Good news: price of gas down. Bad news: price of beef up. Seems that while oil is plentiful, slaughter-weight steers are not. As Megan Durisin of Bloomberg reports:
The U.S. cattle herd started 2014 at the smallest since 1951 after years of drought forced producers to cull herds. Beef production next year will drop 3.2 percent to 23.736 billion pounds, the lowest since 1993.
… the premium on the wholesale prices rose to a record $1.6469 a pound on Nov. 25, according to U.S. Department of Agriculture data. Retail ground beef in October climbed to an all-time high compared with chicken breasts.
One wonders what will this mean for the price of New York strip at Morton’s and if any of the K-Streeters who dine there will notice.