Wednesday, February 26, 2014

Hamburger breaks record price

Boneless beef prices have set a North American record, topping $250 per hundredweight.

It gives a boost to prices for cull cows and pasture-raised cattle as the North American market continues to split between increased demand for lower-cost hamburger and reduced demand for higher-cost grain-ration prime cuts.

The reference point for boneless beef markets is central United States where the prices on Friday hit $250.68 per hundredweight, 16 per cent higher than a year ago and 31 per cent higher than less than six months ago.

The sharp price increase will ripple down the supply chain into a broad range of meat products, foodservice companies and restaurant chains.

It will, farmers hope, also ripple backwards into higher prices for cull cows and lower-cost pastured and forage-fed beef cattle.