U.S. beef production continues to grow, but consumer demand for that beef is also on the rise. This is making for higher prices for beef cattle producers and for food shoppers. According to cattle prices may average about 1% higher year-over-year. And for 2020 those prices could increase by more than 2%.
Now what about beef prices at the supermarket meat counter, when taking a look at July numbers.
“The retail choice composite beef price for July was estimated at $6.15 per pound,” and that, according to USDA Livestock Economist Seanicaa Herron. “Is up from a year ago at around $6 per pound so retail beef prices are on the rise
Up about 2.5% from a year ago. But for all of this year for all cuts of beef USDA analysts are forecasting an average beef price of hike of between 0.5%-1.5%. And for 2020 beef prices she says they could stay at this year’s levels or rise by up to 1%, which is within the forecast range.
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