Tomorrow’s hamburger may cost as much as today’s steak - Beef prices expected to rise through 2016

marketwatch.com ^ | Feb. 21, 2014 | Catey Hill

[rickmichaels]

Beef: It’s what you can’t afford for dinner — for years to come.

Retail beef prices are near record highs. During 2013, the price consumers paid for ground beef climbed roughly 5%, according to government data beef price data released Thursday finds that consumers paid an average of nearly $3.50 per pound for 100% ground beef.

What’s more, experts say that climbing beef prices are here to stay. The USDA’s Economic Research Service projects that beef prices will rise faster than almost anything else this year. Don Close, a cattle economist with Rabo AgriFinance says he thinks prices this year could rise 7-8% and roughly the same amount in 2015. Kevin Good, a senior analyst at cattle research firm CattleFax, says that “higher prices will continue through 2015 or 2016.”

[Future Snake Eater]

Grocery bills in general are sky high these days. It’s getting to the point where eating healthy from the grocery store is costing me the same as my mortgage every month.

[cquiggy]

according to government data beef price data released Thursday finds that consumers paid an average of nearly $3.50 per pound for 100% ground beef.

Obviously you can’t trust the government to get any math right. Average $3.50 I don’t believe that is correct. I stopped in my local grocery yesterday 90/10 Ground Beef cost me $6.02 a pound. The cheapest thing they had 70/30 was over $5.00 a pound.

[GeronL]

Tomorrow’s hamburger will not get bought then.

How many fast food places will be shut down if this happens?

[familyop]

"The high protein/low fat and grass fed beef hamburger is selling from $5 to 6/pound in Californicator land."

It's the cheapest kind to raise here, on the CO Rockies. Nearly no costs for nutrition or medicine required. It's nearly tasteless and tough, having been starved and chased by an increasing population of predators on semi-arid, infertile wasteland.

Long ago, I raised much better beef in the Midwest. Now I see the last of the real western ranchers being robbed by animal worshipers from northeastern and western coastal suburbs (terrorism against ranching by real Americans of many generations of descent--another cause of the shortages to come).

[RandallFlagg]

The year before Obummer was elected, I was paying a buck a pound for the 70/30 beef.

Nowadays, I buy strictly from my local butcher in bulk, and toss it all into the freezer.

[jmacusa]

That's capitalism for you. I don't blame them making a buck. I just resent them manipulating the market. It's not likely myself and most other consumers are going to swear off eating beef. Maybe we just won't eat so much of it. Not eating so much of it will eventually affect the ranchers profits, right?

[trisham]

Soon, only the Obamas will be able to afford beef.

[who knows what evil?]

I went to the store with my wife for the first time in quite a while last week...I went to pick up a box of cereal and couldn't believe how damn small it was.

The chain that starts dispensing a free xanax or paxil after ringing up your groceries will make a fortune.

[who knows what evil?]

What does hamburger have to do with fast food joints? :-)

[GeronL]

lol

Good point. heh

[jmacusa]

You've noticed that too eh? I've seen over the last two years how much smaller portion sizes of things like cereal, pudding cups, candy, all kinds of package foods and what not. Prices haven't gone down but the portion size of stuff has gone way down. Even the regular good old Reeses Peanut Butter Cups I've been buying since I was kid are know only a little bit bigger than a quarter.

[Sacajaweau]

http://www.care2.com/causes/100000-cows-freeze-to-death-in-freak-record-breaking-snowstorm.html

[who knows what evil?]

We did pull one treat out of the grocery last week...cara cara oranges...NOM!

[Vaduz]

True ethanol plays a huge part in food costs it drives corn prices up.

[stockpirate]

When they inflate the dollar everything gets inflated, so your pay does too just not as much.

[DuncanWaring]

“Minimum wage” in the late ‘60s was $1.60 per hour, to the best of my recollection.

That’s what I was getting paid as a drywall-sander. One of the worst jobs I ever had.

[DuncanWaring]

Anyone have any references on what’s involved in raising one cow for meat?

[nascarnation]

Good memory, here’s the history:

http://www.dol.gov/whd/minwage/chart.htm

[DuncanWaring]

And for that $1.60, I could buy five to six gallons of gasoline.

[Alas Babylon!]

I think you’re off a little. I got my first job (aside from delivering newspapers) as a dishwasher at Howard Johnsons in 1973 for $1.10 an hour.

You wouldn’t have liked Ho Jo’s either. Less dust, but a lot more soap and water!