Washington will play a part. There is growing uncertainty on how legislators will handle the debt ceiling. If they close the government, that could lead to a downturn, which could lead to lower beef demand.
"Growth is good for us," Brown said. "If there is income growth, this time next year there will be big smiles on your faces."
Herd owners who produce what consumers want will come out ahead, Brown said. Consumers show growing demand for quality beef while quality supplies remain short.
Aim for quality
"Produce for quality steaks, not just hamburger," Brown said. "High choice and prime grades are in demand. Look at that as an opportunity.
"As you rebuild your herds, aim not just for numbers but for quality. Premiums paid for quality beef continue to grow.
"Technology for adding better genetics is available. If you follow the research from MU Thompson Farm, you see that prime beef comes from adding better genetics. Thirty percent of their calves grade prime. That is not coming from feeding longer. With high corn prices, you can't feed longer. Genetics can help produce calves that grade prime."
U.S. producers have the technology, but beef producers in other countries, such as Brazil and Russia, are putting great effort into improving cattle through artificial insemination. They use the technology.
"Don't just look for good bulls, but the best genetics," Brown said. "Don't just chase the prime quality grades. Look at all of the traits to improve your cow herd. That's one way to distinguish yourself down the road."
In his wrap-up, Brown said, "There's great opportunity ahead. Just hope we have a great corn crop this year."
Source: University of Missouri Extension