The national average price for fresh beef has surpassed $8 per pound for the first time in U.S. history, according to the U.S. Department of Agriculture’s Economic Research Service.
Despite this record-breaking figure, cattle farmers are finding it hard to turn a profit due to rising input costs and increased interest rates.
Many farmers are reducing their herd sizes by sending more female cattle to slaughter, which has led to a contraction in cattle inventory. Although beef prices are high, the American Farm Bureau Federation predicts that demand may drop by 2025, complicating future market conditions.