UNDATED (WSAU) Beef will cost more than you might expect this year, as shoppers pay for the effects of last year’s drought. U-W River Falls agricultural economist Brenda Boetel told a forum in Madison yesterday that a $5 pound of beef could rise by up to 20-cents during the year. That’s because the drought will reduce supplies, while consumer demand goes up.
Boetel says many beef-and-dairy farmers culled their herds last year, because feed costs jumped due to the drought. Also, she says U-S beef supplies will be further limited due to a higher demand for the product in developing nations. But Boetel says beef prices cannot get too far out of control – because the product still has to compete with pork and poultry dinner entrees.