Odd Lots Why America's Cattle Ranchers Keep Getting Squeezed
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Nov 22, 2025 
In this discussion, Bill Bullard, CEO of R-CALF USA, dives into the challenges facing American cattle ranchers. He highlights the shrinking cattle herd due to drought and high feed costs, along with the adverse effects of consolidation in the meatpacking industry. Bill addresses how rising beef prices are tied to market distortions by large packers, and the difficulties young ranchers face in a boom-bust cycle. He warns that without protective policies, the future of independent ranching could be in jeopardy.
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Beef-Cattle Price Disconnect
- Beef prices rose while cattle prices fell for years, which is abnormal for a feedstock-driven product.
- Bill Bullard ties this divergence to market concentration and dysfunctional allocation of the consumer beef dollar.
Consolidation Reallocated Beef Profits
- Market consolidation shifted most retail dollars away from producers to packers and retailers.
- In 2021 packers and retailers captured over 60% of the consumer beef dollar, reversing the historical split.
Droughts Accelerated Herd Shrinkage
- Recent droughts accelerated herd liquidation, tightening supply to 75-year lows.
- Strong consumer demand then pushed retail beef prices higher despite thin domestic supplies.