Higher beef prices are expected to be around for the foreseeable future. Wesley Tucker with University of Missouri Extension says drought conditions and a low cowherd have led to a low supply. Tucker tells Missourinet producers will need to start saving back mama cows or heifers from the market.
"Long term, as producers save more heifers, it allows them to produce more calves which head to the feedlot and produce more beef." Tucker goes on to say, "And so this is not going to be a short turnaround, but you know, 3 or 4 years down the road we should start being able to see more production hitting the market and lower prices ahead."
"On the supply side, we're really low on numbers and on demand, we've been having really strong demand and good exports and so we've got a really good market happening so unfortunately it does cause pain at the grocery store for people when they go to fill their carts on a weekly basis. The cow herd is at an all time low so it's not something that's going to fix itself rather quickly."
United States Department of Agriculture data shows cattle inventory nationwide is at its lowest since 1951.
According to the most recent data from the U.S. Bureau of Labor Statistics the average price of a pound of ground beef hit a record $5.98 in May.