Beginning of a Cattle Top
The cattle market has reached new highs repeatedly this month. We’ve known for years that the herd has been steadily declining. It currently stands around 89 million head, which is the lowest it’s been since 1952. This hasn’t mattered much as the decades long decline in US beef consumption has wilted domestic demand. However, this has been more than offset by surging Asian demand. In spite of this, commercial traders are suggesting this may be the end of the current rally….