Wholesale American beef prices jumped 6% to a record high of $330.82 per 100 pounds, a 62% increase from the lows in February, according to Bloomberg, citing new USDA data.
The surge in beef prices comes at a time when the nation’s food supply chain network has been severely damaged by meatpacking plants going offline due to virus-related shutdowns and worker shortage. Bloomberg highlights the latest plant closures in the map below:
Soaring food inflation came one day after President Trump said he would be issuing an executive order to address meat shortages.
“Because of the virus, meat slaughtering is 40% below where it needs to be to handle all of the animals coming to market, said Arlan Suderman,” chief commodities economist at INTL FCStone. – READ MORE
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