US Beef Herds Drop To Lowest Level In Seven Decades, Meat Prices Jump
Beef prices are rising and will soon surge. According to Bloomberg, US herds are the smallest in seven decades. Experts report that this is true in China, Europe, and Brazil.
Iowa State University recently reported, “.Cow-calf producers depend more directly on weather than any other livestock sector. Several years of persistent drought in key cattle producing areas of the West and Great Plains have impacted range and pasture conditions and devastated hay production.” Based on the U.S. Drought Monitor, Colorado and Nebraska are now hit by extreme drought.
Drought Hits Supply
Raising cattle has become more difficult, which has already caused beef prices in the US to soar. Drought, grain prices, and high interest rates have cut farmer margins. Cattle inventory in America is at the lowest level since 1951. Demand remains strong. “In 2023, the average American consumed about 58.1 pounds of beef per person.”
The CPI rose 2.8% year over year in February, and the price of beef rose 8%. Food prices are already causing inflation, largely due to egg prices, but beef is also making a large contribution.
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