The recent widespread rains the last 3 months have helped future cattle numbers more than lower corn prices. Back in January, the cattle inventory in the US was the lowest since 1952. It will take some time (2-3 years probs with prime conditions) to increase numbers. With the ridiculously high prices that replacement heifers are at currently, it looks like the majority of ranchers/hayseeds are optimistic.
Most feedlots in Texas/Oklahoma panhandle are half-full, and Cargill idled their Plainview, TX facility back in February. And IMO there's a record number of Holsteins/dairy cattle being used as fats, which further illustrates how strained the meat market is.
Good thing us EMAWers are