Ground Beef prices drop before Memorial holiday
May 23, 2016
by MEAT+POULTRY Staff
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KANSAS CITY, Mo. - Consumers will have some great beef prices as the Memorial Day weekend approaches.
Bloomberg News reported some statistics from the USDA that prices have dropped as much as two percent in 2016 as annual production increases for first time since 2010.
After ranchers battled a US drought in 2012 and the highest prices of ground-beef in February 2015, the herds of cattle have rebounded well. The spring rains have kept the national pasture conditions in the best shape since 2010, according to USDA data. This has led to a stronger cattle herd numbers for 2016.
In another segment of the market, Cattle futures traded in Chicago reached a near four-year low in April. However, prices bounced back 3.1 percent to $1.1745 per lb. as of Friday, and money managers are betting the recovery can continue.