During this grilling season, consumers are facing record-high prices of hamburgers and steaks as the average price of ground beef climbed to $6.12 per pound in June. Factors including a shrinking U.S. cattle herd, drought conditions, and tariff threats are contributing to the rise in beef prices. While ranchers are experiencing high profits due to soaring cattle prices, consumers may opt for more affordable options like hamburger meat in response to elevated beef prices. The emergence of the New World screwworm fly in Mexico is also impacting beef supply. Despite potential relief from improved pasture conditions and decreased grain prices, barriers exist for ranchers to expand their herds and alleviate the supply shortage.
