It’s Time To Go Grill Something As Burger Costs Reach Three-year Low
By Sydney Maki
Bloomberg
With beef this cheap for the Fourth of July, you might as well invite the whole neighborhood over for burgers.
Thanks to a boom in supply, retail-beef prices are low enough to compete with pork and poultry. Americans spent $803 million on beef, the most popular U.S. Independence Day meat, in the two weeks near the Fourth of July holiday last summer, a Nielsen report shows. The celebration is the nation’s top grilling day of the year, with 87 percent of consumers expected to barbecue, according to Weber-Stephen Products LLC.
U.S. beef production is rising for a second straight year, helping to boost meat and poultry output to the highest ever. While wholesale prices have fluctuated this year, ground beef at the grocery store remains near the cheapest since 2014. And hedge funds are signaling they expect prices will remain low. They’ve cut their wagers on a rally for cattle futures to the smallest in 11 weeks.Bigger supplies are “a big part of beef prices,” said David Anderson, a livestock economist at Texas A&M University in College Station. “And here we are at the holiday, so go grill something. I have some steaks that look really good in the freezer.”
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