Supply >= Demand = Prices <= Cost of Production (c$2 / Kg live weight)

Boom in feedlot numbers continues, with June quarter close to 1.1m head
By Jon Condon, 23 August 2017

After crashing through the one million head barrier for the first time in the March quarter, numbers on feed across the Australian feedlot industry continue to expand, hitting a new record high around 1.1 million head in the quarter ended June 30.
https://www.beefcentral.com/lotfeed...ntinues-with-june-quarter-close-to-1-1m-head/

Feedlots are used to put on more weight and quicker which has now more than offset the cyclical downturn in supply of cattle from farms...and now their herds have been rebuilt...

Down comes the price.