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Looking ahead, Iowa Cattlemen’s Association President Ed Greiman says the cattle industry has the potential for a good year. Prices are coming down and demand is rising, and Greiman says the drought, at least in the immediate future, seems to be dwindling.
Greiman explains that the cattle industry has attempted to counteract high prices and low demand by making cattle heavier and putting more pounds of meat on the market – a strategy that appears to be working. In addition, demand has gone up. Greiman says beef cutout prices (a measure of what consumers are willing to pay) rose roughly $15 in the last 3 weeks.
USDA expects retail beef prices to rise 4% from 2012 prices.