BELOW SUPERNAV drop zone ⇩

Ground beef prices surge as farmers sell off cattle herds

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

ovp test

mLife Diagnostics LLC: Oral Fluid Drug Testing

Male shot by female at Shreveport apartment

Class to create biodiverse backyard

Rules for outbursts at Caddo School Board Meeting

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

maylen

https://digital-stage.newsnationnow.com/

AUTO TEST CUSTOM HTML 20241114185800

AUTO TEST CUSTOM HTML 20241115200405

AUTO TEST CUSTOM HTML 20241118165728

AUTO TEST CUSTOM HTML 20241118184948

(NewsNation) — The cost of putting food on the table is the highest it’s been in 40 years, and inflation is specifically impacting a summertime staple: ground beef.

Ground beef prices are up 12% since this time last year, which is higher than the current inflation rate for the United States, which currently stands at 9.1%.

Severe drought amid high demand while reeling from pandemic disruptions and inflation is to blame.

In 2021, severe drought forced 40% of farmers to liquidate a portion of their herds, according to the American Farm Bureau Federation. This year, the percentage could be even higher.

Mike Baker, a cattle expert and farmer, said hundreds of farmers have been forced to liquidate their herds due to the severe drought, and send their cattle into feedlots early.

“Across the board, we’re seeing lighter weight cattle than tradition,” Baker said.

Simply put, pasture land is dried out, there’s not enough food for them to eat, and hay is too expensive. These conditions have forced some farmers to sell all or part of their herds early.

Danny Jones, president of Superior Livestock Auction, says farmers have been in a drought for a couple of years, but this year marks the most widespread he’s seen in the last 36 years.

“We’ve seen worse droughts in places, but across the board, it might be as bad as it’s been,” Jones said.

As of July 1, the nation’s inventory of cattle and calves stands at 98.8 million head, down 2% from a year earlier, according to the latest data from the U.S. Department of Agriculture.

The USDA says it’s seen a huge number of female cattle sent to the feedlots, which means there’s a lot of supply right now, but not for long.

“You build that genetic supply in your herd, so you’ve got a quality cow and calf that you’ve built up and if you have to liquidate, it is going to take a while to build back again,” Baker said.

Experts predict that meat prices could go up another 9 to 10 percent next year, and cattle experts say it could take years to get back on track.

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

AUTO TEST CUSTOM HTML 20241119133138

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Clear

la

48°F Clear Feels like 48°
Wind
1 mph NW
Humidity
65%
Sunrise
Sunset

Tonight

Partly cloudy early followed by cloudy skies overnight. Low 51F. Winds light and variable.
51°F Partly cloudy early followed by cloudy skies overnight. Low 51F. Winds light and variable.
Wind
2 mph ENE
Precip
15%
Sunset
Moon Phase
Last Quarter