Beef prices are at record highs as cold weather hits cattle herds.
Beef prices are sizzling thanks to cold weather. The price of Choice-grade U.S. beef at wholesale has set a new high, as already tight supplies were further squeezed by harsh weather that reduced the number of cattle coming to market in parts of the country.
The wholesale price, or cutout, for choice beef last Thursday hit $212.05/cwt, eclipsing the record of $211.37 last May, according to the USDA. Meanwhile, retail beef prices in November climbed to $5.41/lb., topping the $5.36 October record, according to monthly data compiled by USDA that will be updated on Jan. 16.
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