USMCA Trade Deal From A Canadian Perspective

By Cliff Jamieson
DTN Canada Grains Analyst

Calgary, Alberta (DTN) – The Canadian response to the announcement of the United States-Mexico-Canada trade deal (USMCA) seems as varied as the weather pattern currently seen across the country. While Prime Minister Justin Trudeau announced it was a good day for Canada, responses vary across political lines, from industry to industry, and from region to region.
From the start, the goal of the Canadian negotiating team was to modernize the North American Free Trade Agreement, making it progressive by bringing Canada’s U.S. neighbors up to speed in four main areas: Gender rights, indigenous rights, the environment, and labor rights. None of these were addressed in the final agreement to the extent intended, as the U.S. team held to issues more closely related to trade. The Canadian government’s spin since announcing the deal is not what was gained, but rather, what was not lost. In other words, it could have been worse.
Supporters of the deal say the Canadian team stood up to the negotiating tactics used by President Donald Trump, acting with “reserve, dignity and determination,” while staying “calm and focused.” At the other end of the spectrum, headlines suggest Canada has surrendered sovereignty to a bully, the deal is hollow, and Canada was played.
WIN FOR AGRICULTURE
The Canadian Broadcasting Corporation (CBC) in one of its headlines, noted producers thought the deal was a win for 90% of Canadian agriculture, despite dairy concessions. Another headline called the deal good news for wheat, beef and pork producers, while bad for supply-managed sectors such as egg, poultry, and dairy.
Farm group statements showed their support for the deal.
– “Achieving the agreement will ensure ongoing stability in agriculture trade within North America. Agriculture in all three countries has benefit from freer trade. Preserving these benefits was a key objective in these negotiations.” (Cereals Canada President Cam Dahl)
– “We look forward to a stabilized pork market that will allow pork producers in Canada, the United States and Mexico to support one another in producing high quality pork and contributing to growing the economy in their respective countries.” (Canadian Pork Council Chair Rick Bergman)
– “The Canadian Cattlemen’s Association (CCA) congratulates Prime Minister Justin Trudeau and Foreign Minister Chrystia Freeland on reaching an agreement that preserves and secures the duty-free access upon which the Canadian beef cattle sector has been built over the past 25 years.” (Canadian Cattlemen’s Association Press Release)
CONTROVERSIAL MOVES
One change in the agreement affecting wheat trade forces Canada to grade imports of U.S. wheat “in a manner no less favorable than it accords Canadian wheat, and to not require a country of origin statement on its quality grade or inspection certificate,” as defined and listed as a key achievement by the United States Trade Representative (USTR). These changes are to be in place for the harvest of 2019. Current policy forces Canadian buyers to grade and price U.S. wheat as feed quality, regardless of the actual quality.
This move will be viewed as controversial by many Prairie producers, although was greeted with open arms by some farm groups. The Western Canadian Wheat Growers Association (WCWGA) responded:
“This agreement affirms what the Wheat Growers have been advocating for several years, namely that registered wheat varieties on either side of the border should be recognized in the other country.”
WCWGA has worked for more than two years with the National Association of Wheat Growers and U.S. Wheat Associates on this issue. While large volumes of U.S. wheat are not expected to move north into Canada, the risk faced by Canada’s industry is that the export of over 3 million metric tons into the U.S. could one day be jeopardized without standardizing the manner in which cross-border business is done.
With greater access into Canada’s dairy, poultry and egg markets granted to the U.S., the three markets governed by Canada’s controversial supply management system, it is no surprise the backlash has been harsh. This has been described often as “death by 1,000 cuts,” given that similar concessions have also been made to finalize free-trade deals with Europe, as well as the Trans-Pacific Partnership, which became the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The deal includes access to 3.59% of Canada’s dairy market and forces changes to the domestic pricing of certain classes of milk.
It makes one wonder if this issue can ever be resolved. Negative publicity during the trade talks placed Canada’s supply management industries in a negative light with consumers, with the rest of agriculture, and even with other industries, as it appeared negotiators could cause significant harm to the Canadian economy while fighting to preserve supply-managed industries. Canada’s National Post newspaper ran a piece suggesting the Wisconsin dairy industry views the increased access into Canada as “mainly symbolic” and only a small reduction in Canada’s protectionism, having no effect on local prices and not expected to save Wisconsin farms.
At the same time, the Dairy Farmers of Canada (DFC) stated that Canada has given up in total $1.3 billion in sales in recent trade deals, or 18% of the market and product is being pushed aside on store shelves to make way for U.S. product.
“Our government is not only allowing the dismantling of our dairy model in Canada, it is giving up our sovereign right to also benefit from future trade agreements,” said Peter Lamron, president of Dairy Farmers of Canada.
“The total access given up by the federal government in the past decades is bad enough, but now, we (farmers and processors together) are not able to compete in our own market, nor to export high quality dairy. Canada caved in to the U.S. demands to ensure our dairy products would not compete with American-made ones on the world markets. So much for Canadian sovereignty,” stated Lamron.
The federal government has promised to subsidize producers from supply-managed industries for their losses, although the industry is wary of this offer.
To clarify concerns made regarding sovereignty, the Canadian media is pointing to Clause 32 of the USMCA. According to a CBC opinion piece by Neil MacDonald, the clause is “long-winded and uses code language,” but he stated it means that in order for Canada to form trade deals with any non-market country, Canada must first inform the U.S. administration, with at least three months’ notice, of any intention of entertaining a foreign trade deal.
He and others in the Canadian media speculated this is a way for the U.S. to limit or prevent Canada’s trade with China, while the risk faced is Canada being ejected from the USMCA.
This could be viewed as a potential cost for all industries. However, this comes at a time when Canada’s benchmark Western Canada Select crude oil trades at a $40 USD discount to West Texas Intermediate, the largest discount in close to five years, when the only solution is to break from dependence of the U.S. market, move product to tidewater on either the East or West Coast (hopefully both) and sell to growing Asian economies. New rules could place the U.S. in a position to veto Canada’s efforts. Minister Trudeau has long hoped for a free-trade deal with China, which could prove risky, if not impossible.
OTHER CONCERNS
Other concerns include:
– Existing tariffs on Canadian steel, aluminum and softwood lumber remain ongoing and were not addressed as part of the deal.
– Caps placed on Canada’s passenger vehicle sales to the U.S. that will make it difficult to attract new investment in car plants and parts manufacturing.
– A macroeconomic committee will be formed to study exchange rate policies. Once again, Canada may be dealing away its sovereignty and the ability of the Bank of Canada to manage the country’s economy through monetary policy.
MORE WINS FOR CANADA
On a positive note, Chapter 19, or the dispute resolution process, was one of the major obstacles to reaching a trade deal and was unchanged in the USMCA. According to Trudeau, Trump “doesn’t always follow the rules,” which made this an even more contentious issue. This dispute resolution process allows trade issues to be heard by a panel of experts from the three countries involved, rather than be forced into the U.S. court system, which is both costly and time-consuming with outcomes more unpredictable.
Another win for Canada was the avoidance of a five-year sunset clause on the deal, which would have required the three countries to agree to an ongoing trade deal every five years, or the deal will end. Canada’s argument was that this would lead to uncertainty on the part of investors who look for security over longer-time horizons. The USMCA deal included a 16-year term and a six-year review.
Canadian dollar traders liked what they saw in the deal and the spot Canadian dollar rallied 81 basis points to $.7820 CAD/USD on Oct. 1 following the release of the deal, trading at over $.78 CAD/USD for the first time in more than four months. Canada’s currency faced pressure on Oct. 2 and 3, while further weakness in Oct. 4 trade could result in a full retracement to the Sept. 30 close, given the session’s weakness in crude oil.
While there is both good and bad in the trade deal announced, perspectives will continue to vary widely and only time will tell how this will play out.

Series Of Legal Actions Has Left Confusion On Water Rule

By Todd Neeley
DTN Staff Reporter

Omaha (DTN) – The waters of the United States saga continues, as the American Farm Bureau Federation asked a federal court in Georgia to issue a national injunction on the 2015 WOTUS rule.
A series of ongoing court actions has left the rule in a state of chaos, as currently 28 states are exempted and 22 are not.
The AFBF is leading a coalition of business groups in asking the U.S. District Court for the Southern District of Georgia in Brunswick to extend a previous injunction on 11 states to the remaining 22 states where the rule is in effect.
Most recently, Iowa was added to the list of now 28 states not under the jurisdiction of the rule thanks to a ruling by the U.S. District Court for the District of North Dakota on Sept. 18.
A South Carolina court recently ruled EPA violated the Administrative Procedures Act in finalizing a suspension rule that delayed WOTUS until 2020. As a result, the 2015 rule took effect in Iowa and a number of other states. Currently, the EPA is preparing a new rule redefining waters of the United States.
WOTUS is now on hold in 28 states: Iowa, Texas, Mississippi, Louisiana, Georgia, Alabama, Florida, Indiana, Kansas, North Carolina, South Carolina, Utah, West Virginia, Wisconsin, Kentucky, South Dakota, Missouri, Alaska, North Dakota, New Mexico, Idaho, Arizona, Nebraska, Montana, Arkansas, Nevada, Colorado and Wyoming.
The 2015 rule now is in effect in 22 states: Illinois, California, Washington, Oregon, Tennessee, Vermont, Virginia, New Hampshire, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island, Minnesota, Michigan, Massachusetts, Maryland, Maine, Hawaii, Delaware and Connecticut.
The North Dakota court is one of several district courts where WOTUS lawsuits were filed in 2015.
An appeals court in Cincinnati had issued a national stay on the rule in 2015. The national stay ended when the U.S. Supreme Court ruled that challenges to WOTUS belong in district courts.
Recently, a Texas court issued a temporary injunction against the WOTUS rule in Texas, Mississippi and Louisiana after the Texas attorney general’s office told the U.S. District Court for the Southern District of Texas in Galveston it was ready to appeal to a higher court.
On Aug. 20, agriculture groups led by the AFBF filed an appeal with the U.S. Court of Appeals for the Fourth Circuit in Richmond, Virginia. They are attempting to overturn the South Carolina district court ruling that threw out the EPA’s rule to delay the implementation of the 2015 WOTUS rule by two years until 2020.
AFBF’s motion was prompted by another court’s decision in August striking down an Environmental Protection Agency rule that had delayed application of the WOTUS rule nationwide pending the agency’s ongoing reconsideration of the rule.
In the AFBF motion filed on Sept. 26, the group said the multiple court rulings have created confusion.
“This is a deeply troubling state of affairs,” the motion said. “A rule this fundamental to the (Clean Water Act’s) regulatory scheme should not apply in a patchwork manner.”
Read the new court motion here: https://www.fb.org/files/WOTUS_motion_9-26-2018.pdf.

D.E. Shaw Joins Continental Grain In Pushing For Change At Bunge

(Dow Jones) – D.E. Shaw & Co. has boosted its stake in Bunge Ltd. and is pushing the grain trader to make operational improvements or add board members, according to people familiar with the matter.
The hedge fund is working with Continental Grain Co., an agricultural-investment firm. The firms, which together own less than 5%, have been speaking to Bunge’s management in recent weeks and could reach a settlement with the company, the people said.
The investors are trying to convince the White Plains, N.Y., grain trader to make its operations more focused, improve margins, and replace board members. They aren’t pushing for a sale of the company, which in recent years has received takeover interest from Archer Daniels Midland Co. and Glencore PLC, but eventually could do so, the people said.
“We have been engaged in ongoing dialogue with D.E. Shaw and Continental Grain and value their combined input, as we do with all our shareholders, with the objective of enhancing shareholder value,” a Bunge spokeswoman said.
It isn’t clear how much of Bunge D.E. Shaw owns, but the people said it is more than the 0.06% the hedge-fund firm disclosed as of the end of June.
Continental Grain owns more than 1% of Bunge’s shares. In March, The Wall Street Journal reported that Continental Grain was preparing to push Bunge to consider strategic options. Bunge, which has a market value of about $10 billion, was then in talks to sell itself to ADM. At the time, the negotiations were progressing at a slow pace and they later fell apart.
Last year, Glencore, a Swiss commodity trader, made a takeover approach to Bunge, but the two sides didn’t come to a deal.
Based in White Plains, N.Y., Bunge is among the world’s biggest dealers in basic foodstuffs such as soybeans, corn and wheat. Its shares have returned 6.9% over the past 10 years including dividends, much less than the S&P 500’s 13.8% total return, according to FactSet.
Agricultural companies like Bunge and ADM have struggled with a growing glut of crops world-wide, brought on by consecutive bumper harvests in North and South America. Prospects this year have improved due partly to a drought in Argentina, which trimmed soybean stockpiles and helped lift prices.
Bunge in August surprised investors with a $12 million second-quarter loss, driven by derivatives positions designed to protect the company’s soybean-processing profits. Bunge Chief Executive Soren Schroder said the company stood by its $1.3 billion full-year profit forecast, assuring investors the company has locked in favorable profit margins over the remainder of the year. The company is also cutting costs, and expects to eliminate $150 million in expenses this year.
D.E. Shaw – which has been increasing its activist practice after hiring Quentin Koffey from Elliott Management Corp. – typically prefers to work with management behind the scenes. The fund early this year shook up the board at Lowe’s Cos. after presenting the home-improvement retailer research that included an analysis of satellite imagery of the number of cars in its parking lot compared to that of rival Home Depot Inc.

Direct Receipts

Direct Receipts: 47,600

Texas 23,700. 86 over 600 lbs. 41 pct heifers. Steers: Medium and Large 1 Current FOB 650-700 lbs 159.00; 700-750 lbs 157.00-165.00; 750-800 lbs 154.35-159.00; 800-850 lbs 153.50-158.00; 850-900 lbs 155.00; Current Del 550-600 lbs 178.00; 600-650 lbs 169.00; 650-700 lbs 165.00-166.00; 700-750 lbs 160.00-167.00; 750-800 lbs 159.00-162.00; 800-850 lbs 154.00-158.50; 850-900 lbs 153.48; Oct-Nov FOB 700-750 lbs 161.00; Nov FOB 600-650 lbs 173.50; 650-700 lbs 164.20-165.50; 750-800 lbs 154.45; Dec FOB 700-750 lbs 152.00; 750-800 lbs 148.75-149.90; Jan FOB 800-850 lbs 150.00; Nov Del 600-650 lbs 168.25; 700-750 lbs 163.00; 750-800 lbs 158.50. Medium and Large 1-2 Current FOB 600-650 lbs 158.50; 700-750 lbs 156.59-158.35; 750-800 lbs 150.00-154.97; 800-850 lbs 149.53-153.00; Current Del 650-700 lbs 163.50-169.00; 700-750 lbs 161.00-164.00; 750-800 lbs 154.00; 800-850 lbs 156.00; 850-900 lbs 154.00; Nov FOB 650-700 lbs 150.09; Oct-Nov Del 800-850 lbs 150.97; Nov Del 700-750 lbs 161.50; 750-800 lbs 155.00. Heifers: Medium and Large 1 Current FOB 600-650 lbs 150.50-160.00; 650-700 lbs 158.00; 700-750 lbs 149.50-152.25; Nov FOB 500-550 lbs 163.50; 600-650 lbs 153.20-155.50; 700-750 lbs 149.40; Dec FOB 650-700 lbs 148.75; 700-750 lbs 142.40-145.75; Jan FOB 700-750 lbs 139.00-145.25; Current Del 550-600 lbs 161.00; 600-650 lbs 155.00-161.00; 650-700 lbs 153.00-157.00; 700-750 lbs 150.00-152.20; 750-800 lbs 147.45; Nov Del 700-750 lbs 150.70-151.00; Dec Del 600-650 lbs 154.85; 700-750 lbs 144.25-147.30; Jan Del 700-750 lbs 147.50-147.75. Medium and Large 1-2 Current FOB 600-650 lbs 149.50; 700-750 lbs 142.83-145.59; Current Del 550-600 lbs 162.00; 650-700 lbs 158.00; Nov FOB 700-750 lbs 150.11.

Oklahoma 4400. 70 over 600 lbs. 63 pct heifers. Steers: Medium and Large 1 Current FOB 550-600 lbs 176.00; 650-700 lbs 163.00; 700-750 lbs 160.77-164.00; 750-800 lbs 160.00; 800-850 lbs 152.50; Nov FOB 600-650 lbs 165.25; 700-750 lbs 160.00. Medium and Large 1-2 Current FOB 700-750 lbs 157.00. Heifers: Medium and Large 1 Current FOB 550-600 lbs 158.00; 600-650 lbs 154.00; 700-750 lbs 148.70; Jan FOB 700-750 lbs 144.50-144.75; Dec FOB 700-750 lbs 143.93. Medium and Large 1-2 Current FOB 600-650 lbs 157.00; 650-700 lbs 149.77-150.15.

New Mexico 4800. 83 over 600 lbs. 27 pct heifers. Steers: Medium and Large 1-2 Current FOB 750-800 lbs 155.38; 800-850 lbs 152.48; Oct-Nov FOB 800-850 lbs 154.60; Nov FOB 750-800 lbs 148.48; 800-850 lbs 153.48. Heifers: Medium and Large 1 Current FOB 750-800 lbs 146.45. Medium and Large 1-2 Current FOB 700-750 lbs 150.38; 750-800 lbs 147.48.

Kansas 1100. 83 over 600 lbs. 47 pct heifers. Steers: Medium and Large 1 Current FOB 750-800 lbs 156.00; 850-900 lbs 150.00-154.00; Jan FOB 800-850 lbs 154.60. Heifers: Medium and Large 1 Current FOB 700-750 lbs 149.45; Jan FOB 650-700 lbs 151.00. Medium and Large 1-2 Current Del 550-600 lbs 153.00.

National Feeder Cattle Summary

St. Joseph, MO — October 5
National feeder cattle receipts: 249,600

Feeder cattle traded firm to $2 higher on good demand. Calves sold unevenly steady with some areas of the country showing advances on weaned calves and a decline on un-weaned or short weaned calves. Demand was light for short weaned calves which is very typical for this time of year with unpredictable weather patterns. The extreme temperature changes across much of the trading areas had buyers and seller concerned about herd health. Feeder demand improved this week as slaughter cattle pricing managed to hold mostly steady. Packers continue to work in the black as slaughter rates remained aggressive and finished the week at 643,000 head. Which was 7,000 behind Sept. 28, but 7,000 above of this time last year. Despite the recent heavy rains in many areas of the country which typically prevents cattle from moving, auction receipts increased by 64,000 over Sept. 28. In the northern plains, the number of feeder cattle coming to auction was limited, as a larger number than normal, were sold earlier this summer due to limited forage conditions.
Western Cornbelt feeding area, pen space is limited, and cattle weights continue to rise as farmer feeders have experience good performance over the last month. In addition, with the current corn values, farmer feeders have plenty of feed supply going into the winter months. Thus, keeping demand strong for feeder cattle.
Feeder runs in the Southeast returning to normal as a drier pattern moves thru following Hurricane Florence. This year’s wet weather in Southeast has been a benefit for hay farmers, as they are looking at getting additional cutting over their typically three cuttings in a year. This is opposite of what took place for much of the Central US where drought conditions were prevalent the majority of the summer months, limiting hay supplies causing prices to increase. Wheat planting is very active across the wheat belt as farmers try to benefit from a short dry period. A strong cold front is pushing down from the North, combined with a tropical system from the southwest and is expected to drop heavy snows in a few northern states and heavy rains for much of the south and south central states.

Texas 6900. 45 pct over 600 lbs. 44 pct heifers. Steers: Medium and Large 1 300-350 lbs (334) 197.45; 350-400 lbs (390) 179.71; 400-450 lbs (420) 185.33; 450-500 lbs (485) 169.69; 500-550 lbs (525) 164.14; 550-600 lbs (574) 156.29; 600-650 lbs (621) 161.00; 650-700 lbs (678) 160.77; few loads 740 lbs 157.50; 750-800 lbs (792) 158.81; 800-850 lbs (803) 157.82. Medium and Large 1-2 400-450 lbs (433) 175.55; 450-500 lbs (472) 157.87; 500-550 lbs (528) 154.46; 550-600 lbs (568) 148.53; pkg 634 lbs 144.00; 650-700 lbs (685) 162.05; 700-750 lbs (726) 159.14; 750-800 lbs (783) 146.12; few loads 839 lbs 152.00. Heifers: Medium and Large 1 300-350 lbs (317) 165.83; 350-400 lbs (382) 171.13; 400-450 lbs (421) 158.26; 450-500 lbs (462) 151.16; 500-550 lbs (519) 139.24; 550-600 lbs (576) 134.21; part load 604 lbs 155.50; 650-700 lbs (678) 150.42; 700-750 lbs (712) 138.75; 750-800 lbs (770) 137.42; 850-900 lbs (868) 130.88. Medium and Large 1-2 350-400 lbs (381) 155.77; 400-450 lbs (439) 143.81; 500-550 lbs (532) 134.77; 700-750 lbs (723) 147.97; 750-800 lbs (775) 142.46.

Oklahoma 48,200. 53 pct over 600 lbs. 44 pct heifers. Steers: Medium and Large 1 300-350 lbs (322) 202.01; 350-400 lbs (381) 187.35; 400-450 lbs (423) 181.59; 450-500 lbs (475) 179.25; 500-550 lbs (523) 168.80; 550-600 lbs (573) 162.70; 600-650 lbs (621) 162.53; 650-700 lbs (667) 163.91; 700-750 lbs (726) 163.38; 750-800 lbs (774) 161.65; 800-850 lbs (825) 159.50; 850-900 lbs (868) 153.24; part load 908 lbs 157.60; 950-1000 lbs (977) 145.53; 1050-1100 lbs (1090) 135.20. Medium and Large 1-2 300-350 lbs (317) 190.33; 350-400 lbs (374) 178.88; 400-450 lbs (428) 171.92; 450-500 lbs (475) 168.93; 500-550 lbs (528) 159.40; 550-600 lbs (568) 159.39; 600-650 lbs (623) 156.59; 650-700 lbs (673) 154.26; 700-750 lbs (727) 153.95; 750-800 lbs (773) 152.05; 800-850 lbs (836) 152.24; 850-900 lbs (883) 152.01; 900-950 lbs (918) 147.58; 950-1000 lbs (996) 138.28. Holstein Steers: Large 3 part load 480 lbs 89.00. Heifers: Medium and Large 1 250-300 lbs (282) 170.04; 300-350 lbs (322) 163.03; 350-400 lbs (377) 162.35; 400-450 lbs (426) 155.65; 450-500 lbs (473) 150.91; 500-550 lbs (530) 152.72; 550-600 lbs (568) 150.36; 600-650 lbs (625) 156.93; 650-700 lbs (672) 155.86; 700-750 lbs (728) 151.21; 750-800 lbs (760) 147.10; 800-850 lbs (821) 142.57; 850-900 lbs (861) 137.16; 900-950 lbs (918) 135.40; 950-1000 lbs (963) 131.95. Medium and Large 1-2 300-350 lbs (336) 154.28; 350-400 lbs (377) 151.28; 400-450 lbs (426) 147.64; 450-500 lbs (475) 146.99; 500-550 lbs (524) 145.00; 550-600 lbs (578) 142.76; 600-650 lbs (622) 149.62; 650-700 lbs (675) 150.75; 700-750 lbs (737) 145.17; 750-800 lbs (781) 140.83; 800-850 lbs (829) 136.34.

New Mexico 3500. 15 pct over 600 lbs. 35 pct heifers. Steers: Medium and Large 1 300-350 lbs (319) 191.07; 350-400 lbs (376) 187.13; 400-450 lbs (410) 182.76; 450-500 lbs (476) 170.47; 500-550 lbs (526) 159.05; 550-600 lbs (570) 155.18; 650-700 lbs (665) 148.90. Medium and Large 1-2 400-450 lbs (429) 168.46; 450-500 lbs (479) 157.60; 500-550 lbs (537) 147.06; 550-600 lbs (578) 144.03. Heifers: Medium and Large 1 300-350 lbs (331) 166.38; 350-400 lbs (377) 165.07; 400-450 lbs (420) 162.03; 450-500 lbs (473) 158.64; 500-550 lbs (517) 143.37; 550-600 lbs (567) 145.39; pkg 931 lbs 109.00. Medium and Large 1-2 450-500 lbs (467) 142.90; 500-550 lbs (518) 140.33; 550-600 lbs (590) 138.96; 600-650 lbs (620) 130.24.

Kansas 5400. 83 pct over 600 lbs. 43 pct heifers. Steers: Medium and Large 1 450-500 lbs (466) 187.74; 500-550 lbs (520) 179.06; 600-650 lbs (625) 171.37; 650-700 lbs (679) 165.88; 700-750 lbs (736) 163.87; 750-800 lbs (774) 160.09; 800-850 lbs (830) 158.73; 850-900 lbs (889) 154.27; 900-950 lbs (918) 153.90; 950-1000 lbs (975) 149.79. Medium and Large 1-2 450-500 lbs (473) 185.09; 500-550 lbs (535) 175.46; 550-600 lbs (592) 161.48; 600-650 lbs (629) 155.48; 650-700 lbs (663) 154.19; 750-800 lbs (773) 151.91. Heifers: Medium and Large 1 350-400 lbs (383) 182.73; 400-450 lbs (432) 171.98; 450-500 lbs (463) 164.39; 500-550 lbs (520) 162.73; 550-600 lbs (576) 157.87; 600-650 lbs (640) 158.17; 650-700 lbs (669) 159.66; 700-750 lbs (726) 155.74; 750-800 lbs (767) 151.50; 800-850 lbs (834) 147.67; 850-900 lbs (879) 138.30; 900-950 lbs (916) 143.03; 1000-1050 lbs (1010) 133.42. Medium and Large 1-2 450-500 lbs (465) 157.69; 500-550 lbs (536) 153.05; 550-600 lbs (579) 150.27; 600-650 lbs (637) 147.17; 650-700 lbs (677) 145.25; 700-750 lbs (721) 145.00.

Missouri 25,500. 38 pct over 600 lbs. 42 pct heifers. Steers: Medium and Large 1 300-350 lbs (330) 195.75; 350-400 lbs (382) 189.48; 400-450 lbs (424) 184.43; 450-500 lbs (476) 182.05; 500-550 lbs (523) 175.24; 550-600 lbs (577) 171.06; 600-650 lbs (617) 166.03; 650-700 lbs (672) 165.26; 700-750 lbs (728) 161.35; 750-800 lbs (775) 156.24; 800-850 lbs (833) 157.57; 850-900 lbs (871) 156.25; 900-950 lbs (926) 151.07.Medium and Large 1-2 250-300 lbs (283) 183.60; 350-400 lbs (378) 177.89; 400-450 lbs (422) 172.81; 450-500 lbs (478) 165.30; 500-550 lbs (524) 162.28; 550-600 lbs (574) 158.03; 600-650 lbs (620) 151.56; 650-700 lbs (682) 159.35; 700-750 lbs (720) 154.22; 750-800 lbs (781) 153.88; 800-850 lbs (828) 146.09; 850-900 lbs (869) 147.30. Heifers: Medium and Large 1 300-350 lbs (323) 165.70; 350-400 lbs (377) 159.55; 400-450 lbs (425) 157.25; 450-500 lbs (475) 153.35; 500-550 lbs (525) 151.99; 550-600 lbs (578) 153.03; 600-650 lbs (624) 152.97; 650-700 lbs (676) 151.86; 700-750 lbs (724) 149.39; 750-800 lbs (770) 141.05; 800-850 lbs (817) 140.74; 900-950 lbs (925) 133.31. Medium and Large 1-2 300-350 lbs (326) 153.92; 350-400 lbs (365) 156.75; 400-450 lbs (423) 146.71; 450-500 lbs (476) 147.89; 500-550 lbs (524) 142.40; 550-600 lbs (569) 144.97; 600-650 lbs (620) 145.40; 650-700 lbs (670) 142.50; 700-750 lbs (723) 140.18; 750-800 lbs (768) 139.45; 800-850 lbs (835) 137.01.

Arkansas 7100. 15 pct over 600 lbs. 47 pct heifers. Steers: Medium and Large 1 300-350 lbs (325) 202.31; 350-400 lbs (367) 188.07; 400-450 lbs (418) 171.01; 450-500 lbs (466) 167.78; 500-550 lbs (528) 155.33; 550-600 lbs (565) 149.16; 600-650 lbs (621) 145.45; 650-700 lbs (665) 150.38. Heifers: Medium and Large 1 300-350 lbs (325) 152.89; 350-400 lbs (375) 150.45; 400-450 lbs (429) 145.65; 450-500 lbs (468) 141.66; 500-550 lbs (523) 136.29; 550-600 lbs (569) 135.18; 600-650 lbs (619) 138.01; 650-700 lbs (680) 133.07.

 

 

 

 

 

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Friday, October 12, 2018 4:09 PM