Beef Prices (2024)

FAQs

What is the going rate for a pound of beef? ›

Looking Forward. A combination of factors has driven beef prices up, and multiple factors are likely to bring prices back down — but when is unknown. Doyle, the restaurant owner, said he sees light at the end of the tunnel. “It's coming back down, finally, off of its high,” he said.

Beef is so expensive right now because drought, high grain prices and rising interest rates have made cattle farming a costly endeavor in recent years. To deal with rising operating costs, many U.S. cattle farmers reduced the size of their herds — and some got out of the business altogether.

Hanging weight refers to the weight of an animal before bones are removed. The hanging weight of a quarter of a beef will be about 225 pounds and cost you $670.50. The average cost to process 1/4 beef is $200.

A 1200-pound beef animal will yield a hot carcass weight of approximately 750 pounds. Once cooled, the carcass weight will be approximately 730 pounds. When de-boned and trimmed, there will be approximately 500 pounds of trimmed and de- boned meat for wrapping and freezing.

As a general rule, most cattle will have an average dressing percentage of 63 percent. This means that a beef animal weighing 1,000 lbs will result in a carcass that weighs only 630 lbs after slaughter. Although the average dressing percentage for beef is 63 percent, several factors may affect the carcass weight.

Beef Supply Chain Constraints

Unfortunately for beef manufacturers supply is declining and is expected to be 56 pounds per capita in 2024, 1.9% lower than 2023. This is due to the contraction of beef heards, ongoing drought, higher producer input costs, supply chain issues, and more.

For 2024, tighter supplies of cattle are expected to support higher fed steer prices. Hog and broiler prices are expected to be higher despite higher production as stronger domestic and export demand absorb increased supplies.

Mike Murphy, CattleFax chief operating officer, forecasted the average 2024 fed steer price at $184/cwt., up $9/cwt. from 2023. All cattle classes are expected to trade higher, and prices are expected to continue to trend upward.

Since then, prices moderated in line with seasonal trends but remain well above prices in 2022. The higher prices are the result of tight supplies and a resilient U.S. beef consumer. These market fundamentals are expected to persist into 2024, while demand-side risks may limit how high prices may go.

Why is there a meat shortage in 2024? ›

Beef. According to the Food Price Outlook report by the USDA, beef prices are expected to rise by 2.2% in 2024, largely due to rising feed costs and water scarcity. Keep an eye out for temporary price drops, as they will likely be short-lived, signaling an impending surge.

In 2023, the U.S. price for a pound of sirloin steak amounted to just under 11.7 U.S. dollars. That year, the retail price of boneless sirloin steak was higher than previous years. Before the 2000s, the price per pound remained between four and five U.S. dollars.

Based on the 2019 budget, slaughter cows (1,200 pounds) are expected to average $50 per hundredweight, while 550 pounds steers and 520 heifers are expected to average $145 and $130 per hundredweight respectively.

How Many Steaks in a Cow? You can yield approximately 120 to 180 cuts of steaks per the average 1200 lb. to 1400 lb. cow.

A5 Japanese Kobe Beef

Japanese Kobe steak is one expensive meat. In fact, it's usually considered the most expensive steak in the world, although prices vary by location, restaurant, etc. In fact, Japanese Kobe is often hailed as having the best marbling of any steak that your money can buy.

A pound of hamburger will cost $30 without any government subsidies. Without the hefty subsidies the meat industry can't make profit with the current prices. In a way the governments spend our tax money to promote the meat eating habit among the people.

The price for a whole beef is $5.65 per pound on the hanging weight. Hanging weights typically range from 600-700 pounds, resulting in a price range of $3,390 - $3,955 (does not include the cut and wrap fees).

A pasture-raised half cow will cost you between $2,000 and $3,000. If it's not pasture-raised and was given chemicals—or if it's a smaller cow—you'll be able to get one for cheaper.