An ag economist says it’s likely going to be a couple more years before rising beef prices moderate at the grocery store.
Ron Plain, with the University of Missouri Extension, tells Brownfield Ag News, “The 20-13 calf crop is going to be smaller than the year before, so that’s going to keep the beef supplies tight going forward. I wouldn’t be surprised if we have to wait until 2015 before we see any major price relief in beef prices.”
Plain says the drought caused higher feed prices and lower herd numbers. New price records are expected on slaughter steers, yearlings and slaughter cows in 2013.
Prices for pork products are also expected to be higher this year due to higher feed costs.
With total meat production projected to be down 1.3%, and population growth of almost 1%, he says, there will be about 2.2% less meat per person – unless there’s a big increase in meat imports.