Beef prices are at historic highs and will likely continue to climb. According to Wyatt Thompson, professor of agriculture and applied economics at Mizzou, there are a number of reasons.
"Production of beef domestically is at a cyclical low," Thompson explains. In fact, the beef cattle herd in the U.S. is at a 75-year low. Other factors include drought, tariffs, trade, screwworm and other pests.
"A big part of the story for people who watch the market has been consumers' willingness to buy beef despite the high prices," says Thompson. "I remember a person complaining in the store to me about the beef price while he had beef in his cart."
While high prices are benefitting cattle farmers right now, Thompson doesn't see much movement at the moment for more people to get into beef cattle, perhaps sensing risk ahead. A calf takes several years before its ready to go to market.
Missouri is third in the nation in the number of beef cows.
Ag professor doesn't see much relief in sight
Ag professor doesn't see much relief in sight
