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eventually shove the inventory down the hill.
THIS YEAR’S gain comes on the heels of a 4-million head hike during 1972, 3 million in 1971, and just over 2 million in 1969 and 1970.
How long can this pace keep up?
To illustrate, the buildup phase of the cattle cycle typically sees a downturn in slaughter as cattlemen withhold beef cows and heifers for expansion purposes. This tends to strengthen prices and encourage even more expansion.
BUT AT a certain point the inventory becomes large enough to precipitate rather sizable increases in slaughter and then prices may weaken. As prices go down, cattlemen decide to stop holding extra animals for expansion and begin reducing their herds. This adds mqge animals to the slaughter market and drives prices down even „ faster.,.
However, in the event of a downturn, a number of changes in the structure of livestock production which he feels will necessitate the maintenance of larger inSee
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95.5%