Steak lovers and hamburger fans will have to pay more for those beefy meals in 2013, as there is a projected 5% reduction in the number of cows likely headed to market this year.
This will be the second largest annual decrease in 35 years, according to Derrell Peel, beef marketing specialist at the University of Oklahoma. The 2013 decrease is expected to be followed by a 4.5% or more reduction in 2014. These two years would represent the largest percentage decrease since the late 1970s, he said.
Beef imports are expected to increase and beef exports will decrease which should allow U.S. beef consumption to drop about 3.5% this year. This comes on the heels of a 3.8% drop in domestic consumption in 2011, according to U.S. Department of Agriculture estimates.
By 2014 industry experts say beef consumption will drop another 5% because of less beef available and much higher retail prices.
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