Why steak and ground beef prices are going to soar

You might have thought the prices for your steaks and hamburgers couldn’t get worse, but it is about to get even more expensive. The supply of cattle is going to rapidly shrink. There have been years of persistent drought conditions across much of the USA. It has become more expensive to raise cattle. In addition, the pandemic led to a lot of disruptions even to the agricultural industry. The widespread increase in costs is driving cattle ranchers to either exit ranching entirely, or reduce the size of their cattle herd. US beef production will likely drop by 2 billion pound by 2024. The cost of raising cattle has increased to much versus any increase in the selling price of cattle. Many cattle ranchers do not have enough of an incentive to add more heads to their herd. Margins are razor thin. Some ranchers make less than $100 profit per a head of cattle versus $500 to $600 a head in 2014.the USDA states that the profit on average in 2022 was just $12 a head of cattle.
Works Cited:
https://www.wsj.com/articles/beef-prices-high-summer-barbecue-12a08905?mod=hp_lead_pos5
Tags:
beef prices, beef price in bangladesh, beef, meat prices, prices, price of beef, beef price per kg, beef price fixing, cattle prices, beef price in bangladesh today, 1 kg beef price in bangladesh today, japanese beef, wagyu beef, egg prices, food prices, grocery prices, chicken prices, raising beef cattle, fed cattle prices, usa cattle prices, arizona beef, beef packing, beef recipes, steak price, cattle price, record cattle prices, kobe beef