Demand remains key to high cattle prices

With ever-tightening cattle and beef supplies pushing prices higher, all eyes are on beef demand going forward. Beef demand has been remarkably robust through many shocks in recent years and continues to surprise and impress despite the nervousness of the industry to the challenges facing consumers. Post-pandemic beef demand has been exceptional since 2021. Per capita beef consumption in 2022 was 58.9 pounds, equal to 2021. Real (inflation-adjusted) retail all-fresh beef prices were record high in 2021 and just slightly lower in 2022. This compares to 2015, when real retail all-fresh…