If you have been out to dinner lately for a steak dinner, or even while doing your grocery shopping, you definitely noticed one thing. Beef prices have gone up. Way up.
According to new data released from USDA, our U.S. cattle industry is at it's lowest level in 50 years! So where's the beef?
"We have the fewest number of beef cows since 1962, but we actually produced a record amount of beef last year, an all-time record over 28 billion pounds" said David Anderson, economist and professor at Texas A&M, "So, there's a lot of beef around, but over the next couple of years that's going to get less and less."
No matter how you slice it, less beef means higher prices for customers and consumers.
"The pressure's on with less beef production, that the pressure will be for higher beef prices at the grocery store" Anderson told KTRH, "Prices for cattle are already going up. With less beef is going to come higher prices. It is what it is, there's not much of a way to get more of it anytime in the near future."
In case you're wondering, it takes about 2 years for a new calf to become steak on your dinner plate.
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