The last time prices got really high it involved a very severe long term drought in which ranchers everywhere sold off all their stock.
That glutted the market, and dropped prices, then after the drought was over demand for beef was high as well as breeding stock.
It took several years to happen.
One local event won't impact the market to that same magnitude... At least I don't think it will.
I do look for grain prices to rise sharply PDQ though.
Grain prices do need to rise some. The thing is, they don't need to jump to record levels, which cause a ripple affect, then fall back down to current levels and leave farmers hanging. A few years ago when grain got so high, it caused land rent to practically double here, then when grain prices fell and farmers tried to renegotiate that rent, the landowners got all bent out of shape. High grain prices also cause farmland to go up, machinery prices to increase, and of course then seed, fertilizer, and chemicals all go up as well.
Farming is a beech any way you look at it, and often times, the farmer is own worst enemy. He spends like a drunken sailor when things are good, and lives on beans when they're not. The one thing here that's been so bad is the dairy industry. They're giving the milk away. A friend of mine who's been milking for years is being forced to sell next month. They were milking over 500 head, and have been holding out the hope that things would get better.
As someone who has beef cattle, I do like to get a good paycheck. But, I'd mush rather get a good return for my investment every year, rather than suffer the ups and downs that are usually the case.