Max Armstrong shares insights from a Federal Reserve article looking at the cattle industry, noting three challenges: vulnerabilities along the supply chain; extreme weather conditions – especially the drought; and shifting demand. Max shares that Darrell Peel, beef industry expert, reports the beef industry is one of the most complex in agriculture. Max explains that the cattle industry's structure means an animal could be sold as many as six times in its lifetime.

Max Armstrong's Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Max Armstrong, veteran farm broadcaster and host of This Week in Agribusiness.

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