The North American Meat Institute said the beef and cattle markets are complex, driven by supply and demand, and have more participants than packers and producers who add value at each step in production.

Economist Dan Basse says beef, corn prices will move higher over the next several years.

During a year when consumers moved toward a more normal state of life, foodservice beef sales recalibrated to higher levels that are more typical of the industry, and online grocery beef purchases grew. 

Shocks to the beef industry were all part of 2020’s "unprecedented" theme, but how the market responded was less surprising. There was nothing for it but to make new plans and keep going said a RaboResearch analyst.

Following years of tightening beef supply — and subsequent record beef prices — America’s beef farmers and ranchers are expanding their herds.