Retail beef prices reached a new record high last month but still has high consumer demand.
Oklahoma State University Extension Livestock Marketing Specialist Derrell Peel says consumers were warned of an extended price hike and that’s why there’s still demand. He says if the consumers believed the high prices would be short lived, they would have substituted beef for another product like pork.
But pork is also going up in price with the threat of Porcine Epidemic Diarrhea Virus killing millions of piglets. Peel thinks with pork supplies dropping alongside beef, the two high prices are supporting each other.