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Beef prices in the United States have surged to record levels as the nation’s cattle inventory falls to its lowest point in 70 years.

Beef prices in the United States are surging to record levels as the country’s cattle inventory falls to its lowest point in more than 70 years. According to data from the U.S. Department of Labor, the average price of ground beef rose to $5.79 per pound (0.454 kg) in American cities in March, marking a 12.8% increase over the past year and the highest annual rise on record. A years-long drought in the western U.S. has dried up grazing pastures, prompting American ranchers to continuously shrink their herds. This has created a shortage, pushing up prices for calves and other..

Pork prices in the US increase, beef prices decrease

According to Reuters, live cattle futures on the Chicago Mercantile Exchange (CME) – US on October 21, 2024 fell after last week’s increase. Meanwhile, canned beef prices remained high amid good consumer demand, a solid economic outlook and pre-Thanksgiving and Christmas buying and selling activities. Tight cattle supplies and rising spot prices also continued to support futures trading, analysts said. Rising wholesale prices also boosted futures prices. Boxed prime beef prices rose $2.21 per cwt to $322.86 per cwt on the afternoon of October 21, 2024, according to the USDA. Boxed select beef prices rose $2.01 per cwt to $296.21..