The latest USDA annual report is clearing up some misconceptions in the cattle industry.
That is according to the North American Meat Institute following the two Congressional hearings on cattle markets. The report shows cash receipts for the sale of cattle and calves increased 16% in 2021 from the previous year to almost $73 billion.
The Meat Institute says the trend is due to supply and demand reflecting the cyclical nature of cattle production and due to the shrinking herd and continued consumer demand.
They say prices are improving for cattle producers without government intervention.
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