Beef Prices Are Rising in Oklahoma Again – Here’s Why
It was around this time last year that the price of beef started rising pretty sharply.
Back then it was the price of fuel that caused prices to soar, but it was quickly offset by the 2022 drought. Since there was no grass or hay, ranchers sold off their herds in record numbers to avoid loss.
The same thing happened during and after the 2011 drought.
As the market flooded with beef, prices came back down to near normal... The reason why beef is going back up in 2023 is a lack of cattle this year. Smaller supply to meet the demand.
If you were to look at the cattle supply index, we're currently sitting at the lowest supply so far this century.
According to this USDA report, the country was sitting on about 107 million head of cattle in the US in 2000. As of July 2023, the national count is around 95 million.
That's total cows... calves, bulls, dairy livestock, etc... All cows in the US. Only about a third of that 95 million will be processed into beef products--ground beef, steaks, brisket, etc...