ORGANIZATION FOR COMPETITIVE MARKETS

P.O. Box 6486

Lincoln, NE 68506

Web site: www.competitivemarkets.com

Date: May 1, 2002 For Immediate Release

Contact: Fred Stokes: 662.476.5568

Michael C. Stumo: 860.379.6199

OCM to Co-Sponsor 2002 Livestock Price Crisis Meeting in Omaha

OCM, R-CALF USA, and the Nebraska Cattlemen’s Association will hold the 2002 Livestock Price Crisis Meeting in Omaha on May 11, 2002. The meeting will be held from 9 am to 4 pm at the Holiday Inn (near Interstate 80) in Ford Hall. This will be a solution based discussion. All U.S. cattle and hog producers are invited to attend.

U.S. cattle and hog producers are suffering from a devastating price crash, which is not explained by the market fundamentals. Large numbers of producers have lost substantial amounts of money and equity; consequently many will be forced out of the business.

While producers are losing money, meat packers and retailers are increasing margins and profits. In fact food giant Tyson/IBP reported their fiscal second quarter net earnings had increased $65 million, as of March 30. The rise in earnings comes despite abundant U.S. meat supplies, recent declines in U.S. beef exports to Japan, false rumors of Foot and Mouth Disease and Bovine Spongiform Encephalopathy and Russia's month-long ban on U.S. poultry imports. These factors have affected the futures and cash markets, but not the retail and wholesale markets to the same degree.

To address the price crisis cattle and hog producers from across the U.S. will gather together to discuss problems and solutions relating to the following topics:

1. Packer/processor market power;

2. Retail supermarket power; and

3. Futures markets.

The Place: Holiday Inn I-80, Ford Hall, Omaha, Nebraska (tel: 402.393.3950)

The Time and Date: 9 am to 4 pm, Saturday, May 11, 2002 – registration at 8:30 am

Invitees: All U.S. producers of cattle and hogs.

Invited Presenters (subject to change):

Senator Chuck Grassley Senator Tim Johnson

Nebraska elected officials Robert Taylor, Auburn University

Roger McEowen, Kansas State University David Domina, cattle producer attorney

David Balto, former FTC attorney Fred Stokes and Michael Stumo – OCM

Leo McDonnell R-CALF USA David Burkholder, Nebraska Cattlemen

Significant open microphone period

The Organization for Competitive Markets is a multidisciplinary, nonprofit group of farmers, ranchers, academics, attorneys, and policy makers dedicated to reclaiming the agricultural marketplace for independent farmers, ranchers and rural communities.

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