A shrinking cattle herd and increased demand from export nations has raised the price of beef to its highest levels in nearly 30 years. The average retail cost of fresh beef climbed to $5.28 a pound in February, up almost a quarter from January and the highest price since 1987, reports the Associated Press.
Everything that's produced is being consumed, said Kevin Good, an analyst at CattleFax, a Colorado-based information group. And prices likely will stay high for a couple of years as cattle producers start to rebuild their herds amid big questions about whether the Southwest and parts of the Midwest will see enough rain to replenish pastures.