One truism about economists is that even when they deliver good news, it's always coupled with a caveat or two. Of course, there are practical reasons for that. First, it gives them an out. But, in truth, economists understand that the law of unintended consequences has a way of outsmarting the most sophisticated of prediction models. Pick up just about any article on agriculture today and you'll find record price levels are part of the discussion. The main concerns in the cattle industry are whether cattle prices will outrun other input price increases, and whether overall demand from a macro-economic perspective will remain strong enough to push prices higher or maintain them at current levels.
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