Cattle farmers say rising grain prices and a drought in the Southwest will lead to even higher prices for beef.
The Indiana Beef Cattle Association (IBCA) blames rising beef prices on numerous factors including the drought plaguing the Southwest, an increase in worldwide demand for beef and the lower value of the U.S. dollar.
IBCA Vice President Joe Moore says the coming price hike is on top of one the market has already shouldered.
“The regular retail prices, what’s on that T-bone steak week in and week out when it’s not a featured item that week is going to keep going up and up and up,” he says. “Today they’re quite a bit higher than they were even a year ago.”