I've noted as of late that the current El Nino weather pattern is generally seen as favorable for...
Cattle futures reached record highs this week! Beef is having a hard time being "made" due to the historically small cattle supply and elevated cattle prices. And it doesn't appear that the cattle herd rebuilding process will start anytime soon. Note in the chart below the elevated share of heifers (think young female bovine that has not produced a calf) in the total cattle slaughter mix. Typically when the herd is rebuilding the share of heifers will decline as more are retained for breeding. As Sergeant Shultz would say; "I see nothing" of any herd rebuilding in the data below.
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