BEEF PRICES: Herds Down, Prices Up
Those of you who enjoy a little red meat for dinner may be in for some sticker shock.
Cattle market experts say the trend of decreasing beef production will continue until 2015. The decrease in supply will in turn increase the cost of beef.
Cattle farmers have reduced their herds to the lowest levels in over 70 years. They say rising feed costs are to blame.
According to Livestock Specialist Lee Schroder with Iowa State University, the drought will play a big role in how long increased prices will stick around. If the drought conditions improve, he expects cattle farmers to begin stabilizing their herds in 2013, if drought conditions worsen, they could have to reduce their herds further.