The beef industry is bouncing back from the pandemic in a historic way, as demand is now at a 30-year high.
During the National Cattlemen’s Beef Association (NCBA) annual convention in Nashville this week, CattleFax reported beef prices are near record high, while consumer and wholesale beef demand are both at 30-year highs.
CattleFax says while drought remains a significant concern right now in the Northern Plains and the West, strong demand combined with higher cattle prices are signaling an optimistic future for the beef industry.
According to CattleFax CEO Randy Blach, the cattle market is still dealing with a weighty supply of market-ready fed cattle. But the influence of that supply will lessen as three years of herd liquidation will reduce feed yard placements. And he predicts that as that happens, the value of calves, feeder cattle and fed cattle will increase several hundred dollars per head over the next few years.
