Hey Amarillo, That Steak You’re Grilling This Summer Might Cost More
Now I don't know about you, but there is one thing I enjoy, A nice steak. Take your pick... Porterhouse, Sirloin, Flat Iron... it's all good. Honestly I envy our possible future governor of Texas Matthew McConaughey because he even got to star in a beef radio ad series and trust me I tried to find it everywhere. but this footage of him and a Lincoln and a bull is strangely satisfying enough for the story.
If you happen to have the same love of Beef that I do, you may have noticed a little something at the stores. There's no shortage of beef buy prices have been creeping up most of this is in fact due to the pandemic and more folks grilling at home especially with some of the bigger grilling holidays coming up, kicking off with Memorial Day. Demand is at it's highest point in 20 years with the average price per pound going up from 5.96 in March of last year to 6.39 for prime, choice in the same month this year.
With more people getting vaccinated, the demand is expected to go up even more as families start to reunite and have cookouts and it's simple economics, the more demand and the less supply there is... well prices start going up.
There's no supply shortage at the moment but profit may decline in the short term as feed costs have risen with transportation issues related to COVID-19 along with climate events that have hurt feed production. Profit declines aren't a good thing for ranchers as it leads to them thinning out herds which also drives up prices too. So at least for now those higher beef prices are here for the moment.
How do you like yours cooked?