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Beef prices slump in latest producer price report
Story Date: 9/14/2012
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Source: MEATINGPLACE, 9/13/12
Beef and veal prices at the producer level fell 3.2 percent last month after surging 3.8 percent in July and 4.9 percent in June, the U.S. Labor Department said Thursday.
Beef prices are projected to rise sharply next year due to a severe drought that has damaged pastures from Missouri to Montana and driven up feed costs. But a faster rate of slaughter was expected to pressure prices initially as farmers liquidate cattle herds.
Pork prices rose 1.4 percent in August following two months of strong gains, while prices for processed young chickens increased 2.0 percent after weakening in July and June.
Overall, the producer price index climbed 1.7 percent in August, its largest monthly advance in more than three years, primarily driven by a higher energy costs, including a 13.6 percent jump in gasoline prices. Higher prices for dairy products and eggs also contributed to index’s gain.
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