A Rabobank analyst says it's unclear whether the new norm has been reached for global beef prices - or if those prices still have room to rise.
Angus Gidley-Baird says the international beef market is finely balanced.
He says a lot could depend on whether Australian export rates go down and herds in Mexico and Canada continue to be run down by the U-S in 2015.
On a regional basis - the bank's latest beef quarterly report expects U-S cattle supplies will again be tight in the first quarter of 2015 with renewed price strength expected.
The report suggests 2015 could be a critical year for Canada.
Gidley-Baird suggests this country's industry needs to figure out whether it's going to start rebuilding or further downsizing.
