How Did Cattle Prices Get So High?

Where did the record cattle prices this year come from? That is a question almost all analysts and many cattle producers are asking. It was not so surprising to have record high cattle prices, but the real surprise was the lofty heights of those new records. In the first quarter, as an example, Nebraska steers averaged $147 per live hundredweight which was more than $20 higher than the previous first quarter record price. In percentage terms, finished cattle prices in the first quarter this year were up 17 percent and production was down only four percent.
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