Beef Prices Predicted to Hit Record Highs in 2024 Due to Shrinking Cattle Supply

• Beef prices could hit record highs in 2024 due to limited cattle supply, the lowest since 1951 • Drought conditions and rising production costs leading farmers to reduce herd sizes • 2014 was the last time we saw a major dip in cattle inventory, also causing record beef prices then • Consumers seem willing to pay higher beef prices, though price remains a main consideration • Retailers expected to offer beef promotions and discounts through early 2024 before prices potentially rise