Beef prices have soared to record highs, with ground beef averaging $6.12 per pound and steaks at $11.49, both up from the previous year. The U.S. cattle herd has been declining for decades, recently reported at the lowest level since 1951. Contributing factors include persistent drought affecting feed costs and the slaughtering of female cattle to manage supply pressures. Additionally, emerging parasites and potential tariffs threaten to further diminish cattle numbers and elevate prices in the future.
The average price of a pound of ground beef rose to $6.12 in June, up nearly 12% from a year ago. The average price of all uncooked beef steaks rose 8% to $11.49 per pound.
The U.S. cattle herd has been steadily shrinking for decades, down 8% from the most recent peak in 2019, and this represents the lowest number of cattle since 1951.
Factors like drought and rising cattle prices have contributed to the decline in cattle numbers, and the emergence of parasites and potential tariffs may further exacerbate supply issues.
Farmers have slaughtered more female cattle than usual in response to rising feed costs, which helps short-term supplies but compromises future herd sizes and maintains high prices.
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