Beef Imports Rise, Grocery Prices Barely Budge
A move from the White House last month was intended to bring some relief to consumers facing high beef prices. Now, three weeks of grocery store data shows whether that’s happening.
President Trump temporarily expanded the amount of imported lean beef trimmings that can enter the U.S. at a lower tariff rate by 300,000 metric tons, or about 661 million pounds. The expanded quota took effect September first, with the administration anticipating the beef would be sold at a discount.
American Farm Bureau economists then tracked 80-percent lean ground beef at 41 stores across 22 states.
Their finding? Not much has changed.
The average price moved from $7.29 a pound to $7.13. At 30 stores, prices ended exactly where they started.
Meanwhile, Farm Bureau says some ranchers are reporting cattle prices $300 to $400 per head below levels seen two months ago.
And this may not be the end of the story. The White House proclamation leaves room to reconsider the expanded quota if those hoped-for savings aren’t reaching consumers.
For the full Market Intel analysis from the American Farm Bureau Federation, head to https://www.fb.org/intel/markets/increased-beef-imports-have-not-lowered-prices-for-consumers
