From 2000 to 2014, inflation-adjusted meat prices have reflected slower production growth as meat output responded to lower producer profits due in part to rising feed costs. Cattle production costs, production, and prices also were affected by poor forage conditions due to lingering droughts over much of the past decade, particularly in the Southern Plains. As feed prices softened, however, livestock production rose in 2015, which lowered U.S. livestock prices.
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