US Beef Prices Expected to Jump due to Supply Concerns

Beef prices are expected to jump in the coming months as domestic supplies continue to shrink, according to a recent U.S. Department of Agriculture (USDA) report.
This year, total red meat and poultry production is forecast to fall for the first time in close to a decade, the USDA reported in its bi-annual outlook on dairy, livestock, and poultry.
USDA researchers say that the downward projection is the result of a 6 percent decline in beef output that “more than offsets forecast increases in pork (2 percent), broiler meat (1 percent), and turkey (7 percent) production.”
Due to shrinking cattle production, there is expected to be a year-over-year decline in beef output, the first since 2015….