Purdue Economist: Beef Prices Likely To Stay High Into 2016

The effect of last summer's drought on livestock around the state could be felt for several more years, says one economist.

Cow

Photo: Dave Wild (Flickr)

It may be three more summers before beef prices drop back to pre-drought levels.

Beef prices across the country are still rising, thanks in large part to last summer’s drought.

Purdue Agricultural Economist Chris Hurt says farmers are also using more of their corn for ethanol production, rather than feeding it to livestock.

Hurt says the U.S. saw a 10-percent increase in beef prices in 2011 and another 6-percent hike in 2012. This year, prices are expected to rise another 3 percent to 4 percent.

Hurt says consumers should not expect greater beef supplies, and therefore lower prices, before about 2016.

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