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| I agree with some of your points, but heifer slaughter peaked when corn prices were at their bottom. I guess my point is that meat prices have a lot more to do with cattle numbers than with corn prices and cattle numbers were declining prior to the ethanol boom and when corn was at its cheapest. Long term droughts, the aging rancher, exports, the value of the dollar, etc all have significant impacts.
I guess you just can't say that if corn goes up X, beef goes up Y. Usually, its more like if corn goes up X, feeder calves go down Z, if Y remains constant.
As with anything, there's no easy answers.
Brandon | |
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what you do need to be worrying about
