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Amid reports of a sixth consecutive quarter of increasing beef demand, Cattlemen's Beef Promotion and Research Board directors approved a $45 million checkoff budget for Fiscal Year 2001. Consumer spending for beef set a new record during the first half of 2000. According to an analysis by Cattle-Fax, demand averaged 5.2 percent higher than demand during the first half of 1999. Total beef spending in 2000 is expected to grow by more than $2.6 billion and total a record $52 billion, about $6.5 billion larger than 1997. In addition, beef's share of total meat spending is expected to grow in 2000 by about 0.5 percent to 40.3 percent -- the largest share since 1997. " The checkoff can't take all the credit for this increase in demand," CBB Chairman Les McNeill said, "but if the good economy and popularity of high protein diets were the only reasons for increased demand, our competitors would be enjoying the same increases. We know from recent reports, however, that the poultry industry is facing tough times that are, attributed in part to aggressive beef promotion and new product development. So I'm convinced my checkoff dollar did it." The FY 2001 checkoff budget includes funding for promotion, research, consumer information, industry information, foreign market program development, USDA oversight and administration. |
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