

The Agriculture segment produced an operating loss of $3.5 million for the first quarter of 2009 compared to an operating loss of $5.1 million for the first quarter of 2008. Revenues from the Agriculture segment decreased by 42% from $8.5 million in the first quarter of 2008 to $4.9 million in the first quarter of 2009 due to lower case volume of fresh pineapple sales. The lower loss in the first quarter of 2009 reflects higher average prices for fresh pineapple and lower operating costs in the Agriculture segment. In addition, the operating loss for the first quarter of 2008 included approximately $0.9 million in equipment write-offs and a provision of $0.9 million for potentially uncollectible accounts receivable.

MAUI LAND & PINEAPPLE COMPANY, INC.
Report of Consolidated Operations
(Unaudited)
(in thousands except per share amounts)
mlploss1
NOTES:
The Company’s reports for interim periods utilize numerous estimates of production, general and administrative expenses, and other costs for the full year. In addition, revenues from land sales are sporadic. Consequently, amounts in the interim reports are not necessarily indicative of results for the full year.
Contacts:
For Maui Land & Pineapple Company, Inc.
Robert I. Webber, 808-877-1674
Fax: 808-877-1614

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Hawaii Ag-Tourism

Here is the PDF file for the *Hawaii Ag-Tourism* Report.

agtour012808.pdf

Please visit the website for more information: http://www.nass.usda.gov/hi/

————————————————————-
Contact Information:
Mark E. Hudson, Director
USDA NASS Hawaii Field Office
1421 South King Street
Honolulu, HI 96814-2512

Office: (808) 973-9588 / (800) 804-9514
Fax: (808) 973-2909
————————————————————-

Hawaii?s ag-tourism valued at $38.8 million in 2006

The value of Hawaii?s ag-tourism related activities (see definition below) is pegged at $38.8 million for 2006, up 14 percent from the $33.9 million generated in 2003. There were 112 farms statewide that had ag-tourism related income during 2006, a 40 percent decrease from 2003 as fewer agricultural producers in Hawaii have opened-up their operations to visitors to the farm experience through ag-tourism activities. Interest in ag-tourism continues to be strong as 84 farms either are involved in agtourism activities in 2006, or planned to be in the future. The distribution of ag-tourism throughout Hawaii has become more concentrated during the past three years as Hawaii County now accounts for half of the farms with ag-tourism and 34 percent of the total value. Honolulu County had 12 percent of the farms and 37 percent of the total value. Kauai County accounted for 13 percent of the farms and the value was 16 percent of the total. Maui County accounted for 25 percent of the farms and was the only county showing a decline from 2003 with 13 percent of the total value.

Ag-tourism is a commercial enterprise on a working farm conducted for the enjoyment, education, and/or active involvement of the visitor, generating supplemental income for the farm. Activities such as producing and selling products directly from the farm, operating a bed and breakfast, conducting educational farm tours, offering horseback riding, festivals, concerts, and many other on-farm activities qualify as agtourism.
Continue reading ‘Hawaii Ag-Tourism’

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Hawaii Monthly Livestock Review

Here is the PDF file for the *Hawaii Monthly Livestock Review *Report.

lvstk100207.pdf

Please visit the website for more information: http://www.nass.usda.gov/hi/

————————————————————-
Contact Information:
Mark E. Hudson, Director
USDA NASS Hawaii Field Office
1421 South King Street
Honolulu, HI 96814-2512

Office: (808) 973-9588 / (800) 804-9514
Fax: (808) 973-2909
————————————————————-

HAWAII MONTHLY LIVESTOCK REVIEW” reports are available on our website and also PRINTED monthly. Subscriptions for PRINTED copies are free to those persons who report agricultural data to NASS (upon request) and available for $4 per year to all others.

Hawaii Monthly Livestock Review

August Egg Production Down 17 Percent From A Year Ago
Hawaii egg production totaled 6.8 million (18,889 cases) in August 2007, down 17 percent from August 2006. The average number of layers on hand during August 2007 was estimated at 368,000, down fractionally from July 2007 and down 14 percent from August 2006. The average rate of lay during August 2007 was 1,848 per 100 layers (59.6 percent rate of lay), down 3 percent from August 2006.

August Cattle Marketings Up 12 Percent From 2006
Total cattle marketings for August 2007 is estimated at 3,800 head, up 12 percent from August 2006. Cumulative cattle marketings for the first eight months of 2007 totaled 35,500 head, down 2 percent from the same period a year ago.

August exports up 13 percent from a year ago
Exports of steers and heifers totaled 2,700 head in August 2007, up 13 percent from a year ago. Exports of steers totaled 1,100 head during August 2007, down 31 percent compared to a year ago. Total export of heifers increased in August 2007 to 1,600 head, double the amount of heifers exported a year ago. Cumulative exports of steers and heifers through August 2007 totaled 28,100 head, down 3 percent from the same period a year ago. Cumulative exports of steers for 2007 stands at 15,800 head, down 8 percent from 2006. Exports of heifers were 2 percent ahead of a year ago for the first seven months of 2007 at 12,200 head. Exports of other classes of cattle were not included.

Average live weight tops 430 pounds
The average live weight of steers and heifers exported from Hawaii in August 2007 was 433 pounds, up 4 percent from August 2006?s average live weight of 418 pounds.

Commercial Beef Production Down Fractionally From Year Ago
Hawaii commercial beef production (local slaughter) during August 2007 totaled 609,000 pounds, down fractionally from August 2006. Cumulative beef production (local slaughter) through August 2007 totaled 4.3 million pounds, up 4 percent from a year ago. Commercial kill totaled 1,100 head in August, up 10 percent from August 2006. Average live weight per head was 1,045 pounds in August 2007, down 6 percent from the average live weight per head in August 2006.

Commercial Pork Production Down 11 Percent
Hawaii commercial pork production during August 2007 totaled 298,000 pounds, down 11 percent from August 2006. Cumulative pork production for the first eight months of 2007 totaled 2.3 million pounds, down 10 percent from a year ago. Total hog kill was 1,900 head in August 2007, down 5 percent from a year ago. Average live weight per head was 209 pounds in August 2007, down 7 percent from the 224-pound average a year ago.

Milk Cows and Milk Production

August Milk Production Down 48 Percent From Year Ago
Hawaii?s dairy cows produced 2.5 million pounds of milk in August 2007, down 48 percent from a year ago. Cumulative milk production for the first eight months of 2007 totaled 26.8 million pounds, down 33 percent from the same period in 2006.

August?s Cow Herd Down 36 Percent From Year Ago
Hawaii?s cow herd, both dry and milking, numbered 2,700 head in August 2007, unchanged from July 2007 but down 36 percent from August 2006.

Milk Per Cow Decreases
Average milk per cow is estimated at 940 pounds for August 2007, down 18 percent from last August?s average of 1,145 pounds per cow.

Average Farm Prices

Livestock Farm Prices Generally Higher Than Year-ago Averages

Steers and heifers
The average dress weight farm price for steers and heifers is estimated at $1.00 per pound for August 2007, up half-a-cent from July and a penny per pound higher than a year ago.

Cows
The average dress weight farm price for cows is estimated at 54.0 cents per pound in August 2007, down a penny from July. The August average dress weight farm was identical to that of a year ago.

Market hogs

The average dress weight farm price for market hogs is estimated at $1.25 per pound for August 2007, unchanged from July 2007. Compared to a year ago, the dressed weight for market hogs was down 4.5 cents per pound this August.

Milk
The average farm price for milk was $29.90 per hundredweight during August 2007, unchanged from July 2007. Compared to a year ago, the August 2007 average farm price for milk was $3.50 per hundredweight higher.

Eggs
The average farm price for a dozen eggs was 98.0 cents in August 2007, down 7.0 cents from July 2007. Compared to a year ago, the average farm price for a dozen eggs was up 4.50 cents in August 2007.

Commercial red meat production for the United States totaled 4.33 billion pounds in August, up 2 percent from the 4.26 billion pounds produced in August 2006.

Beef production, at 2.45 billion pounds, was slightly above the previous year. Cattle slaughter totaled 3.13 million head, down slightly from August 2006. The average live weight was up 3 pounds from the previous year, at 1,279 pounds.

Veal production totaled 10.3 million pounds, 20 percent below August a year ago. Calf slaughter totaled 65,400 head, down 2 percent from August 2006. The average live weight was down 54 pounds from last year, at 268 pounds.

Pork production totaled 1.85 billion pounds, up 4 percent from the previous year. Hog kill totaled 9.39 million head, up 3 percent from August 2006. The average live weight was up 1 pound from the previous year, at 263 pounds.

Lamb and mutton production, at 14.7 million pounds, was up 1 percent from August 2006. Sheep slaughter totaled 227,500 head, slightly above last year. The average live weight was 129 pounds, unchanged from August a year ago.

U.S. egg production totaled 7.57 billion during August 2007, down 1 percent from last year. Production included 6.44 billion table eggs, and 1.13 billion hatching eggs, of which 1.07 billion were broiler-type and 65 million were egg-type. The total number of layers during August 2007 averaged 339 million, down 1 percent from last year. August egg production per 100 layers was 2,229 eggs, down slightly from August 2006.

All layers in the U.S. on September 1, 2007 totaled 339 million, down 1 percent from last year. The 339 million layers consisted of 281 million layers producing table or market type eggs, 55.9 million layers producing broilertype hatching eggs, and 2.73 million layers producing egg-type hatching eggs. Rate of lay per day on September 1, 2007, averaged 71.7 eggs per 100 layers, down 1 percent from September 1, 2006.

Excerpts from Livestock Slaughter (September 21, 2007) and Chickens and Eggs (September 21, 2007) releases.

Beef/cattle: Weather is still the dominant feature in the cattle/beef industry landscape. Some precipitation fell in the Southwest, Southeast, and Corn Belt, providing some relief for grain and hay crops and pastures. However, hay and other supplemental feeding continues in these areas, and beef cows continue to be sold as a result.

Pork/hogs: The fourth quarter pork export forecast was raised by 60 million pounds, following an announcement by a major U.S. packer of a sales agreement with China, to take place by December 2007. Total U.S. pork exports in 2007 are expected to be 2.97 billion pounds, about 0.8 percent lower than in 2006. U.S. pork exports next year are expected to be almost 3.1 billion pounds, or 3.8 percent above 2007. July 2007 exports to China and Hong Kong, combined, offset year-over-year declines in shipments to major U.S. foreign pork markets. Second-half production is expected to be about 11.1 billion pounds, about 3.4 percent above a year earlier, with live equivalent prices of 51-52 percent lean hogs expected to average between $50 and $51 per cwt in the third quarter, and $45 and $47 per hundredweight (cwt) in the fourth quarter. Commercial pork production next year is expected to be about 22.1 billion pounds, about 100 million pounds larger than forecast last month. The increased production forecast largely reflects revised expectations for U.S. swine imports from Canada, both in the second half of 2007 and in 2008.

Dairy: Domestic demand for dairy products, especially cheese, combined with global demand and tight world supplies, will keep milk and dairy product prices high this year and next. The upturn in milk production will moderate 2008 prices somewhat compared with 2007.

Poultry: Broiler meat production continues to slowly expand. The slow expansion and strengthening exports have allowed prices for most broiler products to remain considerably higher than in the previous year. The generally higher prices are expected to continue through the second half of 2007 and into 2008. Although turkey production and stocks of whole birds have been above a year earlier, prices for whole turkeys are expected to remain higher than the previous year through the third quarter. With a small laying flock and a strong export market, egg prices are expected to range from $1.14 to $1.15 per dozen at the wholesale level in the third quarter and to continue higher than the previous year in the fourth quarter.

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