Is it the meat packers?
Or is it a reduced supply of cattle?
Cattle Inventory Continues Contraction (February 2025)
https://www.fb.org/market-intel/cattle-inventory-continues-contraction
... USDA's January Cattle Inventory report shed some much-needed light on the state of the cattle industry in the United States. ...
According to the report, all cattle and calves in the United States on Jan. 1, 2025, totaled 86.7 million head, down about 1% from 87.2 million in 2024. The inventory, along with nearly all other estimates in the report, fell within the range of analyst estimates. The decrease, while smaller than last year, indicates continued contraction in the U.S. cattle herd.
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