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.
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