US beef prices hit records as imports surge before July 4
US beef prices have climbed to record highs even as record volumes of imported meat flow into the country. Shoppers face steeper costs heading into the July 4 barbecue weekend. Economists say a tight domestic cattle supply is pushing prices higher despite the imports.
US beef prices have reached record highs, straining household budgets just before the July 4 holiday. The increase is happening even though imported meat is flowing into the country at record levels. According to MarketWatch, even the additional imports have not been enough to bring prices down.
Economists point to a tight domestic cattle supply as the main cause. Prolonged drought and high feed costs have pushed ranchers to shrink herd sizes. As a result, wholesale and retail meat prices have climbed together.
The rise in imports is meant to partly fill the supply gap. But analysts say prices could stay elevated in the near term, because rebuilding herds takes time. Shoppers are seeing higher barbecue costs this summer.
Read next
New Zealand online shoppers face higher delivery costs and returns fees
According to RNZ, online shoppers in New Zealand are facing higher delivery costs and returns fees. While most retailers offer some form of free shipping, the amount people must spend to qualify for it has also increased. That is pushing up consumer costs.
Australia weighs reviving mothballed WA gold mine in farming heartland
Asian squid fleet reshapes global market and South Atlantic fishing, study finds
Panama's Cobre Panama copper mine passes audit, but reopening decision slips
