It is a mixed farm, with arable crops and a 40-strong herd of beef cattle.
He lost money on a cattle-ranching operation to produce low-fat beef, for instance.
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Argentina has one of the highest consumptions of beef in the world, and the owner of The Argentine Experience, Englishman Leon Lightman, travelled for six months through the country, visiting cattle ranches to find the best sources of grass-fed beef.
This threatens beef exports: European Union rules bar mixing cattle with beasts that may have foot-and-mouth disease.
As a cattle farmer in a meat-loving region where demand for prime beef is rising, she should know.
Mr Bailey has cut back the number of beef cattle he finishes (rears to slaughter) each year by almost three-quarters.
The majority of beef cattle in the U.S. are raised on grass on family-owned ranches before they are sent to feedlots for fattening and then on to the slaughterhouse for processing.
"When I was a kid in the '50s ... it got real dry, but nothing like this, " said Marvin Helms, a 70-year-old farmer and rancher in central Arkansas who was compelled to sell his beef cattle after being short on feed.
All cattle over 30 months are required to be proven BSE-free before the beef can be sold.
It began back in 1966, when Colorado-born mine magnate Courtland Parfet bought the ranch, an area of grassland mainly for grazing beef cattle.
After beef cattle have grazed on pasture land for a year or two, they are usually sent to feed-lots, where they are fattened on a diet of hay and corn to prepare for slaughter.
The company blamed media coverage of the hoof-and-mouth disease plaguing European cattle farmers for part of the decline, coupled with a surplus of both beef and pork for a decline in exports to Japan and South Korea, where it had strong sales last year.
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