Cow herd liquidation is ongoing in parts of the United States. NDSU Extension Livestock Marketing Economist Tim Petry says this is a ten-year cattle cycle. “To quote Yogi Berra, ‘it’s deja vu all over again’. We had record prices in 2014, and now again in 2023 going into 2024.” Petry noted the higher prices now and nearly ten years ago can both be attributed to drought and weather. Despite having record high prices, profits are lower for most cattle producers due to high costs.
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