Can someone explain to me why this makes sense? Chicago traders are driving the prices up based on fundamentals they don't seem to understand. Currently the market is over 50% spec traders when it's normally 20-30% spec traders.

How do people at the sale barns justify buying $300 losers when this market corrects? If the fundamentals say the cow heard is low, beef demand is high, but producers are producing more beef with less cattle, how can the price still be this high?

I've seen discords where Bitcoin bros in Sweden are trading cattle contracts. The markets is set to close at all time highs again today. It's hard for me to imagine who's long in this market other than the Bitcoin bros trading contracts.

This market feels like GameStop.

Cross posted on the outdoors board

Does it have to do with this screwworm and the inability to import beef from central and South America?

Do the elites own all of the turkey farms?

Cheap corn, wide spread drought across a lot of the country forced people to send more cows to the packer, a lot of those that had sold out are up there in age and didn't plan to rebuild or wait until prices dropped. Cut off or higher priced imports and still more heifers going to the feed yard than being kept for replacements.

I think the fats and feeders will have a correction at some point, but I don't see feeders getting below $2.50 again.

lobopride said:

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I know absolutely nothing about this topic. However, having beef that's too expensive for the average man is a goal of the elites. I doubt that's a coincidence.

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Why's that? I'm not sure I've heard that theory before.

chris1515 said:

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lobopride said:

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I know absolutely nothing about this topic. However, having beef that's too expensive for the average man is a goal of the elites. I doubt that's a coincidence.

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Why's that? I'm not sure I've heard that theory before.

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There's a huge push against eating beef by the world economic forum. Beef is not an efficient use of resources because it takes so much water and land to produce one pound of beef so they say.

https://www.dairyherd.com/news/business/ireland-proposes-culling-200-000-cows-help-meet-climate-goals-farmers-push-back

https://www.weforum.org/stories/2021/07/why-we-need-to-give-insects-the-role-they-deserve-in-our-food-systems/

The beef cattle herd is the smallest it's been in 74 years.

Talked to a rancher yesterday who shared this quote from his grandfather, "When cattle cost more than the land they are grazing on, sell the cattle and buy land."

Tough year for ag on the Texas coast outside of cattle; rice prices are terrible and delphacids are eating up the ratoon crop, cotton/corn/milo yields were pretty good, but again prices terrible.

ALL of you in ranching and farming, we pray for you often. Any life that depends on the weather is difficult. Throw in the very hard work and it is understandable why so many have gotten out of the ag business.

Being dependent on the weather is worse than coaching a bunch of teenagers for your livelihood.

Waiting on a Natty said:

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ALL of you in ranching and farming, we pray for you often. Any life that depends on the weather is difficult. Throw in the very hard work and it is understandable why so many have gotten out of the ag business.

Being dependent on the weather is worse than coaching a bunch of teenagers for your livelihood.

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I've long said that dryland farming = legalized gambling.