Episode Details

Bernt Nelson, an economist with the American Farm Bureau Federation, discussed the U.S. beef industry's challenges, including a 74-year low in cattle numbers due to droughts and high input costs. Cattle prices are high, with all-fresh beef at $8.63 per pound, up 13% year-over-year for sirloins, and 11% for ground beef. Consumer demand remains strong, driven by preferences developed during the COVID-19 shutdowns. Expanding herds is difficult due to high costs and interest rates. The potential impact of foot-and-mouth disease and tick issues could further complicate matters. Additionally, John Deere responds to the EPA's proposed renewable fuel volumes.