Following the severe liquidation that was intensified by the 2011-12 drought, the U.S. cattle herd started rebuilding beef cow numbers in 2014, continuing through 2016. A new Rabobank report forecasts that rebuilding to continue through 2019-20 as a result of lower grain prices as well as an increase in domestic and global demand. From 2020 to 2025, however, increased supplies of both beef and poultry meat will pressure prices downward, turning heifer retention into a negative economic
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