The underlying economics don’t really change. In 2023 81% of Australian beef cows went to feedlots vs 97% of the US. So there’s some differences in Australia, b

The underlying economics don’t really change. In 2023 81% of Australian beef cows went to feedlots vs 97% of the US. So there’s some differences in Australia, but it’s steadily moving in the US direction because demand keeps increasing and farmland isn’t. Cattle also get feed outside of feedlots, but that’s a different question.