By LP McKay
Although beef prices continue to rise, consumers are still visiting grocery store meat counters to buy beef. The USDA reports that retail beef prices hit record levels in July, with a 27% increase from the month of June. The average price for all cuts of beef was $8.90 per pound, a sharp increase from June’s record prices.
Patrick Linnell, director of market research with CattleFax, points out that consumers are continuing to pay these higher prices, while he points out that, “The consumer’s demand for beef is just relentless.” Retail beef prices are up 9.2% from last year, and many beef cuts are setting records, with the retail price of ground beef at $6.25 per lb in July.
Farm equipment giant John Deere has been hit hard by tariffs, and the company recently announced mass layoffs, affecting more than 200 workers at three Midwestern plants. Josh Beal, John Deere director of investor relations, estimates that tariffs have have already cost the company $300 million this year, and he expects that a full-year of tariffs will amount to nearly $600 million, because of increased costs for steel, aluminum and other materials from Europe and India that are used in Deere’s U.S. factories.