‘Beef boom’ means cheaper burgers and steaks

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A “beef boom” means steaks and burgers will finally be cheap enough to rival pork and chicken this summer. Bloomberg reports that the surge in supply will make beef more competitive with other meats.

Americans are expected to eat 8 percent more red meat and poultry per capita this year compared to the previous three years. This is a record jump in consumption. The data tops all previous years of government records. This goes back to when they started measuring this statistic in 1970.

Prices for groun beef are already down around 9 percent from where they were a year ago. The difference between the price of a steak and a pork chop is down 6.5 percent from where it was in 2016.

Consumer confidence and above average temperatures, favorable for grilling, are helping to fuel demand. U.S. Department of Agriculture data says that the trend of higher beef sales has persisted in 2017.

China is gearing up to buy US beef again. A deal brokered between Presidents Trump and Xi Jinping during a meeting this month should expand American shipments to the country. China lifted its 2003 ban in September. Difficulties negotiating conditions attached to the re-opening of trade have held up sales.

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