Beef Prices Reach Highest Level Since 1987

English: Australian Brangus steer

English: Australian Brangus steer (Photo credit: Wikipedia)

LUBBOCK, Texas (AP) – The highest beef prices in almost three decades have arrived just before the start of grilling season, causing sticker shock for both consumers and restaurant owners – and relief isn’t likely anytime soon.

A dwindling number of cattle and growing export demand from countries such as China and Japan have caused the average retail cost of fresh beef to climb to $5.28 a pound in February, up almost a quarter from January and the highest price since 1987.

Everything that’s produced is being consumed, said Kevin Good, an analyst at CattleFax, a Colorado-based information group. And prices likely will stay high for a couple of years as cattle producers start to rebuild their herds amid big questions about whether the Southwest and parts of the Midwest will see enough rain to replenish pastures.

Read more at http://www.philly.com/philly/business/20140412_ap_47ea27a0b2244eaea2cabae2a074edb6.html#1ZmJqCrp08y35k34.99

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