Meat Prices Reach Highest Levels Since 1980s

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Bloomberg reports retail meat prices are at their highest point since the 1980s, but increasingly higher corn prices will keep cattle producers from adding to their herds.

Corn futures reached its highest point in two years on Monday. The high cost of feed for livestock keeps herd sizes small. In July, the U.S. cattle herd was the smallest it has been since 1973 and the number of breeding hogs in September was near the lowest ever.

Limited livestock numbers will cause meat prices to continue to rise. Hog futures will boost another 14 percent by July and cattle prices are expected to improve by 3.6 percent by April. The higher prices affect supermarkets and restaurants who will try to keep prices low while commodity prices increase.

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Source: Bloomberg

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