The latest Rabobank Beef Quarterly Report expects global supplies to remain tight.
Analyst Angus Gidley-Baird says one of the things that has helped offset the tight global supplies has been the herd liquidation going on in Australia.
That liquidation has been prompted by dry conditions.
However, Gidley-Baird doesn't think that liquidation can continue at the same rate much longer.
The Rabobank report suggests a number of factors have caused a high degree of volatility in U-S beef prices so far this year.
Those factors include a slowing economy and lower pork and poultry prices leading to a weak demand for beef.
Gidley-Baird says Chinese retail beef prices have also been stable entering 2015, rather than following their normal upward trend - somethings that's also had an impact on U-S prices.
