Here's a very interesting article that came out this morning on cattle in Brazil.  Seems like they are starting to go through the same herd shrinkage/rising calf  prices/heifer retention issues we are.  

Some quotes:

"Cheap beef may soon become further out of reach. Brazil, one of the world’s few remaining sources of abundant cattle, is heading into a period of shrinking supplies that could push global prices higher.

"For the past two years, a surge in Brazil’s beef production helped fuel a jump in exports. That’s as ample herds drove cattle prices lower compared to other regions, and ranchers were encouraged to send more animals to slaughter. At the same time, countries such as the US struggled with high food costs, and sought out sources of cheaper beef.

"Climbing prices for calves in Brazil are signaling the start of a new phase, in which ranchers start holding back female cattle to rebuild herds. The practice, known as heifer retention, reduces the number of animals sent to slaughter and marks the beginning of a tightening supply cycle.

“We are coming out of the phase of excess, and the phase of scarcity hasn’t even begun,” said César de Castro Alves, manager of agronomic consultancy at Itau BBA bank. Scarcity, he added, is likely to last a few years."American consumers are facing sky-high beef prices as US herds are at the lowest in decades after years of drought and high feed costs. In comparison, Brazil’s ample supplies have given local meatpackers a cost advantage over rivals in the US, Australia and elsewhere. That helped the country ramp up exports not only to the US but also to major buyers such as China.

"Now, slaughter rates are expected to slow, reducing available beef supplies.

"Improved breeding efficiency may soften the downturn compared with previous tightening cycles, said João Otávio de Assis Figueiredo, a commodity analyst at consultancy Datagro. Still, the firm forecasts that Brazil’s cattle slaughter will fall 5.3% next year, following two straight years of growth.