Where’s the beef ceiling? Demand rising even at record prices

By Brooks Johnson, The Minnesota Star Tribune

Typically, when some product becomes too expensive, people buy less of it.

Not so with beef. Despite record high prices for the red meat — thanks to a record low number of cattle raised for slaughter — demand for the fresh protein keeps rising.

Folks are more interested in a Jucy Lucy than following the law of supply and demand, it seems.

A recent report from CoBank said the “remarkably steady allure of beef, even at current prices” stems from “heightened interest in dietary protein, changing health perceptions surrounding beef and the availability of restaurant-quality beef at retail grocery stores.”

The ag-lending cooperative found beef demand is at the highest level this century even as average fresh beef prices across all cuts have hit