"Generally, by the time a rancher makes a decision to expand a herd, you are looking at a minimum of two to 2 ½ years before you see an increase in beef supplies that will be noticeable to the general public," Stolle told CNBC in a phone interview. "The indications are there, and granting that Mother Nature doesn't get in the way of it, we are going to see a bigger cowherd. But that will take awhile."
The lag time for these types of decisions is longer for cattle than it is for pork, and far longer than poultry, for the simple reason that cows are far bigger and take a longer time to raise, Stolle said.
Other factors could limit production, such as high feed prices. The Kansas drought not only affected the cattle herd directly, it also hurt corn production, and corn is a significant feed resource for cattle.
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But there are plenty of reasons to expect that steak prices won't stay sky high forever.
"It takes a little time because of biology," Anderson said. "Its not like making cars or computers, but more beef is coming and with it lower prices."