Value-Based Marketing for Feeder Cattle. By Tom Brink, Top Dollar Angus, Inc.

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1 Value-Based Marketing for Feeder Cattle By Tom Brink, Top Dollar Angus, Inc.

2 State of the Industry: 2014 was a BANNER YEAR in many ways Cattle ownership paid very well at all levels!

3 $300 $280 Strong Cattle Prices Continue 550-lb. Steer $260 $240 $220 $ lb. Steer $180 $160 $140 Fed Steer $120 $

4 2014 Cow-Calf Budget Cash Expenditure Per Cow $800 Weaned Calf Crop Percentage 88% Average Weaning Weight (lbs.) 540 Breakeven Cost of Production (cwt.) $168 Average Sales Price (cwt.) $240 Gross Margin (cwt.) $72 Gross Margin (head.) $387

5 $250 $200 Fed Cattle Proft/Loss Per Head* *January-September $150 $100 $50 $0 ($50) ($100) ($150) ($200)

6 All Segments Profitable in 2014 Cow-Calf Stocker Feedyard $387 per head $340 per head $210 per head Banner year indeed!

7 29 U.S. Net Beef Supplies (billion pounds) : Beef down 2% Pork up 2% Poultry up 3.3%

8 Strong cattle prices continue for Lower trend probably begins after that.

9 Cattle that excel in the feedyard and packing plant

10 HEALTHY cattle that GROW & GRADE are Winners!

11 Would you like to own these feedyard cattle? Lot % pulled once 19% pulled twice 2 dead (113 head total) Lot % pulled once 21% pulled twice 4 dead (117 head total) Un-weaned days on feed in TX.

12 Value of performance and finish weight 825-lb. in weight $85/cwt. COG 1% Death Loss Delivered purchase price of $210/cwt. Steer Finish Weight (lbs.) Breakeven 1325 $ $ $ $ $ $80 Per head

13 Profiling Real Value Creation for Feeders and Packers Same calf crop (59 head in total) Sold April 2014 Carcass Marbling Ribeye Per Head Live Sale Weight Score Area Backfat Value Price Top 10 steers $ 2,397 $ Bottom 10 steers $ 1,940 $ Difference $ 457 $ 5.77 Top steers grew faster and had heavier weights, more marbling, larger ribeyes, same degree of finish. They were healthier and had better genetics.

14 1.0 Trait Correlations with Individual Carcass Values WEIGHT MARB REA FAT

15

16 $300 Wholesale Meat Values (16-Jan-15) Beef competes on taste and quality, not on price. $250 $200 Demand for beef dwarfs the other meats. $150 $100 $50 Pork Chicken Cow Cutout Select Choice CAB

17 Future of Pork Productivity?! Industry Average Nebraska Operation Market Hogs Per 500-lb. Sow Per Year < 7,000 lbs. > 9,000 lbs.

18 Direct Slaughter Cattle Premiums and Discounts Quality Grade Adjustments: Weighted Average Prime cwt. CAB 4.53 cwt. Choice 0.00 cwt. Select cwt. Week of Standard cwt. Always listen to the market. Marbling creates price premium opportunities. Yield Grade 4 discounts have gotten SMALLER in the past 10 years on most grids.

19 1--Balance necessary farm/ranch traits with (way) above average growth and carcass value potential. 2--Make sure your health program is rock solid. Always be thinking about how your cattle will perform AFTER they leave your ranch.

20 Make sure your herd has THREE DIMENSIONAL VALUE

21 Three-Dimensional Herd (1) Functional cows (2) Calves that perform well in the feedyard (3) Calves that produce superior carcasses Benefits of an adapted cow, plus the added opportunity of strong demand for your calves when you market them. Strong demand = Higher sales price. Three dimensional herds have reasonable cow costs and maximum income potential.

22 How many dimensions in your cowherd? Functional cows Strong feedyard performance Excellent carcass genetics Maximum profit potential in all market conditions.

23 For the skeptic Average Four Angus A.I. Sires EPD/Index Breed Rank Calving Ease Direct EPD 10 Top 15% Birth Weight EPD 0.5 Top 25% Milk EPD 25 Top 35%* Yearling Weight EPD 99 Top 25% Marbling EPD 0.86 Top 7% Maternal *2 of Height 4 in the bottom EPD 30% for Milk EPD Bottom 10% Maternal Weight EPD 4 Bottom 20% $Beef Index $ Top 8% *Two of the four sires are in the bottom 30% for Milk EPD. Result: Moderate-size females, plus steers with excellent feedyard and carcass traits. These Angus bulls can help virtually any herd become three dimensional.

24 Will Cattle Feeders Pay a Premium for Superior Feeder Cattle? Prime Yes No

25 Will Cattle Feeders Pay a Premium for Superior Feeder Cattle? Prime Yes No

26 What might we say to get a premium price? My cattle are thin and will have a lot of compensatory gain. My cattle are really good. My cattle are Breed X or Breed Y My cattle have had all their shots My cattle are multi-colored My cattle are sired by some of the best bulls around, they came from Breeder Z

27 What we might say to get a premium price? My home-raised steers went on feed the past two years at 650-lbs. They gained 4 pounds per day, converted at 5.5, finished at 1,425 pounds, and graded over 90% Choice. My cattle are third-part verified to contain top 25% Angus genetics for growth and carcass traits.

28 More programs built around the best genetics Caution: You are now entering the era of specification feeder cattle Premium prices will be paid for cattle with known genetics that are superior for growth and carcass traits.

29 Top Dollar Angus: Premium prices paid for genetically certified, Angus based feeder cattle ranking in the Top 25% for growth and carcass traits.

30 The Beef Industry Supply Chain Top End Angus Breeders and Commercial Producers Have cattle that excel in feedyard and on grid. Need to differentiate their cattle from the pack. Feeders, Packers, & Consumers Have a system that rewards highperforming/high carcass-value cattle. Need more of these cattle. Can t always identify which are which. Time to de-commoditize the feeder cattle market.

31 Top Dollar Angus: Requirements for Certification: Step 1: Qualify the cow herd (or a portion of your producing females). Step 2: Verify bulls used to sire the calf crop to be certified If females and bulls meet Top Dollar Angus specs, resulting calves can be certified.

32 Verified females like these sired by top 25% $B Angus bulls Mated to a top 25% $B Angus bull Two successive generations of high $B Angus sires qualifies the calf crop for Top Dollar Angus certification. = Top Dollar Angus Feeder Calves

33 How to qualify your calves for the Top Dollar Angus brand & premium: >80 Approved Angus-based females mated to a top 3% $B Angus sires will also qualify for the full $50/head premium. Producers with Top Dollar Angus feeder cattle may use the brand to market their cattle through any market channel. However, to earn the $30-$50 per head premium, cattle must be sold to participating feeders and stocker producers.

34 Top Dollar Angus: Example Kuner Feedyard heifer project ¾ Angus ¼ Hereford heifers from Kerrick, TX Selected group of 205 heifers had an average GeneMax score of 83 (top 20%) A.I. bred to an Angus sire whose $B = $ (top 1%) Resulting calves could be certified as Top Dollar Angus

35 Pay a significant premium for these genetics?

36 Individual GeneMax Scores on the steers are shown below GeneMax Scores on Hall Ranch Steers Head Overall, this group shows strong growth and marbling potential (average = 88.4)

37

38

39 130 Head High-Percentage Angus Steers Prime & Choice 92% Prime 5% Certified Angus Beef 41.8% Black Canyon Angus 34.9% Select 8% Yield Grade % Yield Grade 4 9% Dress Percent Advantage 1.23% Net Grid Premium (head) $ $100 per head over average market price

40 Certified genetics in the Top 25% for growth and carcass traits. One million head of demand at $50+ per head above the average market. Genetics so good they need their own brand name!

41 What will it take to EARN a premium price from feedyards? --Cattle must be genetically superior and have objective information to back that up. Third-party verified. --High growth and marbling genetics are required. --Solid health program with vaccine treatments on calves. --Historical feedyard and carcass performance data can help --Load lot groups will always receive more --Matched up with a feedyard who wants to feed your kind of cattle

42 The End

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