Low Cattle Inventory Drives Continued High Beef Prices

As summer ends, many Americans are firing up their grills for one last cookout. However, while the season typically sees a drop in demand for beef, this year, prices may stay elevated due to a tight cattle supply. According to Bernt Nelson, an American Farm Bureau Federation economist, consumers might notice a slight dip in retail beef prices, but any relief is likely to be minimal.

In July, beef prices hit unprecedented levels, with the USDA’s Economic Research Service reporting that the all-fresh beef value surpassed $8 per pound for the first time. “Beef prices set records in the month of July,” Nelson said. “The all-fresh value for July was $8.15 per pound. This is significant because it’s the first time in the history of data collection that the all-fresh average has moved above $8.”

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