POWERS Podcast #408: Jordan Levi – The Largest Cattle Feeder in America

Date: March 31, 2026
Host: Chris Powers
Guest: Jordan Levi (Arcadia Asset Management & Five Rivers Cattle Feeding)
Theme: Insights into the U.S. cattle industry from the nation’s largest cattle feeder – operational economics, risk management, industry trends, technology, and the American beef business.

Overview

In this episode, Chris Powers visits with Jordan Levi—known as the “Kosher Cowboy”—who manages the largest cattle feeding operation in the United States. They discuss the state of the beef market, Levi’s journey from Chicago to becoming a major cattle trader, the complexity and nuance of risk and data management in feeding nearly a million head of cattle, and future trends shaping American beef.

Major Topics & Key Insights

1. The Current State of the Cattle Market

• The U.S. cow herd is at its tightest levels since the 1950s, creating unique supply dynamics.
• Despite higher prices, beef demand remains robust and has accelerated—particularly as shifts like GLP-1 adoption drive Americans toward more protein consumption, away from carbs.
  • "[Beef demand] is accelerating as more people take on GLP1s, which is really exciting because people are demanding protein instead of simple carbohydrates." – Jordan Levi [00:41:00]
• The increase in animal size and productivity (genetics, feeding) offsets the shrinking herd.

2. Jordan Levi’s Journey: From Chicago to the Cattle Business

• Grew up in Chicago suburbs, no ag background—his bar mitzvah theme was “Wall Street Jordan", already enamored with markets.
  • "...my bar mitzvah picture...was Wall Street Journal under my armpit." – Jordan Levi [00:04:53]
• Early exposure to markets—started as a runner at the Chicago Board of Trade at 14, then Babson College, then the London School of Economics.
• Started career as a trader at a NYC hedge fund; assigned to learn the “physical” cattle market via immersion in Texas and Kansas feedyards.
• "Kosher Cowboy" nickname: “I’m one of the few Jewish guys that are in the cattle business.” [00:04:08]

The Belted Galloway “Logo” Story

• Levi’s company logo—an unusual breed—comes from his first deal gone wrong:
  • "It's not like a black Angus, but it looks like an Oreo cookie...the first deal I ever got hosed on." [00:02:16–00:03:29]

3. Industry Economics & Risk Management

Cash, Futures, and the Role of Data

• Futures are a derivative of the “cash” market (actual cattle cycles and trades).
• Levi’s approach: heavy reliance on data, modeling, and understanding operational “biologics” (business and animal life cycles).
  • "If you don't understand how the data is presented or what the data actually means, you won't be successful." [00:10:50]
• Key variables: average daily gain, feed efficiency, and final outweight—modeled by location, buyer, date.
• Most competitors rely on “historic memory,” while Levi’s edge is dynamic, proprietary modeling and data-driven decision making.
  • "We rely more on models that are dynamic and ultimately I think that gives me a slight edge..." [00:16:13]

Curve Management: Push and Pull Dynamic

• Focuses on maximizing value between different months ("the curve") instead of binary price bets.
• Moves animals forward or back depending on pricing signals from futures markets, biological feasibility, and operational constraints.
  • "My home run is...for my returns to look like a 45 degree angle as opposed to an EKG." [00:33:01]

4. Challenges Facing the Industry

Herd Shrinkage & Demographics

• Weather (drought), regulations, and aging ranchers make rebuilding the cow-calf sector difficult.
• Even with economic incentive, herd expansion hasn’t materialized.
  • "The economics were suggesting grow the herd, retain the heifer, and people weren't doing it." [00:38:00]
• Fragmented industry: average cow-calf herd is 50 head; biggest operators have ~1,000.

Demand and Changing Consumption

• Demand remains high—GLP-1s and a shift to real protein are major drivers.
• International demand (esp. China) is key; as nations get wealthier, they eat more beef.
  • "Protein consumption increases...almost looks like a J curve." [00:51:03]

Competition & Global Trade

• Emerging competition from Brazil—labor and cost advantages, but not yet matching U.S. quality and infrastructure.
  • "Brazil has a competitive advantage...but I am confident that we'll still produce the premium product..." [01:59:15]
• U.S. imports lean beef for hamburger blends.

Technology and AI

• Rapid improvements in modeling cattle outcomes (weight gain, feed efficiency, etc.) using AI and large datasets.
  • "We're finding that those models are much more successful than utilization of averages..." [01:11:58]
• Virtual fencing and AI could improve management, but humans are still key for animal husbandry.
• Data aggregation and visualization are current frontiers.
• “Lobster Man”: Levi’s AI assistant for reading and summarizing information flows.

Notable Quotes & Memorable Moments

• On the “Caught the Cattle Bug” Moment:
  "I came there with a pair of Gucci loafers, pair of diesel jeans...Arrive at the feedlot at 5:30 in the morning...Feed truck just drops off a warm batch of feed. Steam's rising, cattle charge. And I was hooked." — Jordan Levi [00:18:45]

• On Industry Complexity:
  "It's a really easy business, but it's extremely hard. It's blocking and tackling—clean feed, clean water, clean pens. Sounds easy, but it's sometimes hard to execute." – Jordan Levi [00:19:58]

• Key Metric for Industry Health:
  “If you want a sustainable system, you have to adopt the US beef system to be most sustainable.” [00:47:26]

• On Trading Cattle vs. Paper:
  "99.9% of all futures that trade never see delivery...The futures contract is a 40,000 pound contract.” [00:21:41]

• On Letting Go of Losing Trades:
  "The first loss is the best loss...If we’re wrong and the animals are harvest ready, it’s time to go. Period. Just take the loss and move on." [01:15:09]

• On the Beef Sticks for Backpacks Initiative:
  "Started with 400 beef sticks a week, and now...we’re doing over 25,000 a week...Feeds people and it feeds the most vulnerable. So it’s pretty cool." [01:56:50–01:58:21]

• On AI's Role:
  "With the utilization of AI tools, we've been able to do some really cool stuff. The world has changed since the last version of Claude came out...whether the data is being optimized." [01:24:50]

Timestamps for Important Segments

• State of the Market, Herd Size, and Demand Shift: [00:00:00–00:01:13], [00:39:41–00:41:52]
• Kosher Cowboy & Early Beginnings: [00:02:16–00:08:06]
• Operations & Data-Driven Management: [00:10:23–00:16:49]
• Key Industry Metrics and Cattle Genetics: [00:16:53–00:18:21]
• Cattle Market Structure and Trading Curve: [00:29:03–00:33:39]
• Industry Fragmentation and Supply Chain: [00:55:55–00:58:39]
• Buying Five Rivers / Capabilities: [00:25:39–00:44:30]
• Technology / AI in Cattle Feeding: [01:11:58–01:24:50]
• Challenges: Drought, Demographics, and Expansion: [00:34:06–00:38:16]
• International Trade and Imports: [01:51:03–01:61:19]
• Letting Go of Bad Trades: [01:15:09–01:15:40]
• Beef Sticks for Backpacks Initiative: [01:56:50–01:59:00]
• Day in the Life & Use of AI: [01:91:37–01:94:55]
• Final Thoughts: The Future, Risk, and Market Outlook: [01:99:07–01:102:20]

Closing Insights

• The U.S. beef sector is both historically tight and at a technological inflection point.
• Operational excellence, technology (especially data/AI), and adaptability are critical for success.
• The industry is at risk due to aging ranchers and demographic shifts, despite strong demand and innovation.
• Levi balances traditional business values—honor, the handshake deal—with advanced data science.
• The American beef business touches national and global issues: nutrition, sustainability, trade, and technology.

For those looking to understand the business of American beef at massive scale—and the blend of traditional and innovative practices—this episode is a must-listen.