Pasture conditions in the U.S., the world’s largest beef producer, are mostly recovered from a 2012 drought that forced ranchers to shrink the domestic herd to a 63-year low. While it takes years to reverse a decline in animal supply, record-high beef prices and the increasing availability of cheap feed are providing incentives for some producers to begin expanding. A production rebound would help slow beef-price gains that the U.S. government said will be the biggest of any food group this year except pork. Read more at Bloomberg…