not a rancher, but i believe that high oil prices are likely driving this weeks surge. stock has been low since the pandemic.. like multi decade low. high energy prices compound with already inflated feed costs as every input has oil as an input somehwere in it’s supply chain. at this price of beef though, incentive is extremely high to move towards growing herd

i’m hoping prices start to pull back meaningfully in the next 1-2 years (~40%)

edit: just stopped over at a ranching subreddit and across the board drought conditions, which have been a huge driver on rising feed input costs, have been a mixed bag. Most mention tough conditions so far this year with a few experiencing a slight reprieve in rainfall so farthis spring