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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Dec 15, 1978
Page
18
Farmer Will Laver of Ithaca Michigan climbs from his tractor near the capitol in Lansing as Michigan members of the American Agricultural Movement form a tractor pageant to observe the first anniversary of last winter's farm strike.
Pacific Holding Corp ends merger discussions with Iowa Beef Processors Inc after failure to reach agreement. Pacific Holding's David H. Murdock cites uncertain economic conditions and high interest rates as the cause. Iowa Beef, with $2 billion in sales, remains the largest U.S. beef packer. Murdock, holder of 18 percent of Iowa Beef stock, valued the proposed deal at $60 per share, totaling $255 million. He says the company is unique with an impressive growth record.
An Iowa State University report shows statewide farmland averaging $1,644 per acre, up 13 percent since November 1977. The Quad Cities area tops at $2,558, with 88 of 99 counties over $1,000 and two dozen above $2,000.
The Agriculture Department reports 9.32 million cattle in seven key states on Dec 1, up 9 percent from last year, while November shipments reached 1.72 million head, 15 percent higher than a year ago. However, 1.89 million head were placed in fattening pens in November, down 8 percent from last year. High feeder cattle prices contribute to the slower placements.
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