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Rising Beef Prices Hit Shoppers, Diners
If you’re in the mood for some beef, you can expect to dig a little deeper to pay the tab at your favorite steak house or butcher.
FOX News Radio’s Paul Stevens explains why:
Experts say several factors are taking a toll on the beef industry. Many feedlots in cattle-producing states have closed, and a major Texas meatpacking plant has shut down – all because there are just too few cattle left to supply them. Mix in high feed prices, a drought and time needed to rebuild cattle herds, and it all translates to higher beef prices at your local market or your favorite restaurant.
Cattle numbers have been falling for years, while the price of corn used for feed has skyrocketed. The meatpacking industry now has an excess capacity of 10-15%.
Paul Stevens, FOX News Radio.