Washington--The cattle market has put on a stunning performance so far in 2011, according to John Anderson, livestock economist for the American Farm Bureau Federation.
“While fed cattle prices have dipped a bit in the last couple of weeks, the recent rally has obliterated all previous price records,” Anderson wrote in the April 2011 AFBF Livestock Market Update. “These remarkable cattle prices have been supported by strong wholesale beef prices.
“Retail beef prices have also been very strong, posting new record highs in each of the past three months. Higher prices accompanying higher production points to strong beef demand. Export demand has certainly been very good. So far this year, despite considerably higher wholesale prices, weekly beef exports have significantly exceeded 2010 levels, which were also quite strong.”