National is a good company and very good for the beef industry.  I was involved in a joint meeting with Steve Hunt last fall and they still did not understand that the squeeze on margins was the result of a weakening in domestic beef demand.  That position was not popular and it never will be. I am anxious to see how the industry reacts now that the academia has also concluded determined that domestic beef demad is not what it uesed to be.

All the packers have had a difficult time; one should not feel sorry for them.  It was the packers time  in the barrel.  Those that survive will be better for the experience.  Profits are cyclical for every segment of our industry as you know.  I hope the producer segment does not overlook the opportunity created by the improvement in demand from 1999-early 2004.  Reduced beef production and reduced net beef supplies have supported prices during the bulk of 2004 and 2005 YTD.

The problem of not focusing on the real factor driving prices will inevitably have many producers looking in the wrong direction.  Then, when the market changes and they are in the barrel they will find someone to blame for their misfortune.  They always have found someone new to blame.  In the 70's it was the government, in the 80's it was the futures markets, and in the 90's as today captive supply is the demon.  The only constant during all those periods was that prices moved inverse to supply just has it has for centuries.  The only exceptions were the limited periods of time when beef demand improved.  Stay focused, supply and demand do work to determine price-always have and always will.  Have a great day and give the kids an extra hug.

?Did you ever get your e:mail fixed?