Beef prices soar
Posted Jan 24, 2014 2:46 pm.
This article is more than 5 years old.
It may be time to stock up on steaks and hamburger.
Live cattle prices hit a record high of $1.43/lb on the markets this week, the highest on record since Bloomberg started tracking prices in 1964.
Brenna Grant, research analyst with Canfax Research Services, said it will take about 12 months for that to trickle down to consumers.
“We do have a lot of things that can happen over that year between now and when you see those things showing up at retail. Right now, consumers when they go to the retail store, they’re seeing things that happened from a year ago,” said Grant.
She said a drought in 2012 in the U.S., reduced the number of cattle and is one of the major reasons prices are spiking.
“That means we have fewer cattle available now. So our supplies are extremely tight. You’ve got competition and prices being run up.”
