Record Low Cattle Numbers Mean High Beef Prices

Des Moines Register:

The U.S. Department of Agriculture said Friday that the total herd of cattle in the U.S. at the end of 2011 was the lowest since 1952. The USDA said all cattle and calves on Jan. 1 totaled 90.8 million, 2 percent below a year earlier.
The 1952 total was 88.1 million.
The latest cattle inventory numbers means a continuation of a trend that caused supermarket beef prices to rise by 11.5 percent last year. The price of ground beef was up 23 percent, with the more expensive choice cuts rising less.
The numbers released Friday continued a trend of the last several years, as cattle producers react to flat domestic demand for beef and high feed costs by restricting the enlargement of herds.
At the same time export demand rose by 30 percent in 2011, with Asian countries such as Japan and South Korea leading the surge in purchases of U.S. beef. China made a large purchase of U.S. beef in the last days of 2011.
Cattle prices rose by more than 25 percent in the last year. On Friday slaughter-ready cattle closed 15 up cents per hundredweight to $124.70. Younger feeder cattle wee up 98 cents per hundredweight to $154.90, a record price.

Lowest since 1952?  Wow.  I would suspect you'll be hearing stories about people complaining about high beef prices around Fourth of July.  I would guess that whichever clown wins the GOP nomination will claim it's all Obama's fault.  I guess this makes baling hay for the cows this summer seem more worthwhile.