8 Nebraska Cattleman October 2023 BOARD OF DIRECTORS PRESIDENT: Steve Hanson*, Elsie, (308) 289-0225 PRESIDENT-ELECT: Jerry Kuenning*, Lemoyne, (308) 883-8382 VICE PRESIDENT: Dick Pierce*, Miller, (308) 440-2489 TREASURER: Laura Field, Lincoln, (402) 475-2333 SECRETARY: Lee Weide, Lincoln, (402) 475-2333 PAST PRESIDENT: Brenda Masek, Purdum, (308) 539-5533 MEMBER SERVICES VICE CHAIR BY REGION 1 – Terryn Drieling, Ashby, (308) 262-5051 2 – Kat Kennedy, Purdum, (308) 645-7036 3 – Allan Louthan, Stanton, (402) 841-6601 4 – John Ecklund, Atkinson, (408) 602-5905 5 – Jim Edwards, Ord, (308) 750-0881 6 – Chuck Graff, Ogallala, (308) 289-5841 7 – Rod Keil, Plattsmouth, (402) 297-9321 8 – Allen Bruntz, Friend, (402) 525-2651 9 – Quentin Dailey*, Lexington, (308) 293-1144 COW-CALF COUNCIL Chair | Al Atkins, North Platte, (308) 645-9046 Vice Chair | Travis Chrisman, Wauneta, (308) 883-6781 FARMER-STOCKMAN COUNCIL Chair | Marc Hanson, Morrowville, Kan., (402) 729-7174 Vice Chair | Dwight Dam, Hooper, (402) 720-4250 FEEDLOT COUNCIL Chair | Mike Briggs, Seward, (402) 641-0117 Vice Chair | Ryan Danehy, Manhattan, Kan., (308) 440-8267 SEEDSTOCK COUNCIL Chair | Reiss Bruning, Bruning, (402) 768-3332 Vice Chair | Krista Dybdal, Newcastle, (402) 841-8091 ANIMAL HEALTH AND NUTRITION COMMITTEE Chair | Jared Walahoski, Overton, (308) 746-1965 Chair-Elect | Jeff Heldt, Scottsbluff, (308) 641-5781 BRAND AND PROPERTY RIGHTS COMMITTEE Chair | Brock Terrell, Hay Springs, (308) 430-1213 Chair-Elect | Matt Blackford, Brownlee, (402) 322-1377 EDUCATION AND RESEARCH COMMITTEE Chair | Marcus Urban, Leigh, (402) 276-3830 Chair-Elect | Suzanne Jagels, Davenport, (402) 469-3374 MARKETING AND COMMERCE COMMITTEE Chair | Joe Eisenmenger, Humphrey, (402) 920-0665 Chair-Elect | Chance McLean, Stromsburg, (402) 366-2254 NATURAL RESOURCES AND ENVIRONMENT COMMITTEE Chair | Eric Hansen*, North Platte, (308) 530-3899 Chair-Elect | Sam Drinnin, Grand Island, (402) 910-0233 TAXATION COMMITTEE Chair | Fred Meyer, St. Paul, (308) 750-0031 Chair-Elect | Scott Peterson, Valentine, (402) 322-0225 MEMBER SERVICES Chair | Quentin Dailey*, Lexington, (308) 293-1144 ALLIED INDUSTRIES COUNCIL Andrew Dorn, Minden, (308) 830-0356 NEBRASKA LIVESTOCK MARKETING ASSOCIATION Bryce Dibbern, Interior, S.D., (308) 293-7766 UNL EXTENSION Erin Laborie, Beaver City, (419) 494-3872 UNL REPRESENTATIVE Deb VanOverbeke, Lincoln, (402) 472-3571 * member of the Executive & Finance Committee NEBRASKA CATTLEMEN STAFF LINCOLN OFFICE 4611 Cattle Drive, Lincoln, NE 68521 Phone (402) 475-2333 | Fax (402) 475-0822 Email nc@necattlemen.org | www.nebraskacattlemen.org Executive Vice President | Laura Field lfield@necattlemen.org Vice President of Operations | Lee Weide Vice President of Marketing | Jeff Stolle Director of Communications | Libby Schroeder Director of Marketing | John Roberts Director of Producer Education | Bonita Lederer Director of Membership-Retention | Jessica Rudolph Director of Membership-Recruitment | Steven Stettner Executive Assistant | Patty Goes Vice President of Policy Engagement | Melody Benjamin 1179 296th Trail, Lakeside, NE 69351 (308) 760-6464 | mbenjamin@necattlemen.org Leader’s Letter By Marshall Hansen, Omaha NC Marketing and Commerce Committee Chair An Eye on the Future While demand is strong, cow inventories continue to decline as the result of culling driven by drought in major cow-calf producing states. This cattle cycle has been very consistent, and leverage is squarely in the hands of the calf producer. In recent months, drought conditions have eased in much of the Central Plains and West. We aren’t seeing heifer retention at this point. But increased moisture, combined with strong prices, will lead to the replenishment of the cow herd. Analysts at Terrain, FCSAmerica’s service for agricultural insights, expect expansion plans at many cow-calf operations to result in even tighter feeder cattle and calf supplies through the end of 2023. Feeder cattle and calf supplies outside of feedyards could be down 5 to 7 percent. This is a function of 4 percent fewer beef cows calving and 5 percent fewer beef replacement heifers expected to calve in 2023, combined with accelerating beef replacement heifer calf retention at the ranch level. For the feedlot industry, higher demand and a slimming cow herd has translated into higher costs. The 2023 purchase price of a 1,000-pound steer rose 21 percent in a six-month period – or an additional $486 per head on June 30 compared to Jan. 31. Of course, as a lender, it’s hard to talk about rising costs without noting the increase in interest rates. The Federal Reserve held the federal funds rate at nearly zero as recently as the first quarter of 2022. Since then, the Fed has raised the rate 11 times, each increase ranging from 25 to 75 basis points. In July, the federal funds rate reached 5.25 percent to 5.50 percent, the highest level since January 2001. It may not feel like it, given the pace and level of increases, but interest rates remain low from a historical perspective, as can be seen in the graph titled “EffecCONTINUED ON PAGE 49 Source: Board of Governors of the Federal Reserve System
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