MuskogeePhoenix.com, Muskogee, OK

Community News Network

July 3, 2014

Cattle at record signals higher beef costs for July 4th grillers

CHICAGO — Cattle futures extended a rally to a record as Americans are gearing up to pay the most ever for beef served at barbecues over the Fourth of July holiday weekend.

Prices for wholesale beef jumped 23 percent this year, reaching an all-time high of $2.4813 a pound this week, and cattle prices have climbed 15 percent. Futures are rising after years of drought parched pastures in Texas, the top producer, forcing ranchers to shrink the U.S. herd to the smallest in 63 years.

Reduced supplies drove retail prices for ground beef and and boneless-sirloin steak to records. Meat costs are increasing at a time when drought in California is making produce more expensive, and rising demand for U.S. dairy exports is also adding to grocery bills. An index tracking foods popular at barbecues rose 5.1 percent in May from a year earlier to the highest ever for the month, signaling record consumer expenses for holiday cookouts.

"We're going to see beef as becoming the rich man's meat," Chad Henderson, the president of Brookfield, Wisconsin- based Prime Agricultural Consultants, said in a telephone interview. "It is very, very expensive."

Consumers will pay as much as 6.5 percent more for beef and veal this year, the biggest gain of any food group, the Department of Agriculture forecasts. The cost of beef for Denver-based Chipotle Mexican Grill rose 25 percent in April from the fourth quarter of 2013, a "pretty dramatic" increase that prompted the restaurant chain to boost menu prices, Chief Financial Officer Jack Hartung said at a conference on June 11.

Feeder-cattle futures for August settlement rose 0.7 percent to $2.17625 a pound on the CME, after touching an all- time high of $2.18775 Wednesday.

Beef and dairy farmers held 87.7 million head of cattle as this year began, the fewest since 1951, the latest data from the USDA show.

Expanding the cattle herd to boost beef output is a slow process. The gestation for calves is nine months and animals take as long as 22 months to reach slaughter weight.

Prices "are going to stay high," Dick Quiter, an account executive at Chicago-based McFarland Commodities, said in a telephone interview Wednesday. "You're probably looking at a two-year cycle from now into 2016 before cow numbers are ramped back up to what they were."

               

 

1
Text Only
Community News Network
  • Sunburn isn't the only sign of summer that can leave you itchy and blistered

    You've got a rash. You quickly rule out the usual suspects: You haven't been gardening or hiking or even picnicking, so it's probably not a plant irritant such as poison ivy or wild parsnip; likewise, it's probably not chiggers or ticks carrying Lyme disease; and you haven't been swimming in a pond, which can harbor the parasite that causes swimmer's itch.

    July 30, 2014

  • Survey results in legislation to battle sexual assault on campus

    Missouri U.S. Sen. Claire McCaskill joined a bipartisan group of senators Wednesday to announce legislation that aims to reduce the number of sexual assaults on college campuses.

    July 30, 2014

  • An alarming threat to airlines that no one's talking about

    It's been an abysmal year for the flying public. Planes have crashed in bad weather, disappeared over the Indian Ocean and tragically crossed paths with anti-aircraft missiles over Ukraine.

    July 30, 2014

  • Sharknado.jpg Sharknado 2 set to attack viewers tonight

    In the face of another "Sharknado" TV movie (the even-more-inane "Sharknado 2: The Second One," premiering Wednesday night on Syfy), there isn't much for a critic to say except to echo what the characters themselves so frequently scream when confronted by a great white shark spinning toward them in a funnel cloud:
    "LOOK OUT!!"

    July 30, 2014 1 Photo

  • 20140729-AMX-GIVHAN292.jpg Spanx stretches into new territory with jeans, but promised magic is elusive

    The Spanx empire of stomach-flattening, thigh-slimming, jiggle-reducing foundation garments has expanded to include what the brand promises is the mother of all body-shaping miracles: Spanx jeans.

    July 29, 2014 1 Photo

  • Medical marijuana opponents' most powerful argument is at odds with a mountain of research

    Opponents of marijuana legalization are rapidly losing the battle for hearts and minds. Simply put, the public understands that however you measure the consequences of marijuana use, the drug is significantly less harmful to users and society than tobacco or alcohol.

    July 29, 2014

  • linda-ronstadt.jpg Obama had crush on First Lady of Rock

    Linda Ronstadt remained composed as she walked up to claim her National Medal of Arts at a White House ceremony Monday afternoon.

    July 29, 2014 1 Photo

  • Can black women have it all?

    In a powerful new essay for the National Journal, my friend Michel Martin makes a compelling case for why we need to continue the having-it-all conversation.

    July 29, 2014

  • Dangerous Darkies Logo.png Redskins not the only nickname to cause a stir

    Daniel Snyder has come under fire for refusing to change the mascot of his NFL team, the Washington Redskins. The Redskins, however, are far from being the only controversial mascot in sports history.  Here is a sampling of athletic teams from all areas of the sports world that were outside the norm.

    July 28, 2014 3 Photos

  • 'Rebel' mascot rising from the dead

    Students and alumni from a Richmond, Va.-area high school are seeking to revive the school's historic mascot, a Confederate soldier known as the "Rebel Man," spurring debate about the appropriateness of public school connections to the Civil War and its icons.

    July 28, 2014

AP Video
Small Plane Crash in San Diego Parking Lot Busy Franco's Not Afraid of Overexposure Fighting Blocks Access to Ukraine Crash Site Dangerous Bacteria Kills One in Florida Workers Dig for Survivors After India Landslide Texas Scientists Study Ebola Virus Smartphone Powered Paper Plane Debuts at Airshow Southern Accent Reduction Class Cancelled in TN Raw: Deadly Landslide Hits Indian Village Obama Chides House GOP for Pursuing Lawsuit New Bill Aims to Curb Sexual Assault on Campus Russia Counts Cost of New US, EU Sanctions 3Doodler Bring 3-D Printing to Your Hand Six PA Cops Indicted for Robbing Drug Dealers Britain Testing Driverless Cars on Roadways
Poll

Should a federal judge have the power to strike down Oklahoma's ban on gay marriage?

Yes
No
     View Results
Featured Ads
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Stocks