Retail beef prices in the U.S. are at record highs, pushing up the price tags of not just your steak tartare, but also cheese burgers.
Retail beef prices in the U.S. are at record highs, pushing up prices of beef-based products from burgers to steaks and steak tartare.
That's largely thanks to a shrinking cattle supply, as well as higher input costs, market watchers told CNBC. And they don't expect it to ease any time soon. Cattle herds in the U.S. have been reduced to their "smallest number in decades" as a result of prolonged drought in key cattle ranching states like Texas and Kansas, Swanson said.that beef production in the second half of this year is expected to decline by 180 million pounds from August to the end of the year.
However, if ranchers hold on to the cattle longer, it not only reduces the supply of beef, but also adds on to input costs — which eventually get passed on to consumers."Input costs have skyrocketed, everything from labor, to transportation has increased packet costs," said Brian Earnest, lead economist for animal protein at farm credit association Cobank.
"The last two years, there was a slaughter of reproductive cows … because they couldn't afford to keep them over the winter drought conditions," Speck told CNBC via telephone. According to data from Cobank, beef cow slaughter was up 11% year-on-year in 2022 at a total of 3.95 million head. The figure marks the highest since 1996, noted Cobank's Earnest.
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