The beef market supply is still low from the 2012 drought and supply numbers are still dipping which will only keep prices high for the foreseeble future. Here is the latest from the USDA.
According to the U.S. Department of Agriculture’s National Agricultural Statistics Service, beef production came in at 2.09 billion lbs. That’s 9% down from last July. Slaughter totals are also trending down with 10% fewer cattle taken to the packer at 2.6 million head. However, live weights are moving up as feedlots and packers try to compensate for the loss of cattle. This July cattle averaged 1,320 lbs. when entering the processor, up 18 lbs. from last year. Overall red meat production was down 6% nationally. Only 3.91 billion lbs. of red meat was produced in this past month compared to 4.16 billion lbs. in July 2013.
From January to July of 2014 a similar drop off occurred with 3% less red meat produced at 27.4 billion lbs.