Labor shortages in the meat packing industry are playing a big role in prices skyrocketing. Other reports state that meat prices are going up because the price of corn feed has also gone up, which is used to fatten animals. Another issue is transportation as a whole.

When it comes to beef price per pound, expect to pay $4.45-$6 per pound (hanging weight).

High feed costs, increased demand and changes in the supply chain have driven up prices for wholesale meats and poultry.

In the first half of 2021, prices remained unchanged against the end of 2020. Previously, beef prices in the U.S. surged on average by 10-14% in May 2020 when the first outbreak of the pandemic was recorded.

WASHINGTON—Fed cattle prices, like the other futures markets, have dropped drastically due to all the unknowns surrounding the coronavirus, outbreaks in production areas and a free-falling stock market.

Corn prices rise on tightening supplies D., AgriLife Extension grain economist, Bryan-College Station, said the market is highly speculative at this point due to a range of factors that boil down to tight supplies and high demand currently and uncertainty about domestic and foreign production this growing season.

Climate conditions and high demand drive price increase “It’s basic supply and demand,” Davis said. Dry conditions in Brazil reduced the supply of corn and soybeans coming from South America’s largest country while cold temperatures limited crops coming from the Upper Midwest.

Corn prices in January 2006 were at $2/bu and were at $6.96/bu. in 2013. January 2006 was the last time corn prices were $2/bu. and 2013 was the highest price on record.

Season-average farm prices forecasts remain unchanged for 2020/21 and 2021/22. The season-average price for 2020/21 sorghum is raised $0.10 per bushel, based on higher prices received through April. U.S. corn export prospects for 2020/21 are boosted further, while Brazil’s outlook is downgraded.