Retail beef prices in the U.S. are at record highs, pushing up prices of beef-based products from burgers to steaks and steak tartare.
Retail beef prices are currently hovering around record levels of about $8 per pound, according to data from the United States Department of Agriculture (USDA).
"All consumers will be paying more for all beef products for several more years," Wells Fargo's Chief Agricultural Economist Michael Swanson told CNBC via email.
"As cattlemen retain cows to rebuild the herd, there is a much lower supply of cattle to provide beef," Swanson said.
With elevated cow slaughter, has come tighter cattle supplies, and an expectation that domestic cattle supplies will remain tight into the future.
Persons:
That's, Wells, Michael Swanson, Swanson, Brandon Bell, Brian Earnest, Adam Speck, Speck
Organizations:
Portland Press Herald, Getty, CNBC, United States Department of Agriculture, USDA, Gro
Locations:
U.S, Texas, Kansas, Quemado , Texas, Gro Intelligence's