[CPT Clay]

I thought cattle prices were high because of the drought.

[Western Phil]

The drought caused many cattle producers to downsize. With a gestational period the same as a human, it takes a long time time for beef production to recover from a drought.

[B4Ranch]

The adage that the cure for high prices is "High Prices" is evident this year in beef markets. Finished cattle prices reached record highs around $170 in late 2014 and early spring of 2015. Prices then fell below $120 by October. Prices have fallen $50 per hundredweight in what must be the greatest decline ever. Interestingly, the decline in beef prices was preceded by a similar decline in live hog prices from mid-2014 into early 2015.

http://www.cattlenetwork.com/news/industry/weekly-beef-outlook-high-prices-cure-high-prices