A slowing economy may lead to a sales decline of pricey beef cuts, but market forces will likely keep hamburger and steak prices steady — and relatively expensive. MORE ⬇️
A slowing economy may lead to a decline in sales of pricey beef cuts, but don't look for any bargains just yet.
When extreme drought hit the United States in recent years, farmers started to rapidly sell cattle because the dry conditions, along with higher feed costs, made it expensive or impossible to maintain their herds. That wave of sales, particularly of cows used to breed, has led to supply constraints this year.
The beef supply tends to grow and shrink in roughly 10-year cycles, said Lance Zimmerman, senior beef analyst for the North American market with Rabobank. When supply shrinks, consumer prices tend to go up. But with people nervous about the economy, this year's more complicated. Tyson, which processes about a fifth of the country's beef, poultry and pork, noted a sales dip in beef in the three months ending December 31, 2022.
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