This week David Maloni, ArrowStream economist, noted that several times this fall, the data seems to indicate that the top in the U.S. cattle herd has occurred.

"Well, the USDA seems to think that as well with its latest long-term projections, as they do indeed show the annual average herd peaking as of January 1, 2020," said Maloni. "And if this is true, it is likely that beef supplies will tighten considerably in 2021 and in the following few years. Thus, we could be near a longer term bottom in beef prices."