US Beef Prices Soar Amidst Smallest Cattle Herd

Americans are facing record-high beef prices, driven by a national cattle herd at its smallest in over 75 years. Ranchers, including Stephanie Hatzenbuhler, are hesitant to expand their herds due to challenges like persistent drought, which increases feed costs and forces liquidation of cows. The closure of the United States-Mexico border to livestock imports, aimed at preventing the spread of the New World screwworm, has further tightened supply by stopping approximately 1 million cattle from entering the United States. While some, like the North American Meat Institute, argue that meat processors are losing money and concentration hasn't changed, others, including the National Cattlemen s Beef Association, acknowledge the complexity of pricing. Despite high costs for new entrants, established ranchers are finding current prices to be fair, as noted by Mike Williams.