(Washington D.C.) Following a couple of tough years in the live cattle market, the spot price hit record highs last week. Ethan Lane, Vice-President of Government Affairs for the National Cattlemen’s Beef Association says a major upswing in the market is something he saw coming.
Lane said drought conditions magnified what was already a ten-year cycle in herd reduction.
Despite the higher cash cattle price, demand continues to be strong, in the U.S., and overseas.
Lane says the economic predictions show the cattle market at the beginning of a two-year rally.
Lane says the bull market is great news for producers that have been battered over the past couple of years. He says this is the highest quality of beef coming out of the United States, right now. The consumer is asking for more, which is positive for the nation’s cattle producers.
