Overview

• Ground beef averaged $6.12 per pound in June while uncooked steaks climbed to $11.49, marking the highest prices on record.
• Cattle inventories have dropped 8% since 2019 to 86.7 million head—the lowest level in 74 years—after drought and rising feed costs prompted ranchers to sell breeding stock.
• The USDA suspended live cattle imports from Mexico in May to contain a New World screwworm outbreak, further tightening domestic supply.
• President Trump’s 50% tariff on Brazilian beef takes effect August 1, threatening to disrupt about 23% of US beef imports and lift costs further.
• Retailers are moving to secure supply chains, with Walmart opening its first fully owned beef processing plant last month as experts warn price volatility could last two to four years.