All that, though, is recent history and current events. The question is how these events are likely to impact the beef market in the years to come. Reuters wrote on August 8, 2022, that economists do not expect a return to normal for years to come. The issue is that ranchers have reduced the number of cattle they stock. This is because fewer cows require less feed.
Corn prices have started to decline since their spike this spring. However, the price for ground beef is still higher than it was last year by 10%. Even though rising feed costs and a reduction in cattle herd size have driven prices up, the demand for beef is such that companies like Tyson Foods can charge more. Yes, many Americans have turned to chicken as a cheaper source of meat-based protein. But, Tyson Foods claimed ground beef sales still grew by 1.3% in the second financial quarter of this year. So, it seems if Tyson Foods can charge higher prices for beef, higher prices they will charge.
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Why Beef May Be More Expensive For Years To Come - Tasting Table
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