Beef Prices Are Quickly Rising in Oklahoma Again

The beef prices across Oklahoma have been in a wild state of fluctuation for a few years now, and it appears the Sooner State is headed for a new record consumer price in 2024.

In 2022, it was due to Covid-19... Last year, it was all about the drought... This year, experts are blaming interest rates and the wrecked economy we've all been living through since 2021 - specifically that ranching has become so expensive that many family farms have opted out of the industry, and the supply isn't catching up with 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 the USDA reports, the country was sitting on about 98 million head of cattle in the US in 2000. As of July 2023, the national count is around 87 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...

The Bureau of Labor and Statistics is sticking to its report that beef prices are up only around 5.5%, but doing the real math with old grocery store receipts tells a much different story.

Ground beef has spiked just over 31% in price on store shelves in just the last 90 days.

Steak is up 26% over the same time.

Ground beef is currently at an average all-time high price in July 2024 - $5.47/lb.
Steak is also currently at an average all-time high price right now - $11.47/lb.

On the plus side, these things work in cycles. Eventually, people will be priced out of buying beef, which will cut the demand and boost the supply. Prices will come back down until we start buying it again--forcing the price to rise all over again. Rinse. Repeat.