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ISU livestock economist debunks the idea of shortages

Dr. Lee Shulz Associate Professor and livestock economist at Iowa State University spoke recently at the SE region Beef Meets hosted by the Iowa Cattlemen.  Sponsored by the Iowa Agribusiness Radio Network, Shulz offered some remarks about current supply and demand forces impacting the livestock industry and offered some opinions about so-called shortages.

In his remarks at the Monroe County Fairgrounds, Dr. Schulz offered his observations about supply and demand and how those forces are interacting with current beef markets.  He framed the current environment from a demand perspective saying the beef industry’s current demand for its products is incredible.

He went on to explain how the consumer is responding, even though prices are higher, and prices are tight.

And he continued his comments by offering his ideas of “shortages” and really how these are forces of supply, demand, price, and quantity and can sometimes be a “pet peeve” description of market conditions for ag economists.