Beef prices expected to stay high as drought causes America to run low on cows
By Kennedy Hayes, Fox Business
Published Feb. 2, 2024, 12:32 p.m. ET
America is running low on cows, according to new numbers out this week from the US Department of Agriculture. The figures show ranchers have fewer cattle and that is contributing to the cost of beef being more expensive.
According to the USDA, nationwide beef cattle inventory dropped to 28.2 million this year – the lowest level since the 1970s and down 2% from a year ago.
Agricultural economists say persistent drought over the last three years, along with high input costs and inflation are putting pressure on both consumers and farmers.
Rancher Hampton Cornelius says his family farm in Weld County, Colorado. has around 200 calf cow pairs. Cornelius said his family farm is called Coyote Ridge Ranch.
His family sells seed stock and cow genetics to beef ranchers across the United States. Cornelius said those who work in his sector of agriculture only make up a small percentage of the United States population.
“We love being able to see something, an animal we take care of every day thrive and have a great life and still be beneficial to the population,” Cornelius said.
Cornelius said he hasn’t had to reduce his herd size but other beef farmers have.
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