Into the nation's stockpens last week crowded the biggest shipments of steers since World War II's end. Some had come from such drought-parched areas as Oklahoma, where ranchers could not grass-feed them any longer. But most of the shipments were moving because of a simple fact: after six years of high beef prices and bumper corn crops for feed, U.S. ranges are bulging with 88 million head of beef cattle, the greatest in history.
Did this mean that the law of supply & demand would bring prices down? Livestock prices had already taken some...
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