Tags: drought | beef | prices

Drought: Beef Prices at Record Levels Blamed on Dry Conditions

Image: Drought: Beef Prices at Record Levels Blamed on Dry Conditions

Thursday, 08 May 2014 03:06 PM

By Morgan Chilson

Beef prices are reaching record levels in grocery stores across the country, and experts attribute rising costs to widespread drought conditions.

The American Farm Bureau Federation said that consumers saw six straight record-breaking months of high beef prices through March, with fresh beef products selling at around $5.40 per pound, a 23 percent increase over the 2010 to 2012 average.

Urgent: Do You Approve Or Disapprove of President Obama's Job Performance? Vote Now in Urgent Poll

Pork, as well, has gone up, though not as dramatically, the AFBF said in a news release. The average retail price per pound was $3.83 in March, which was also record-setting, and was 18 percent higher than in 2010-2012.

The AFBF blamed “searing back-to-back droughts in 2011 and 2012,” which reduced the amount of feed for cattle.

The number of cattle in the United States sits at 87.8 million, the lowest recorded since 1951, according to the Sturgis Journal.

A Purdue University news release said that although some of the high prices can be attributed to drought, there’s an incomplete understanding of why the prices have skyrocketed.

“It is easy to list some possible causes, but none of them seem to be large enough to have caused such startlingly high prices,” said Purdue’s extension economist Chris Hurt.

Hurt listed possible reasons for beef prices being high, but said that some who guessed that demand may have been up as supplies were low were proven to be wrong when the first-quarter GDP growth was only 0.1 percent.

The unexplained high prices so far this year have shown cattle ranchers new possibilities for profit potential, Hurt said in the release. Citing National Oceanic and Atmospheric data, the release said it is projected that only 15 percent of the brood cows will be in drought areas; about 85 percent of the beef cows will be in regions that can support herd expansion.

Urgent: Assess Your Heart Attack Risk in Minutes. Click Here.

Related Stories:

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Mormon Call for Gay Rights: Church Leaders Urge LGBT Protections

Tuesday, 27 Jan 2015 15:49 PM

Mormon leaders are calling for statewide gay rights protections in Utah along with safeguards for religious freedom. . . .

Yeti in Boston a Welcome Distraction for Residents Buried by Blizzard

Tuesday, 27 Jan 2015 15:22 PM

A person wearing a yeti costume provided a welcome distraction for Boston residents who were hunkered down under a blizz . . .

Savannah Guthrie Scores Big Pre-Super Bowl Interview With Obama

Tuesday, 27 Jan 2015 14:40 PM

Savannah Guthrie, co-anchor of NBC’s “Today” show, will interview President Barack Obama live at the White House on Supe . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved