“A lot of that had to do with calves coming off of wheat pastures early due to some of the dry conditions we’ve been seeing in the plains states,” Brooks said.

Nebraska feedlots pull in many calves from other states thanks to abundant supplies of corn and water, which make for healthy profit margins, Brooks said. The growth of ethanol in Nebraska has meant a ready supply of distillers grain, the highly nutritious byproduct of the fermentation process. Sales of distillers grain have helped bottom lines in both industries.

Mike Mahony, marketing manager of Ericson-Spalding Livestock Market, said calves from 600 to 800 pounds are bringing record prices of $1,100 to $1,400.

Herd numbers are down nationally to the lowest numbers since 1951. Brooks said the supply of cattle for slaughter will get tighter before it gets better, but nationally, herd numbers are poised for a rebound in the next two or three years.

"Hopefully, if Mother Nature cooperates, we'll start to see some expansion within our cow herds," she said.

Being the top feeding state with a strong and stable beef industry comes with more than just bragging rights, said Pete McClymont of the Nebraska Cattlemen.