I just found out that the cost of prime steaks (as well as all cuts) at my favorite store has skyrocketed in the past 3 weeks – just spoke with the owner, as I was going to place a BIG order, and found out that even buying whole prime ribeye loins and having them cut to specification went from $8 a pound to $13.75 a pound in just the past 3 weeks!!! Goddamn it, that’s a 72% increase in the price in 3 lousy weeks! Insane – turns out that since Canada cannot export cattle due to the mad cow scare, the U.S. is exporting more to pick up the slack and not getting any from Canada, raising the price of beef here. The owner told me that an 8 ounce filet at a good restaurant in KC (she was there) was priced at $42.50!!! Jeez, you should be able to get a hummer for that price!
I still have some steaks left from a summer order and I’ll go slow on those, hopefully prices will come down in the future, the owner though had no idea how long that would take. But I finally found my price point – no fvcking way I’m paying more for steak than I would for LOBSTER in KANSAS CITY, a land-locked state in the middle of the country!!!
FVCK!!! Yeah, I realize that bitching about the cost of prime steak is a very minor bitch, but it's not just prime steak that's affected - it's ALL beef. If you're planning something around the holidays to feed a large crowd, like a prime rib roast, you're probably going to get sticker shock.
Here’s some market confirmation of this incredible increase ... damn Canadians!!! (just kidding)
Bad fvcking market news
Reaching into almost unheard of territory, live cattle futures continued their massive climb higher, reaching limit up levels several times during the week as front month futures prices broke through the $90 level.
Cash prices were setting all time records as well, as the USDA average price for Nebraska and Iowa cattle was around $98 early in the week. Basic supply and demand is being cited as the reason behind the massive surge in prices.
While demand has been strong in the United States since 1998, supply levels have been enough to keep prices in check. This year, however, marks the first time in several years where supplies are just not there.
As early as the spring, some analysts were calling for sharply higher prices due to these supply concerns, and the ban on Canadian beef, resulting in an effective 8 percent cut in U.S. supply, was the final piece in the bull market puzzle.
