News Update
Nov. 18, 2009

Delegates Elect Board Members, Conduct Business

More than 340 elected delegates from throughout the United States and Canada represented American Angus Association members and conducted the business of the Association during the annual meeting and election. The meeting was at the Kentucky Fair and Exposition Center (KFEC) in conjunction with the North American International Livestock Exposition (NAILE) Super-Point Roll of Victory (ROV) Angus Show. Read more.

Superior Livestock Under New Ownership

Superior Livestock Auction Inc. is under new ownership. Superior Livestock is now owned by SLAI, LLC which is a wholly owned entity of Farm Credit West, ACA. Farm Credit West is a strong supporter of the livestock industry and is proud to be the new owner of Superior Livestock — the largest livestock auction company in the U.S. and No. 1 in the livestock marketing industry.

Superior Livestock is the nation’s leader in marketing load-lots of cattle via satellite and the Internet. Committed to innovation and utilizing the best technology available, Superior leads the way in satellite video marketing and continues to take a leadership role in Internet marketing. Since pioneering video cattle marketing in 1987, Superior Livestock has been known for its financial responsibility and dependability. The success and growth of Superior Livestock Auction is the result of its reputation for honesty and integrity, its qualified and professional staff and representatives, thousands of satisfied customers, its leadership role in industry innovations and its goal to be the best, most complete livestock marketing service in the industry.

Superior Livestock continues to perform at record levels, both in terms of number of head sold and profitability. Superior offers more than 1.5 million cattle annually and to date in 2009 has sold 1.6 million head of cattle. In order to continue to build upon this success, Farm Credit West has asked Jim Odle to come back to Superior Livestock as general manager. Jim was one of the co-founders of Superior Livestock and played a significant role in building it into the livestock marketing industry leader. Farm Credit West is pleased to have a man of Jim’s experience at the helm of Superior Livestock.

If you have any questions, feel free to give Jim Odle a call at 1-800-523-6610 or 970-380-5566.

— Release provided by Superior Livestock Auction Inc.

Agriculture Committee Reviews Financial Stability Improvement Act Draft Language

Today, the House Agriculture Committee held a hearing to review discussion draft language that would create a systemic financial risk regulator and oversee financial firms considered “too big to fail.” The Committee called the hearing to review the Financial Stability Improvement Act discussion draft because of provisions that fall under the Agriculture Committee’s jurisdiction.

Draft legislation was released by the House Financial Services Committee on October 29, based on a proposal put forth by the Treasury Department earlier this year. The language creates a Financial Services Oversight Council made up of several agencies — including the Commodity Futures Trading Commission (CFTC) — which would be given powers to identify certain financial players and activities that could pose a systemic risk to the economy. The Federal Reserve would be given broad powers in the draft, with the ability to impose standards despite the objections or expertise of Council member agencies.

In addition, the draft contains loan retention provisions affecting the Farm Credit Administration, which oversees a nationwide network of borrower-owned lenders that provide credit and related services to farm country.

“I am skeptical of the idea of a systemic risk regulator in general and very much opposed to having the Fed play a leading role as this draft proposes,” said House Agriculture Committee Chairman Collin Peterson of Minnesota. “No one regulator should be given so much independent power over our economy, certainly not one whose governance has been influenced more by the wishes of major banks than the American people. I appreciate the witnesses’ input today on the effect of this legislation on their agencies. If the forthcoming legislation’s impacts on those areas in our Committee’s jurisdiction are not addressed, we may be back here again to review this bill.”

“I was particularly pleased to hear CFTC Chairman Gensler say that the futures market does not need multiple regulators,” said Ranking Republican Frank Lucas of Oklahoma. “As this bill reads now, the people who have the regulatory responsibility over the futures market on a daily basis can be overruled by some super regulator, which has no expertise in these nuanced markets. This is one of the many shortcomings with this bill that needs more work.”
The opening statements of all witnesses are available on the Committee web site at http://agriculture.house.gov/hearings/index.html. A full transcript of the hearing will be posted on the Committee web site at a later date.

— Release by The House Agriculture Committee.

Nebraska Firm Recalls Fresh Ground Beef

Fairbury Steaks Inc. a Fairbury, Neb., establishment, is recalling approximately 90 pounds of fresh ground beef products that may be contaminated with E. coli O157:H7, the U.S. Department of Agriculture (USDA) Food Safety and Inspection Service (FSIS) announced today.

The products subject to recall include:

• 10-pound packages of “BULK FRESH GROUND BEEF.”

The packages were placed in boxes and bear the establishment number “EST. 5726” inside the USDA mark of inspection on the label. The products were produced on Nov. 16, 2009, and were distributed to a restaurant in Ruskin, Neb.

FSIS routinely conducts recall effectiveness checks to verify recalling firms notify their customers (including restaurants) of the recall and that steps are taken to make certain that the product is no longer available to consumers.
The problem was discovered through FSIS microbiological sampling. FSIS has received no reports of illnesses associated with consumption of these products. Individuals concerned about an illness should contact a physician.

E. coli O157:H7 is a potentially deadly bacterium that can cause bloody diarrhea, dehydration, and in the most severe cases, kidney failure. The very young, seniors and persons with weak immune systems are the most susceptible to foodborne illness.

FSIS advises all consumers to safely prepare their raw meat products, including fresh and frozen, and only consume ground beef or ground beef patties that have been cooked to a temperature of 160° F. The only way to be sure ground beef is cooked to a high enough temperature to kill harmful bacteria is to use a food thermometer to measure the internal temperature.

Media and consumers with questions regarding the recall should contact the company’s Media Representative, Nicole Brown at 402-729-3364.

Consumers with food safety questions can “Ask Karen,” the FSIS virtual representative available 24 hours a day at AskKaren.gov. The toll-free USDA Meat and Poultry Hotline 1-888-MPHotline (1-888-674-6854) is available in English and Spanish and can be reached from 10 a.m. to 4 p.m. (Eastern Time) Monday through Friday. Recorded food safety messages are available 24 hours a day.

Access news releases and other information at FSIS’ web site at http://www.fsis.usda.gov/Fsis_Recalls/.

— Release provided by FSIS.

— Compiled by Mathew Elliott, assistant editor, Angus Productions Inc.