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In addition to the drought around 50,000 head of cattle were lost in the Dakota snowstorm the first few days of last October, which not only pulls that many cattle from market but also requires retaining cattle for the re-building of the herds. Land prices have skyrocketed as well with many investors that had turned away from improved property to raw land after the housing bubble. Of course these aren't sole factors, but it all adds to the supply demand and cost of business equations that raise the prices at market.
Supply and demand.
I'm cutting way back on my beef consumption now.
It's not all that good for you anyway.
There are tons of other options besides beef to choose to eat.
Cut back on your demand, and the prices will drop.
Its just that simple.
I live in a area where beef cattle are raised. This actually goes back to 2011. We had a very bad drought that year and our rainfall amounts have continued to be below average since then. Ranchers sold off their cattle beginning in 2011 because the feed cost was so high, and they would lose money if they kept feeding them with the higher grain prices. We had almost no hay to feed cattle in this area, and hay also became very expensive. Lots of people go rid of their horses also, because a horse eats much more than a cow. So beef prices stayed pretty cheap. Now the situation is different. There isn't enough beef to meet the demand, so prices continue to climb.
Just got back from Costco with my son. We sometimes splurge and buy a package of four NY strip steaks which up until today, usually run about $30. We looked in the freezer section today, and the cheapest 4 smaller steaks was $54.60. We looked at another one that had larger pieces, and it was $62.00 +.
We thought they were mis-marked so we asked the butcher, and he said no, that was the price. Now I know they are Prime grade, but still that is quite a hike over the last month. They were $16.95 per pound.
Guess we won't be having Costco steaks any longer.
You can purchase beef from local growers at a fraction of what grocery stores charge. For some reason, (at least in my part of the country), grocery stores are stuck on this Angus kick or providing "the best beef" available. I really don't need that, and don't particularly want it. So I go to my local butcher (yes, there is one in Springfield, MO), and get beef from him. I am more than happy with the lesser cuts ("minute steaks" or "cube steaks") and they are about $4 a pound right now.
If you can find a local farmer who raises beef, you can even do better. We eat a lot of lamb that is locally grown.
I purchased some steaks from a local grocery store (they were on sale). I was so disappointed, they were really awful.
I'm going to try my local butcher or one particular store that is known for having a good meat department. Of course, I'll be paying more but I'm at the point that I'd rather have a good steak less often.
Today---$5.97/pound for chuck roast That's in Austin, TX
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That's in Austin, TX