Today, Explained Where’s the beef?
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Jul 7, 2023 Anna King is a correspondent for Northwest Public Broadcasting and the creator of the podcast Ghost Herd, which dives into the intriguing case of Cody Easterday. In this discussion, she unpacks how Easterday scammed over $244 million from major companies through a deceptive 'ghost herd.' The conversation reveals the nuances of modern farming fraud, the impact of COVID-19 on beef processing, and the surprising beneficiaries of land transactions. King's insights shine a light on the unfolding drama in the agricultural landscape.
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Cattle Ranching Business
- Cattle ranching involves raising calves on ranges, then sending them to feedlots.
- Feedlots fatten cattle for slaughter, and ranchers profit when market prices are high.
Futures Market Losses
- Cody Easterday gambled on the futures market to offset price fluctuations in the cattle market.
- However, he consistently lost substantial amounts of money over many years.
COVID-19's Impact
- COVID-19 caused a beef backup, leading Tyson to scrutinize their books.
- They discovered the missing cattle after sending an investigator and using drones.