Get ready for record-setting beef prices

If you like to grill hamburgers or steaks during the summer, you may want to think about switching over to pork or chicken. The Wall Street Journal is reporting that wholesale prices for beef are at record levels with no relief in sight any time soon. After achieving new highs for three weeks, choice-grade beef, the most common variety in the U.S., jumped to $2.1137 a pound Thursday, according to the U.S. Department of Agriculture. That level broke a decade-old record for wholesale prices set in 2003, when a case of mad-cow disease in Canada led to a spike in export demand for U.S. beef. Wholesale prices retreated slightly Friday afternoon, falling to $2.0887 a pound, confirming some market-watchers' suspicions that retailers may be unwilling to swallow the record-high beef costs. The fat beef prices are the result of years of drought in major cattle-producing states, a trend that has shrunk the nation's cattle herd to its smallest level in six decades. Higher beef prices...(Read Full Post)