U.S. live cattle futures hit record highs last week, then fell back sharply, according to the Minnesota State Cattlemen’s Association.
Industry analysts say the fallback was prompted by concern that some consumers may switch to alternatives such as pork and chicken because of high beef prices, which have been rising for months.
Ranchers naturally enjoy high cattle prices, especially after suffering through years in which they made little or no profit. Even so, cattle producers have been telling me all winter they’re a little nervous that high beef prices might turn off some potential buyers. It’s an issue the cattle industry will be watching carefully in the weeks and months ahead.
In the meantime, answer me this: Are you buying less beef because you think it’s too expensive?