The low supply of beef cannot meet the high demand, according to an official at an advocacy group.
"We're dealing with what we believe will be the lowest calf crop in the U.S. in about 60 years; lowest cow numbers since 1958," Jeff Reed of Central Livestock Association told KARE11 of Minneapolis-St. Paul.
And cattle futures show no signs of relenting.
Fast-food chain McDonald's said late last month it plans to raise prices. Grocery stores are highly likely to raise beef prices by as much as 5 percent this year, analysts predict.
Cattle farmer Ken Herink of Roberts, Wisconsin is OK with that. He has 140 steers that should be ready for market in about six months. His expenses include $30 per day to fuel his 32-year-old Deere tractor.
"These are mostly angus," Roberts told the television station. "Yeah, this will be a good year."
Just before 4 p.m., cattle futures were down 0.35 percent, a 0.4 cent slip to $1.13125 per pound.
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