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Tue June 22, 2010
Higher exports help cattle ranchers
By Renny MacKay
Laramie, WY – The cattle industry is benefiting from an increase in exports of American beef. Sales to foreign countries are up 27 percent from last year. The Wyoming Stock Growers Association's Jim Magagna says this is pushing cattle prices higher, which is a relief because prices have been low for the last two years. He says that meant a lot of ranchers struggled to make a profit - and if prices stay where they are or go up further, that will help.
"I think it's not going to make a lot of people wealthy this year, but it certainly it has the potential to solidify the financial base for a lot of operations in the state."
Mexico is the leading export market for American beef, followed by Canada. Magagna says sales to Asia have also climbed to a point where - in terms of dollar value - they exceed levels before the Mad Cow scare over five years ago.