Good news about beef prices!
Here’s the short story about what’s been happening with beef prices. In 2010 beef prices began to shoot up because a severe drought occurred in Texas forcing many farmers out of the cattle business. This pattern continued through 2015 due to subsequent droughts in the Midwest and California. The result was the smallest national herd size since 1951.
The simple economics of these events are: Less beef = increased demand = increased prices.
Fortunately, we are on the back downhill side of these tough years and we can all enjoy corrections in the beef market. This is great news for consumers as everyone can enjoy more affordable, high quality beef at the dinner table.