Go ahead, throw another T-bone on the grill. Thanks to a boom in beef production, steaks and burgers will finally be cheap enough this summer to rival pork and chicken.
The surge in output means the U.S. is headed for a meat bonanza. Americans will eat 8 percent more red meat and poultry per capita this year compared with three years earlier — a record jump in government data going back to 1970. Beef, in particular, is expected to see increased consumer demand as prices in grocery stores drop, making the meat more competitive.
Retailers and restaurants are loading up on beef supplies, signaling that customers will enjoy summer promotions. Adding to the demand outlook is recent news that the U.S. may be getting closer to restarting trade with China, the world’s second-biggest beef buyer, opening a market that’s been shut since 2003. The brightening picture is drawing the attention of hedge funds, who have the most bullish holding on cattle futures since June 2014.
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