Mike your concerns are well founded, and the beef demand curve has proven to be elastic. Thus, higher prices to the consumer result in reduced consumption. Fortunately the export market has really helped establish the current demand picture, and there are still plenty opportunities to expand the export market. BUT, it's not at all hard to imagine Barry "rescuing" the people from "windfall profits." Nixon just set price controls, Carter supported a "windfall profit tax."
At the very least, current prices are pushing consumers into some cheaper alternative competitors. It's never good to have your customers pushed into competitors hands. Finally, when these current prices drop, the production chain will attempt to absorbe reduced prices at the farm gate and maintain high prices at the cooler. Thus, future lower prices may not immediately slide up the demand curve and result in higher sales.
We should be investing some of these high beef prices in greater promotion in response to reduced consumption. If each check off dollar is netting a $17 return, I'd like to see what $5 would buy.