More Bad News at Grocery Store – Beef Prices Up in Louisiana
Bad news if you love a good burger or steak. You could soon be paying even higher prices for beef products in Louisiana. A new report from the USDA says higher costs are expected this year. The 2023 USDA Cattle Report says cattle inventory is down by about 3% in the U.S. and that will mean rising costs.
What Does the Cattle Report Predict?
"Cattle owners are pricing cattle to extend the late week rise in cash prices. Futures prices, smaller show lists, and a diminishing value of the dollar will each contribute to improvement in pricing of cattle."
What this means is that prices for cattle will be going up and that will result in higher prices for beef at the grocery store for consumers.
But this report also says "there is developing some evidence consumers are backing away from prime cuts as the household budgets are strained." So this might actually lead to better prices for prime cuts, but we will have to wait and see.
Cattle Producers of Louisiana CEO David Foster tells the Louisiana Radio Network there are fewer beef cattle around, which drives up cost based on availability. What’s more, feed stock costs are also up sharply meaning less food in feeders to fatten up the livestock.
How Much More Will We Pay for Beef?
Foster thinks the decline in available cattle could result in prices about 10% higher at the meat counter. But he says if demand for beef drops, that could change things at the grocery store.
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