Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   
   
   
   

Beef Buzz News


Beef Cattle Producers Continue to Wait on Outcome of Eastern Livestock Bankruptcy

Sun, 28 Aug 2011 15:13:56 CDT

Beef Cattle Producers Continue to Wait on Outcome of Eastern Livestock Bankruptcy Past President of the National Cattlemen's Beef Association John Queen says that it is amazing how little new information cattle producers have when it comes to the status and eventual disposition of the Eastern Livestock bankruptcy case. Queen's livestock auction company in western North Carolina was one of many cattle companies that were stung by the Fifth Third Bank decision to stop payment on all checks written by Eastern Livestock at the beginning of November, 2010. No one knows how many millions of dollars were snatched from the accounts of cattlemen who sold cattle to Eastern and have yet to see a dime on those sales.


Queen says that the entire cattle industry has been failed by the lack of action by the USDA's GIPSA- the agency responsible for following the business conducted by Eastern Livestock. Queen says that GIPSA has audited his relatively small business three times over the last two years, but has reluctantly admitted they had not audited Eastern Livestock since at least 2005. He adds that if GIPSA was not competent enough to perform an audit on the nation's largest livestock dealer- they should have hired an outside independent company to perform an audit at some point along the way.


Queen adds that Eastern Livestock's bank, Fifth Third, did not do their homework as to the amount of business that Eastern claimed they were doing in the final year before checks started bouncing this past October. Eastern claimed they had tripled their business in 2009 and early 2010 compared to just a few months earlier, which earned them a larger line of credit which they quickly utilized. Queen says that Eastern was claiming to Fifth Third that their volume of cattle transactions were greater than the entire universe of cattle trades within the US. Queen contends that Fifth Third carefully chose their time to stop honoring the checks written by Eastern- choosing to stop honoring those checks at the peak of the fall cattle run, when Eastern would have a maximum amount of money running through their account.


We get an update where the cattle industry is witht he Eastern Livestock case- as told by auction barn/electronic market and cattle producer John Queen. Queen was a part of a tremendous lineup of speakers that the 2011 Wheatland Stocker Conference laid claim to.


To learn more about the livestock auction market that Queen owns and has been able to keep open despite the lost of a substantial amount revenue because of the Eastern Bankruptcy- click here.


Queen is our guest on today's Beef Buzz, with an update for you about the status of getting money returned from Eastern Livestock and/or its bank, Fifth Third Bank.


The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network- but is also a regular audio feature found on this website as well. Click on the listen bar below for today's show- and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.



   
   

Ron Hays Beef Buzzes with John Queen of North Carolina who was a speaker at the recent Wheatland Stocker Conference in Enid.
right-click to download mp3

 

WebReadyTM Powered by WireReady® NSI

 

Beef News

  • Beef Prices Likely Will Not Rise Anymore as Consumers Deal with Inflation  Wed, 20 Oct 2021 20:06:13 CDT
  • OSU's Derrell Peel Says Winter Wheat Pasture is Especially Valuable This Year  Tue, 19 Oct 2021 10:55:09 CDT
  • Curbing Methane Outputs Could Be a Win for Producers and Consumers  Mon, 18 Oct 2021 21:30:23 CDT
  • NCBAs Kent Bacus Hopeful Biden Administration Will Pursue Deals Beneficial to US Beef Producers  Fri, 15 Oct 2021 10:08:11 EDT
  • NCBA's Kent Bacus Talks Trade, Contrasts Biden and Trump Administrations  Thu, 14 Oct 2021 20:07:24 CDT
  • Economist Katelyn McCullock Says Holiday Beef Prices are Expected to be High  Wed, 13 Oct 2021 10:35:40 CDT
  • Dr. Bart Fischer Says Robust Price Discovery May Not Lead to Higher Cattle Prices  Tue, 12 Oct 2021 10:48:23 CDT
  • More on Fall Calving Best Practices from Dr. Rosslyn Biggs  Mon, 11 Oct 2021 16:31:33 CDT
  • NCBA's Todd Wilkinson Carries Message of Caution to Members of the House Ag Committee  Fri, 08 Oct 2021 12:31:29 CDT
  • Cattle Producers Should Review Records Before Fall Calving Says Dr. Rosslyn Biggs  Thu, 07 Oct 2021 21:15:27 CDT
  • Help Newly Arrived Cattle Recover Quickest by Providing High-Energy Feed  Wed, 06 Oct 2021 10:09:20 CDT
  • Cattle Industry Waits for Third Quarter Numbers From 75% Plan  Tue, 05 Oct 2021 10:25:26 CDT
  • Missouri Cattle Industry Leader Taking Wait-and-See Approach on Industry Price Discovery Plan  Mon, 04 Oct 2021 11:29:07 CDT
  • Fiscal Year 2022 Kicks Off New and Proven Marketing Campaigns for Oklahoma Beef  Fri, 01 Oct 2021 10:56:18 CDT
  • Hugh Aljoe Says Regenerative Agriculture Education Material Will Soon be Available  Thu, 30 Sep 2021 09:53:16 CDT
  • OSU's Derrell Peel Urges Fall Stocker Operations to Review Budgets Before They Buy Fall Feeders  Wed, 29 Sep 2021 19:27:47 CDT
  • Beef Cow Herd Liquidation Continues to Unfold  Tue, 28 Sep 2021 12:47:54 CDT
  • Latest Cattle on Feed Report Shows Some Regions of the Country are More Current Than Others  Mon, 27 Sep 2021 10:28:22 CDT
  • New Research Explores the Pros and Cons of Cash Cattle Markets in the U.S.  Fri, 24 Sep 2021 10:16:19 CDT
  • New Research Shows Grid Market System Adds $700 Million in Value to U.S. Beef  Thu, 23 Sep 2021 11:19:06 CDT
  • Don Close, VP of Rabo AgriFinance Explains How Beef Won Over the Chinese Consumer  Wed, 22 Sep 2021 10:39:31 CDT
  • OCA's Michael Kelsey: We Need to Take a Pause on Issuing New Medical Marijuana Grower Permits  Tue, 21 Sep 2021 13:19:27 CDT
  • NCBA's Josh White Says Beef Quality Assurance Produces Better Beef  Mon, 20 Sep 2021 10:35:46 CDT
  • Certified Angus Beef Program is a Win for Producers, Processors and Consumers Says John Stika  Fri, 17 Sep 2021 10:48:26 CDT
  • John Stika Believes the Pandemic Shows Consumers Want High Quality Beef  Thu, 16 Sep 2021 08:07:17 CDT
  • Dr. Jody Wade's Advice to Cattle Producers is Stay Ahead of BRD  Wed, 15 Sep 2021 13:14:02 CDT
  • Katelyn McCullock Sees High Hay Prices in the U.S.  Tue, 14 Sep 2021 10:49:50 CDT
  • NCBA's Ethan Lane Believes mCOOL is Old News  Mon, 13 Sep 2021 11:15:37 CDT
  • NCBA's Ethan Lane Heard Little New in White House Briefing on Competition  Fri, 10 Sep 2021 11:45:17 CDT
  • Dan Halstrom Predicts 2021 Will Be a Record Year for U.S. Beef Exports  Thu, 09 Sep 2021 11:15:04 CDT
  • Dietician Shalene McNeill Says Consumers Enthusiastic About Including Beef in Their Diet  Wed, 08 Sep 2021 09:25:33 CDT
  • Shalene McNeill on Why You Should Feed Your Baby Beef  Tue, 07 Sep 2021 12:20:07 CDT
  • Randy Blach Says Sustainability is an Opportunity for Beef Cattle Industry  Mon, 06 Sep 2021 05:00:35 CDT
  • Although Beef Demand is High, Dollars are Slow to Trickle Down to Producers  Fri, 03 Sep 2021 12:25:25 CDT
  • Dr. Harold Newcomb Says Strategic Deworming Helps Your Bottom Line  Thu, 02 Sep 2021 09:33:31 CDT

  •  

    Beef Buzz Archives

    Old Archives  |   2010  |   2011  |   2012  |   2013  |   2014  |   2015  |   2016  |   2017  |   2018  |   2019  |   2020  |   Jan 21  |   Feb 21  |   Mar 21  |   Apr 21  |   May 21  |   Jun 21  |   Jul 21  |   Aug 21  |   Sep 21  |   Oct 21  |   Nov 21  |   Dec 21
       

    Ron salutes our daily email sponsors!

    Oklahoma Beef council Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment Tulsa Farm Show Union Mutual Stillwater Milling Oklahoma Cattlemen's Association KIS FUTURES, INC.

       
       

    Search OklahomaFarmReport.com

    © 2008-2021 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.