Consumer Beef Prices to Remain High Amidst Shrinking Cattle Numbers

High beef prices on grocery store shelves will continue to hit consumers’ wallets as shrinking U.S. cattle herds decrease supply. As U.S. ranchers tighten herd numbers due to drought and high feed costs, lower grain prices will typically benefit livestock producers. However, even the 26% drop since April still has corn prices 9% higher than last year at about $6/bushel.

According to U.S. government data, ground beef prices have jumped 10% from last year. While some relief in food prices has been seen across stores, it’s likely beef will hold prices right where they’ve been, according to an Iowa State University economist.

Read more on consumer beef prices here.