Posted at: 01/23/2013 3:59 PM
MADISON, Wis. (AP) - A Wisconsin agriculture expert says beef prices are likely to inch upward this year.
Brenda Boetel is an agricultural economist at the University of Wisconsin-River Falls. She says worldwide beef demand is up, while supplies were limited because of last year's drought.
She addressed attendees at an agriculture forum in Madison on Wednesday. She predicted that beef that cost $5 per pound last year might cost 10 to 20 cents more this year.
She notes that many dairy and beef farmers culled their herds last year because the drought sent feed costs soaring. She also points out that demand for beef has increased in developing countries, further limiting the U.S. supply.
However, Boetel says competition with the pork and poultry industries means beef prices can't rise too dramatically.
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