I don't think we've turned the corner on the market," says John Lawrence, Extension livestock economist at Iowa State University, "We've bottomed, but still have 12 to 18 months to go before things get better." Lawrence does believe, however, that thefutures market may have turned the corner. It typically overestimates prices for a while, then underestimates for a while. "In early summer it looked as though it would begin to underestimate expiration prices. This tells us cattle may not be profitableor high-priced, but they won't be as low as the futures market indicates months before slaughter," says Lawrence. "We just came through a period where futures traders overestimated the price and now may have entered a period when they underestimate price
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