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| I hear you and I know it hurts to look at feed prices going up when you're growing livestock. But another thing I know is that no matter what industry you're in, margins tend to expand in absolute terms as absolute prices rise. That's because margins are typically more stable in percentage terms. So high grain prices hurt livestock operations short term, but when high grain prices are sustained, they are followed by even higher livestock prices, and everyone along the chain ends up with fatter average margins over the long term. | |
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The MOST IMPORTANT thing right now... and it's NOT rain
