加裕養(yǎng)豬評論

　　

　　上周，USDA（美國農業(yè)部）報告稱一月底的豬腹肉庫存量為14,014（1000磅），這是自1957年以來的最低記錄。豬腹肉庫存量從一年以前便開始顯著降低，當時的庫存量為60,698（1,000磅）。報告稱豬腹肉價格較高與豬腹肉庫存量并無關聯(lián)。接著，豬腹肉庫存量低將支持豬腹肉價格變現(xiàn)，幫助顯著提高切出豬腹肉的價值。當考慮提供哪類豬肉時，我們必須考慮豬腹肉的口味和味道，這是該產業(yè)必須重視的一個特色。

　　

　　Last week, the USDA reported the inventory of pork bellies at the end of January at 14,014 (1,000 pounds), the lowest amount recorded since records began in 1957. This is down significantly from a year ago, when it was 60,698 (1,000 pounds). Record high belly prices is not an inducement to store belly inventory. Going forward, record low bellies in inventory will support cash belly prices and significantly help the pork cut-out value. Taste and Flavour, which pork bellies bring to the consumer, are a significant signal that our industry must be aware of as we consider the type of pork we need to make available.

　　

　　上周五，USDA的豬腹肋肉批發(fā)價格為$2.23/lb，生豬價格為 $0.546/lb。豬腹肋肉的價格是生豬價格的四倍。產業(yè)過多的將精力放在瘦肉上，導致肥肉量不足，保水性降低。更好的味道能夠帶來更高的客戶需求和更高的生豬價格，這一點無需經濟學家計算。消費者將前放在他們會花錢購買的產品上。豬腹的市場需求情況非常好。

　　

　　Last Friday, USDA pork cut-out wholesale price bellies were at $2.23/lb, hams $0.546/lb. Bellies four times the price of ham. Our industry has focused too much on lean, which has led to insufficient marbling, lighter pork, and lower water holding capacity. Doesn’t take an ag-economist to figure out that better tasting ham could lead to higher consumer demand and higher hog prices. Consumers vote with their money on what they will pay more for. Bellies are having an extraordinary run on demand.

　　

　　PIC收購Hermitage

　　

　　眾所周知， 我們正在進行豬遺傳方面的貿易，所以我們會比大多數(shù)人更加關注該領域的動態(tài)。但由于這是我們做出的評注，所以我們會寫一些我們想寫的東西。

　　

　　As you all know, we are in the swine genetics business, so we pay more attention to what is going on in this sector than most people would or care. But since this is our commentary, we get to write what we want.

　　

　　無論如何，上周Genus-PIC同Hermitage達成了一項安排，一項立足于愛爾蘭的安排?？雌饋硭坪跞绻覀兤平饬怂麄兊男侣劯?，PIC已經購買了Hermitage Genetics的知識產權和營銷權。在我們看來，他們似乎并未購買特定資產，即農場或生豬庫存?？雌饋斫酉聛鞨ermitage會放棄其在愛爾蘭、英國和意大利之外的銷售權。

　　

　　Anyways, this past week Genus-PIC made an arrangement with Hermitage, based in Ireland. It appears that if we decipher their press release, PIC has purchased the intellectual and marketing rights of Hermitage Genetics. It appears to us they did not purchase fixed assets, ie farms or the swine inventory. It looks like going forward Hermitage will give up its selling rights outside of Ireland, Great Britain, and Italy.

　　

　　Hermitage并不是主要的參與者，與Genus-PIC之前購買加拿大吉博克和NPD的貿易相比，這筆交易并不算是大規(guī)模交易。Genus-PIC不斷追求市場發(fā)展。他們繼續(xù)收購競爭對手。對于Hermitage來說，在我們看來，Hermitage將成為PIC在上述三個國家內的實際銷售代理。最近幾年， PIC在其存在國家內的市場份額均有限。

　　

　　Hermitage was not a major player, this deal is dwarfed by Genus-PIC’s past purchase of Genetiporc and NPD. Genus-PIC is relentless in their quest for market growth. They continue to buy up competitors. In the Hermitage case, it appears to us Hermitage will be a de facto selling agent of PIC in three countries. All countries in which PIC has had limited market presence in recent years.

　　

　　Genus-PIC對于市場份額的追求很大程度上得益于強大的財政表現(xiàn)，而這與豬基因公司Topigs-Norsvin形成了對比，后者去年財政年度內的財政損失為691萬美元。Genus-PIC’s quest for market share has been greatly aided by strong financial results. This is in contrast with swine genetic company Topigs-Norsvin, which had a financial loss of $6.91 million US dollars in their last fiscal reporting year.

　　

　　

　　

　　確實，當我們知曉了這些財政結果時，我們向Topigs-Norsvin進行了確認。令我們震驚的是他們的結果并沒有這么差，因為他們標榜自己為主要市場參與者。我們并不想收到“虛假”新聞控告。所發(fā)布的財政結果為Topigs-Norsvin一位董事確認完畢的結果。

　　

　　Indeed, when we received these financial results, we asked Topigs-Norsvin to confirm them. We were surprised their results were so bad, as they tout themselves as a major global player. We don’t want to be accused of “Fake” news. The financial results were confirmed by one of their executives.

　　

　　有趣的是，所公布的較新財政年度數(shù)據(jù)顯示Topigs-Norsvin損失了691萬美元，而Genus-PIC的稅前利潤為4970萬英鎊。相同的產業(yè)，不同的結果，不同的領導地位。當Topigs與Norsvin 達成合作時，我們從一開始便猜想著財政強大的Norsvin能留在這段關系中多長時間。事件會證明一切，但691萬美元的損失并不能貿易模型進展良好的一種表現(xiàn)。在我們看來，Topigs 需要Norsvin，但 Norsvin并不需要Topigs。在一個賺錢的行業(yè)內取得691萬美元的損失并不是一種好跡象。

　　

　　It is interesting that in the latest fiscal year published, Topigs-Norsvin lost $6.91 million US dollars while Genus-PIC had a profit before tax of 49.7 million British pounds. Same industry, different results, different leadership. We have wondered from the beginning, when the Topigs co-op joined up with the Norsvin co-op, how long the financially strong Norsvin would stay in this relationship. Time will tell but a loss of $6.91 million US dollars is not a picture of a business model going well. In our opinion, Topigs needs Norsvin, Norsvin doesn’t need Topigs. A $6.91 million US dollar loss in an industry that is making money is not a good sign.

　　

　　并購名言

　　

　　

　　“你可與其他機構合作，但兩個醉漢并不能合成為一個明理的人?！薄狦ary Hamel 和 C.K. Prahalad《為未來而競爭》（1996）

　　

　　 “You might merge with another organisation, but two drunks don’t make a sensible person.” – Gary Hamel and C.K. Prahalad, Competing for the Future (1996)

　　

　　 “對于收購來說，人們根據(jù)經驗期盼著勝利?！薄狪rwin Stelzer，《經濟學人》

　　

　　“When it comes to mergers, hope triumphs over experience.” –Irwin Stelzer, economist

　　

　　Rosedale Team Launches Baker colony

　　

　　Baker殖民地是來自羅斯代爾殖民地的一個新項目，位于阿爾巴塔省Etzikom。殖民地位于Foremost東南部，是一塊農業(yè)非常發(fā)達的地區(qū)。Baker 殖民地管理團隊的成員有John Waldner、George Waldner和Joseph Hofer。豬部門將由Ed Hofer和Ken Waldner管理。

　　

　　Baker colony is the new project from Rosedale colony, based in Etzikom, Alberta. The colony is situated southeast of Foremost, a thriving agricultural area. The management team of Baker colony consists of John Waldner, George Waldner, and Joseph Hofer. The swine unit will be managed by Ed Hofer and Ken Waldner.

　　

　　殖民地內種植著適合在該地區(qū)種植的普通大顆粒糧食，以及一些可輪作的特色作物。Baker也設置了一個新的露天生產流水作業(yè)區(qū)。新的豬部門占地122,000平方英尺，蓄養(yǎng)著600頭母豬和小豬。參與Baker殖民地建設的公司有Big Dutchman、Mandel Enviro-metal Solutions、Maverick Concrete以及Nor-Ag。殖民地在二月建設了一座大樓，約800可進入該大樓參觀較新技術和設計，包括來自伯塔省、薩斯喀徹溫省和蒙大拿的游客。

　　

　　The colony grows regular large grains that suit the area, as well as specialty crops to maintain a good rotation. Baker also has a new 30,000 layer free run operation in production. The new swine unit is a 122,000 square feet facility that will house 600 sow farrow to finish. Companies involved in the construction of Baker colony include Big Dutchman, Mandel Enviro-metal Solutions, Maverick Concrete, and Nor-Ag. The colony held an open house in February, which approximately 800 people attended to see the latest technologies and designs, including visitors from Alberta, Saskatchewan, and Montana.

　　

　　Baker殖民地的畜棚將在三月處引入來自Genesus的種畜。當問到該項目為什么選擇Genesus時，管理層回復到Genesus是他們之前關系較好的合作伙伴。在Rosedale的其他農場內，Genesus的動物已證實為最可靠、吃苦耐勞、容易管理而且強壯的動物，其中PSY的數(shù)量超過了31。另外，Genesus杜洛克豬成品豬肉質量非常好，而這也是運輸至Maple Leaf必須具備的條件。

　　

　　Baker colony’s barn will be filled with Genesus breeding stock in early March. When asked why Genesus was chosen for this project, management replied that their past relationship with Genesus has been second to none. On their other farm of Rosedale, Genesus animals have proven over time to be the most reliable, hard-working, easy to manage, and hardy animal, with PSY over 31 . In addition, the finished carcass from a Genesus Duroc is of excellent quality, which is required when shipping to Maple Leaf.

　　

　　Genesus祝賀Baker整個團隊成功發(fā)行了新的項目。

　　

　　Genesus would like to congratulate the entire Baker colony team on the successful launch of their new project.

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