economy
Cattle prices soar to record highs as grilling season heats up
Cattle futures contracts have jumped more than 25% over the past 12 months as ranchers face rising costs and cut the size of herds.
TL;DR
- Live cattle futures hit a record high of $2.51 per pound on Tuesday.
- Cattle prices have increased over 25% in the past year due to rising rancher costs and herd reduction.
- The U.S. cattle herd is currently at its smallest size since the 1950s.
- The average retail price for ground beef reached about $6.70 per pound in March, a 12% increase year-over-year.
- Consumer demand for beef remains strong despite production declines and price hikes.
- Restaurants with high beef exposure may see weaker sales.
- Ranchers are also facing increased costs for fertilizer and fuel.
- Tomato prices have also spiked, impacting other food items.