USDA'S midyear report showed total cattle and calf inventories up 1%. "Cow slaughter for the first eight months of 2005 was down about 6.7% from 2004," says Ron Plain, University of Missouri economist. Both confirm cyclical beef-herd expansion is under way. Ron Gustafson, USDA economist, says a "normal" 10- to 12-year cattle cycle would proceed as follows: The national cow herd would grow for the next three or four years. Then inventories would hold near a peak for one to two years. Then inventorieswould slowly decline for four to six years.
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机译：美国农业部的年中报告显示，牛和牛犊库存总量增加了1％。密苏里大学（University of Missouri）经济学家罗恩·普兰（Ron Plain）说：“ 2005年前八个月的牛屠宰量比2004年下降了约6.7％。”两者都证实了周期性的牛群扩张正在进行中。美国农业部经济学家罗恩·古斯塔夫森（Ron Gustafson）表示，“正常”的10至12年牛周期将按以下步骤进行：全国牛群将在未来三，四年内生长。这样一来，库存将维持一两年左右的峰值。然后库存将缓慢下降四到六年。
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