With many Missourians planning cookouts and barbecues this summer, people could be wondering when beef prices might start going down.
According to the most recent data from the U.S. Bureau of Labor Statistics the average price of a pound of ground beef hit a record $5.98 in May.
Wesley Tucker, a University of Missouri Extension field specialist in agriculture business and policy told Missourinet drought conditions have led to a low cow herd which has led to higher prices.
“On the supply side, we were really low on numbers and high on demand,” said Tucker. “We’ve been having really strong demand and good exports and so we’ve got a really good market happening. And so unfortunately it does cause pain at the grocery store for people when they go to fill their carts on a weekly basis, the cow herd is at an all-time low and so, it’s not something that’s going to fix itself rather quickly.”
The higher beef prices are expected to be around for the foreseeable future.
Tucker said producers will need to start saving mama cows or heifers back from the market.
“Long term, as producers save more heifers that allows them to produce more calves which head to the feed lot and produce more beef,” said Tucker.
“And so, this is not going to be a short turn around.
But you know three or four years down the road we should start being able to see more production hitting the market and lower prices ahead.”
United States Department of Agriculture data shows cattle inventory nationwide is at its lowest since 1951.
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