Seems like a combination of a strong dollar (Weaker dollar last year led to more exports), Larger carcass sizes (the quick looks I take show kills not much different than a year ago, but heavier carcasses mean more beef. I haven't looked at actual imports vs exports from a year ago versus today. I also see Packers cutting back kill hours up here.
I remember a long time ago an editorial in the WLJ. "Cheap feed leads to Cheap Cattle". I think that's another influence....
But, still, i see guys getting $1,100-1,200 for calves. Though not what it was, we've certainly seen much worse