Monsanto Rejects Bayer Offer

By Chris Clayton
DTN Ag Policy Editor

Omaha (DTN) – Monsanto Co. rejected the latest $125-a-share offer from rival Bayer AG in a statement released by Monsanto declaring that Monsanto’s board of directors unanimously viewed the latest offer as inadequate.
Bayer had announced that it had increased its offer to Monsanto from $122 a share to the $125-a-share offer. Bayer had noted that the two companies had been in private talks for several weeks and the higher offer had been on the table for Monsanto executives to consider.
Monsanto countered that Bayer’s new proposal remained “financially inadequate and insufficient to ensure deal certainty.” Monsanto added that the company “remains open to continued and constructive conversations with Bayer and other parties to assess whether a transaction that the Board believes is in the best interest of Monsanto shareowners can be realized. There is no assurance that any transaction will be entered into or consummated, or on what terms.”
Combined, Monsanto and Bayer would account for $67 billion in annual sales and create the world’s largest seed and crop-chemical company. Monsanto would bring more strength in seed traits and sales while Bayer would bring its portfolio of seed treatments and chemicals.
While Monsanto rejected the offer, Dow Jones also reported that the European investment firm Henderson, a major Bayer shareholder, called for a Bayer shareholder vote on the sale because Henderson doesn’t believe it is a good long-term deal, Dow Jones reported.
The back-and-forth between the two seed-and-chemical companies continues as the industry remains in a state of mergers. Rivals Dow Chemical and DuPont are in the process of merging and waiting approval from antitrust regulators while China National Chemical Corp. (ChemChina) plans to buy Swiss-based Syngenta in a deal that requires approval from a U.S. committee that reviews security concerns over foreign transactions.

Texas Beef Short Course Set For Aug. 1-3

College Station – After a historic run in beef cattle prices, producers are left with many decisions regarding the future of the cattle market, consumer demand and long-term weather projections, said a Texas A&M AgriLife Extension Service beef cattle expert.
These topics and more will be discussed at the 62nd Texas A&M Beef Cattle Short Course Aug. 1-3 at Texas A&M University in College Station.
“We’ve had quite a run over the past two years with regards to high cattle prices,” said Dr. Jason Cleere, conference coordinator. “Cattle prices fell considerably last fall and ranchers are concerned with where they will go in the future. While a lot of folks have enjoyed healthy bottom lines over the past few years because of high prices, margins are smaller this year and producers will have to manage costs to maintain profitability. This year’s short course will focus on controlling costs while improving productivity of the ranch.”
The short course is the premier beef educational event in Texas, attracting more than 1,400 attendees annually, Cleere said. It features 20 sessions covering basic practices, new technologies and other important industry topics. These sessions provide participants with an opportunity to choose workshops based on their level of production experience and the needs of their ranch.
“Concurrent workshops will feature information on forage and beef cattle management, nutrition and reproduction, record keeping, genetics, purebred cattle and much more,” he said.
In addition to classroom instruction, participants can attend one of the program’s popular demonstrations on the morning of Aug. 3, Cleere said.
“There will be demonstrations on brush control, chute-side calf working, cattle handling, bull fertility testing, brush management and beef carcass value determination,” Cleere said.
“The goal of the short course each year is to provide the most cutting-edge information needed by beef cattle producers. We think we have information for everyone to take home and apply to their operations.”
Participants can earn seven Texas Department of Agriculture pesticide continuing education units if they are already licensed, Cleere added.
An industry trade show, featuring more than 120 agricultural businesses and service exhibits, will be held during the event.
“And the famous Texas Aggie Prime Rib Dinner is always a highlight of the short course,’ Cleere said.
Registration is $180 per person before July 25 and $220 afterwards. It includes educational materials, a copy of the 600-page short course proceedings, trade show admittance, admission to the prime rib dinner, lunches, breakfasts and daily refreshments.
Registration information and a tentative schedule can be found on the short course website at www.beefcattleshortcourse.com
Producers can also register on the website or by contacting Cleere’s office at 979-845-6931.

Red Angus Convention Set For Sept. 7-9 In Oklahoma City

Denton, Texas – “Oklahoma, where the Red Angus Roam” is the theme for the 2016 National Red Angus Convention being planned for September 7-9, 2016 in Oklahoma City. With the spotlight on excellence and capturing additional dollars from the marketplace, Red Angus cattle raisers will not want to miss this information-packed, three-day event.
The Commercial Cattlemen’s Symposium “Putting Dollars in Your Pocket” on Wednesday, Sept. 7, will feature leading industry experts addressing opportunities in the beef industry to capture additional value for your business through innovative marketing, nutritional considerations of the cowherd and by using additional technology to improve profitability. Oklahoma State University’s own Clint Rusk will serve as emcee for the session. RAAA CEO Tom Brink will provide the keynote address. There is no charge for the Commercial Cattlemen’s Symposium, although registration is requested to plan for the event. Lunch will be provided to Commercial Cattlemen’s Symposium attendees and the Convention Trade show will be open to visit with vendors. Please register online at (http://goo.gl/forms/o3TTCftPiObpDUsy2) to attend.
The convention business session will begin on Thursday morning and include the annual Association update, committee reports and a keynote message from Dr. Tom Field, Director of the Engler Agribusiness Entrepreneurship Program at the University of Nebraska, Lincoln. Friday, the RAAA business session will conclude with the election of new members of the Board of Directors as well as honor excellence at the annual awards banquet that evening.
Full convention registration is $295 per person and includes most meals, socials and meeting breaks. Registration is available online http://redangus.org/calendar/national-convention.
Hotel headquarters is the Renaissance Oklahoma City Convention Center Hotel, 10 North Broadway Avenue, Oklahoma City, Oklahoma. Room rate is $139 per night. Room reservations should be made directly with the hotel and be requested in the Red Angus room block. Rooms can be reserved online (http://bit.ly/2984ZvZ) or calling the hotel at (405) 228-8000.

Direct Receipts

Direct Receipts: 62,300

Texas 32,100. 90 pct over 600 lbs. 21 pct heifers. Steers: Medium and Large 1 FOB Current fob Current 750 lbs 141.97; 800-845 lbs 135.97; 900 lbs 131.50; Aug 675 lbs 145.50; 750-775 lbs 141.07; 800 lbs 139.60; 800 lbs 139.60; Sept 700 lbs 143.25; 750-775 lbs 139.67; 800 lbs 136.00; Oct 650 lbs 146.75; 725 lbs 140.75; 750-775 lbs 138.32; 800 lbs 137.20; Nov 775 lbs 137.45; 800 lbs 135.15; Del Current 620 lbs 162.00; 725 lbs 143.75; 755 lbs 147.00; 800-825 lbs 141.72; 850 lbs 136.50; Aug 775 lbs 142.80; 800-825 lbs 136.43; Sept 650 lbs 147.02; 700 lbs 144.75; 750 lbs 143.10; 800-825 lbs 139.69; Oct 725 lbs 143.00; 750-775 lbs 140.78; 800 lbs 140.65; Nov 700 lbs 146.50; 775 lbs 133.60; 800 lbs 141.60. Medium and Large 1-2 FOB Current 630 lbs 153.15; 650-700 lbs 143.27; 700-750 lbs 143.16; 750-785 lbs 138.03; 800-845 lbs 133.96; 865 lbs 132.50; 950 lbs 124.65; 1050 lbs 117.00; July-Aug 825 lbs 131.45; Aug 675 lbs 143.40; 825 lbs 130.65; Sept 800 lbs 136.00; Del Current 450-475 lbs 168.17 Mex; 550 lbs 155.00 Mex; 625 lbs 150.50, Mex 137.50; 650-675 lbs 141.11; 745 lbs 143.50; 800-845 lbs 134.78; Aug 675 lbs 145.00; Sept 650 lbs 148.50; Oct 725 lbs 143.00. Heifers: Medium and Large 1 650 lbs 138.50; 725-735 lbs 129.54; Aug 725 lbs 131.75; 750 lbs 128.00; Sept 700-725 lbs 128.02; 750 lbs 129.00; Oct 675 lbs 133.75; Del Current 680 lbs 136.00; 725 lbs 132.50; 750 lbs 137.50; Aug 725 lbs 133.00;Sep 650 lbs 134.17; 700 lbs 132.21; Oct 700-725 lbs 129.81; Nov 725 lbs 127.60; Dec 650 lbs 135.45. Medium and Large 1-2 FOB Current 600-625 lbs 142.01; 660 lbs 139.75; 720-725 lbs 132.56; 780 lbs 120.00; Del 650-660 lbs 141.24; 700-710 lbs 136.37; 750 lbs 134.00; Aug 650 lbs 135.00; 700 lbs 136.00.
Oklahoma 6000. 100 pct over 600 lbs. 26 pct heifers. Steers: Medium and Large 1 FOB Current 725 lbs 141.00; 750-775 lbs 141.49; 810-825 lbs 137.53; 880 lbs 135.50; 910-915 lbs 131.73; Sept 700 lbs 141.75; 750 lbs 141.10; Oct 775 lbs 135.05; 800 lbs 133.85; Nov 775 lbs 131.60; Del Current 900 lbs 134.00. Heifers: Medium and Large 1 FOB Current 680 lbs 133.50; Aug 700 lbs 132.50; Sept 700 lbs 130.54; Oct 725 lbs 128.05; Nov 725 lbs 125.60; Dec 650 lbs 133.45.
New Mexico 4600. 45 pct over 600 lbs. 6 pct heifers. Steers: Medium and Large 1 Current 850 lbs 135.00; Aug 825 lbs 138.25; Sept 825 lbs 137.25. Medium and Large 1-2 Current 475 lbs 168.50 Mex; 550 lbs 151.00 Mex; 625 lbs 133.50 Mex. Heifers: Medium and Large 1 Current 750 lbs 135.50. Medium and Large 1-2 Current 750 lbs 133.60.
Kansas 2100. 100 pct over 600 lbs. 22 pct heifers. Steers: Medium and Large 1 FOB Current 840 lbs 138.50; 850-875 lbs 134.70. Medium and Large 1-2 FOB Feb 750 lbs 129.92; Del Current 700-725 lbs 144.63; July-Aug 825 lbs 135.50; Aug 700 lbs 146.00; 825 lbs 135.50. Heifers: Medium and Large 1 FOB Current 765-775 lbs 136.34.

National Feeder Cattle Summary

St. Joseph, MO — July 15
National feeder cattle receipts: 162,200

Feeder steers and heifers traded steady to $5 lower. Another week of volatile up, down and sideways trade has again left most market participants scratching their heads wondering whether or not we’ve reached the bottom. On July 11 the CME cattle complex opened the first full trading week of July sharply lower and market weakness was magnified as some northern sales were reported at $191 dressed. A few barns did report higher cash feeder cattle trade on July 11 but that was mostly a result of July 4 very light holiday receipts and the feedlot owners desire to fill some empty pens quickly. Packers lowered bids again July 12 in an attempt to get more cattle forward purchased at lower money, but a futures rally July 13 stopped all sales. Futures posted even more impressive gains July 14 and suddenly the feeling was remarkably more optimistic. Subsequently, bids in the south were raised to $116-117 but were still passed as owners held out for better money. Many believed that barring a futures crash July 15, the market would see a complete turnaround from the beginning of the week. But after an impressive rally off of July 11 contract lows, cattle futures ran out of steam July 14 morning before closing with triple digit losses again. Many barns across the country returned to regular business this week after last week’s Independence Day holiday. Most sales were reported as active with good demand even at lower price levels. Extreme heat is expected to move into cattle country (and the Corn Belt) by the middle of next week. This could turn into a major weather event as high temperatures have a negative impact on feedlot performance. Cattle, market ready or not, just can’t keep the pounds on in the heat. Excessive heat will also effect crop conditions and therefore grain futures, which proved once again this week that volatility is not exclusive to the cattle market. Grain futures continue to waver between the likelihood of a bumper crop one day and the ever present possibility of drought, and the resulting crop deterioration that an extended heat wave would bring. Currently crop conditions are about as good as one could hope for in the middle of July but that can change in a hurry. Feeder cattle prices are heavily influenced by feed prices so corn futures will be watched very closely. Moving forward through the summer, weakness is common and almost expected this time of year, however, fundamentally the beef sector holds much more firm than the cash market would lead one to believe. Feedlots are current, retail prices have declined, exports are up and imports are down. For whatever reason though the market continues to be plagued by bearishness with no ability to capitalize on the fundamentals and find any solid footing.
Texas 4700. 75 pct over 600 lbs. 32 pct heifers. Steers: Medium and Large 1 500-550 lbs (534) 154.09; pkg 635 lbs 150.50; half load 670 lbs 149.32; load 720 lbs 149.00; 750-800 lbs (763) 145.29; load 865 lbs 136.50; 900-950 lbs (924) 130.66; load 1070 lbs 120.00. Medium and Large 1-2 400-500 lbs (412) 163.55; pkg 585 lbs 148.50; 600-650 lbs (634) 141.96; 650-700 lbs (653) 144.20; 800-850 lbs (807) 138.34. Heifers: Medium and Large 1 500-550 lbs (525) 132.91; 650-700 lbs (687) 123.70; 700-750 lbs (724) 134.05; 750-800 lbs (762) 132.54; few loads 850 lbs 126.08. Medium and Large 1-2 500-550 lbs (526) 128.06; 550-600 lbs (569) 127.94; 600-650 lbs (641) 131.43; 650-700 lbs (658) 115.69; 750-800 lbs (778) 125.71.
Oklahoma 32,700. 71 pct over 600 lbs. 37 pct heifers. Steers: Medium and Large 1 300-350 lbs (322) 191.72; 350-400 lbs (383) 183.63; 400-450 lbs (424) 170.17; 450-500 lbs (473) 162.76; 500-550 lbs (526) 155.39; 550-600 lbs (584) 156.62; 600-650 lbs (629) 146.19; 650-700 lbs (676) 143.84; 700-750 lbs (774) 141.22; 750-800 lbs (774) 141.22; 800-850 lbs (831) 136.67; 850-900 lbs (870) 133.22; 900-950 lbs (920) 130.27; 950-1000 lbs (972) 127.44; 1000-1050 lbs (1017) 127.25. Medium and Large 1-2 350-400 lbs (357) 176.29; 400-450 lbs (429) 165.38; 450-500 lbs (474) 156.28; 500-550 lbs (522) 150.56; 550-600 lbs (583) 142.86; 600-650 lbs (631) 141.70; 650-700 lbs (678) 142.20; 700-750 lbs (718) 138.60; 750-800 lbs (776) 137.67; 800-850 lbs (834) 133.92; 850-900 lbs (876) 129.79; 900-950 lbs (945) 125.69; 950-1000 lbs (964) 126.09; 1000-1050 lbs (1025) 123.01; 1050-1100 lbs (1057) 120.38. Heifers: Medium and Large 1 300-350 lbs (328) 157.13; 350-400 lbs (356) 146.32; 400-450 lbs (428) 142.28; 450-500 lbs (469) 141.42; 500-550 lbs (523) 138.84; 550-600 lbs (576) 142.43; 600-650 lbs (609) 140.03; 650-700 lbs (672) 137.14; 700-750 lbs (728) 134.66; 750-800 lbs (780) 127.99; 800-850 lbs (812) 128.81; 850-900 lbs (873) 121.90. Medium and Large 1-2 300-350 lbs (325) 150.40; 350-400 lbs (389) 142.29; 400-450 lbs (432) 140.86; 450-500 lbs (479) 141.82; 500-550 lbs (531) 140.29; 550-600 lbs (574) 137.03; 600-650 lbs (633) 137.09; 650-700 lbs (681) 134.60; 700-750 lbs (730) 133.40; 750-800 lbs (783) 126.44; 800-850 lbs (825) 126.18; 850-900 lbs (876) 124.22.
New Mexico 4700. 47 pct over 600 lbs. 45 pct heifers. Steers: Medium and Large 1 350-400 lbs (373) 172.16; 400-450 lbs (428) 165.91; 450-500 lbs (466) 163.54; 500-550 lbs (519) 155.49; 550-600 lbs (573) 145.98; 600-650 lbs (608) 144.38; 650-700 lbs (662) 143.20; 700-750 lbs (717) 143.30; 750-800 lbs (789) 137.63. Medium and Large 1-2 350-400 lbs (383) 162.70; 450-500 lbs (467) 158.85; 500-550 lbs (519) 149.96; 550-600 lbs (571) 146.48; 600-650 lbs (631) 141.50; 700-750 lbs (715) 138.25. Holsteins: Large 3 500-550 lbs (529) 85.37; 650-700 lbs (657) 80.88. Heifers: Medium and Large 1 350-400 lbs (391) 152.42; 400-450 lbs (426) 146.48; 450-500 lbs (474) 143.73; 500-550 lbs (524) 136.35; 550-600 lbs (572) 136.22; 600-650 lbs (624) 127.99; 650-700 lbs (674) 131.36; 700-750 lbs (720) 132.73; load 820 lbs 122.00. Medium and Large 1-2 450-500 lbs (476) 142.81; 550-600 lbs (582) 132.37.
Kansas 5300. 92 pct over 600 lbs. 46 pct heifers. Steers: Medium and Large 1 450-500 lbs (477) 174.48; 550-600 lbs (570) 165.10; 600-650 lbs (618) 160.04; 650-700 lbs (669) 154.67; 700-750 lbs (734) 147.52; 750-800 lbs (775) 146.65; 800-850 lbs (817) 143.45; 850-900 lbs (865) 141.85; 900-950 lbs (930) 139.36; 950-1000 lbs (967) 136.23; 1000-1050 lbs (1012) 131.09; pkg 1055 lbs 124.00. Medium and Large 1-2 600-650 lbs (625) 149.77; 650-700 lbs (683) 145.94; 800-850 lbs (838) 139.89; 850-900 lbs (876) 137.01; 900-950 lbs (924) 125.84; 950-1000 lbs (980) 126.95. Heifers: Medium and Large 1 550-600 lbs (565) 158.09; 600-650 lbs (623) 149.51; 650-700 lbs (670) 145.43; 700-750 lbs (729) 139.12; 750-800 lbs (770) 132.91; 800-850 lbs (826) 129.62; 850-900 lbs (859) 128.71; 900-950 lbs (921) 129.65; 950-1000 lbs (970) 125.80. Medium and Large 1-2 450-500 lbs (471) 144.71; 500-550 lbs (517) 151.61; 550-600 lbs (568) 144.01; 600-650 lbs (632) 136.59; 650-700 lbs (688) 136.82; 700-750 lbs (732) 135.30; 750-800 lbs (759) 129.04; 800-850 lbs (820) 125.37; 850-900 lbs (892) 121.60.
Missouri 27,200. 55 pct over 600 lbs. 38 pct heifers. Steers: Medium and Large 1 350-400 lbs (377) 175.72; 400-450 lbs (426) 172.85; 450-500 lbs (480) 163.32; 500-550 lbs (527) 159.15; 550-600 lbs (576) 157.47; 600-650 lbs (625) 151.24; 650-700 lbs (677) 149.41; 700-750 lbs (720) 144.33; 750-800 lbs (778) 139.30; 800-850 lbs (824) 136.83; 850-900 lbs (870) 136.40; 900-950 lbs (936) 129.24. Medium and Large 1-2 300-350 lbs (330) 175.50; 350-400 lbs (376) 163.18; 400-450 lbs (425) 161.07; 450-500 lbs (478) 155.66; 500-550 lbs (527) 152.79; 550-600 lbs (577) 150.54; 600-650 lbs (627) 144.60; 650-700 lbs (678) 144.52; 700-750 lbs (718) 138.52; 750-800 lbs (767) 135.91; 800-850 lbs (825) 137.89; 850-900 lbs (875) 130.48; 900-950 lbs (920) 127.22; 950-1000 lbs (976) 122.18; 1000-1050 lbs (1011) 115.94. Holsteins: Large 3 pkg 525 lbs 100.00; 650-700 lbs (677) 92.23; 750-800 lbs (778) 88.78; 800-850 lbs (818) 83.73; 850900 lbs (880) 93.73. Heifers: Medium and Large 1 300-350 lbs (324) 159.72; 350-400 lbs (378) 157.29; 400-450 lbs (429) 153.59; 450-500 lbs (479) 147.94; 500-550 lbs (522) 143.55; 550-600 lbs (570) 141.61; 600-650 lbs (619) 140.59; 650-700 lbs (676) 136.76; 700-750 lbs (716) 134.72; 750-800 lbs (783) 130.26; 800-850 lbs (827) 123.88; 850-900 lbs (871) 124.57. Medium and Large 1-2 300-350 lbs (328) 159.16; 350-400 lbs (382) 148.14; 400-450 lbs (428) 144.63; 450-500 lbs (474) 141.68; 500-550 lbs (523) 141.75; 550-600 lbs (573) 137.30; 600-650 lbs (623) 132.39; 650-700 lbs (679) 130.65; 700-750 lbs (729) 128.84; 750-800 lbs (772) 124.11; 800-850 lbs (835) 127.21; 850-900 lbs (868) 120.67.
Arkansas 5400. 27 pct over 600 lbs. 41 pct heifers. Steers: Medium and Large 1 300-350 lbs (323) 175.67; 350-400 lbs (374) 165.50; 400-450 lbs (422) 157.86; 450-500 lbs (476) 149.33; 500-550 lbs (517) 145.25; 550-600 lbs (572) 141.56; 600-650 lbs (621) 137.42; 650-700 lbs (674) 137.27. Heifers: Medium and Large 1 300-350 lbs (323) 157.67; 350-400 lbs (375) 147.29; 400-450 lbs (424) 140.71; 450-500 lbs (472) 135.60; 500-550 lbs (521) 130.53; 550-600 lbs (574) 128.81; 600-650 lbs (623) 127.14.

 

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Friday, July 22, 2016 11:00 AM