加裕养猪评论

　　Pork Commentary

　　加裕总裁兼CEO Jim Long

　　Jim Long, President-CEO Genesus Inc.

　　2017年2月27日

　　February 27, 2017

　　USDA 猪肉短缺报告

　　U.S.D.A Pork in Storage Report

　　猪腹肉存栏破最低记录

　　Record Low Belly Inventory

　　上周，USDA（美国农业部）报告称一月底的猪腹肉库存量为14,014（1000磅），这是自1957年以来的最低记录。猪腹肉库存量从一年以前便开始显着降低，当时的库存量为60,698（1,000磅）。报告称猪腹肉价格较高与猪腹肉库存量并无关联。接着，猪腹肉库存量低将支持猪腹肉价格变现，帮助显着提高切出猪腹肉的价值。当考虑提供哪类猪肉时，我们必须考虑猪腹肉的口味和味道，这是该产业必须重视的一个特色。

　　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的猪腹肋肉批发价格为$2.23/lb，生猪价格为 $0.546/lb。猪腹肋肉的价格是生猪价格的四倍。产业过多的将精力放在瘦肉上，导致肥肉量不足，保水性降低。更好的味道能够带来更高的客户需求和更高的生猪价格，这一点无需经济学家计算。消费者将前放在他们会花钱购买的产品上。猪腹的市场需求情况非常好。

　　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收购Hermitage

　　PIC Buys Hermitage

　　众所周知， 我们正在进行猪遗传方面的贸易，所以我们会比大多数人更加关注该领域的动态。但由于这是我们做出的评注，所以我们会写一些我们想写的东西。

　　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.

　　无论如何，上周Genus-PIC同Hermitage达成了一项安排，一项立足于爱尔兰的安排。看起来似乎如果我们破解了他们的新闻稿，PIC已经购买了Hermitage Genetics的知识产权和营销权。在我们看来，他们似乎并未购买特定资产，即农场或生猪库存。看起来接下来Hermitage会放弃其在爱尔兰、英国和意大利之外的销售权。

　　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并不是主要的参与者，与Genus-PIC之前购买加拿大吉博克和NPD的贸易相比，这笔交易并不算是大规模交易。Genus-PIC不断追求市场发展。他们继续收购竞争对手。对于Hermitage来说，在我们看来，Hermitage将成为PIC在上述三个国家内的实际销售代理。最近几年， PIC在其存在国家内的市场份额均有限。

　　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对于市场份额的追求很大程度上得益于强大的财政表现，而这与猪基因公司Topigs-Norsvin形成了对比，后者去年财政年度内的财政损失为691万美元。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.

　　最新发布的财务结果

　　确实，当我们知晓了这些财政结果时，我们向Topigs-Norsvin进行了确认。令我们震惊的是他们的结果并没有这么差，因为他们标榜自己为主要市场参与者。我们并不想收到“虚假”新闻控告。所发布的财政结果为Topigs-Norsvin一位董事确认完毕的结果。

　　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，所公布的最新财政年度数据显示Topigs-Norsvin损失了691万美元，而Genus-PIC的税前利润为4970万英镑。相同的产业，不同的结果，不同的领导地位。当Topigs与Norsvin 达成合作时，我们从一开始便猜想着财政强大的Norsvin能留在这段关系中多长时间。事件会证明一切，但691万美元的损失并不能贸易模型进展良好的一种表现。在我们看来，Topigs 需要Norsvin，但 Norsvin并不需要Topigs。在一个赚钱的行业内取得691万美元的损失并不是一种好迹象。

　　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.

　　并购名言

　　Merger Quotes

　　“你可与其他机构合作，但两个醉汉并不能合成为一个明理的人。”——Gary Hamel 和 C.K. Prahalad《为未来而竞争》（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)

　　 “对于收购来说，人们根据经验期盼着胜利。”——Irwin Stelzer，《经济学人》

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

　　Rosedale Team Launches Baker Colony

　　Baker殖民地是来自罗斯代尔殖民地的一个新项目，位于阿尔巴塔省Etzikom。殖民地位于Foremost东南部，是一块农业非常发达的地区。Baker 殖民地管理团队的成员有John Waldner、George Waldner和Joseph Hofer。猪部门将由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.

　　殖民地内种植着适合在该地区种植的普通大颗粒粮食，以及一些可轮作的特色作物。Baker也设置了一个新的露天生产流水作业区。新的猪部门占地122,000平方英尺，蓄养着600头母猪和小猪。参与Baker殖民地建设的公司有Big Dutchman、Mandel Enviro-Metal Solutions、Maverick Concrete以及Nor-Ag。殖民地在二月建设了一座大楼，约800可进入该大楼参观最新技术和设计，包括来自伯塔省、萨斯喀彻温省和蒙大拿的游客。

　　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殖民地的畜棚将在三月处引入来自Genesus的种畜。当问到该项目为什么选择Genesus时，管理层回复到Genesus是他们之前关系最好的合作伙伴。在Rosedale的其他农场内，Genesus的动物已证实为最可靠、吃苦耐劳、容易管理而且强壮的动物，其中PSY的数量超过了31。另外，Genesus杜洛克猪成品猪肉质量非常好，而这也是运输至Maple Leaf必须具备的条件。

　　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祝贺Baker整个团队成功发行了新的项目。

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