Beef Prices Could Hit Record Highs This Year
ST. LOUIS (KMOX) – Experts attending a farm futures summit are warning consumers could see major price hikes at the meat counter this year.
If beef is what you crave, get ready to crack open your wallet in 2013 as beef prices hit near-record levels.
Bryce Knorr with Farm Futures Magazine says last year’s drought forced farmers to cull herds too expensive to feed and now there’s a shortage of every cut from steak to ground beef.
“The last time I checked [ground beef] was about $3.50 and a good steak could set you back ten bucks,” he said. When asked how high prices could go, Knorr said “there’s virtually no limit. If supplies get tight enough, prices will go to the point where people just won’t buy anymore.”
The good news is that pork and chicken prices are expected to remain stable this year.