Yes, it would. As Brian has mentioned on a number of occasions today, the Canadian herd is at a relatively low level, and so too is the U.S. herd. We've been running at 95 million to 100 million, going back over decades. We're at about 90 million right now. There is going to be increased competition for a stable, if not dwindling amount of cattle in the United States. We've all seen that movie before, when packing capacity competes for a smaller amount of livestock. The producers do enter into that part of the cycle, and the packers have trouble making margins.
On June 18th, 2009. See this statement in context.