Canadian Beef Prices Soar Due to Drought

0:00Canadians are paying more for beef these days, and it all starts at the ranch. Cattle prices have jumped nearly 20% in the past year, according to market data. Beef prices at the store are up almost 14%, beating overall food inflation and hitting Walatar from producers to shoppers. Drought across Western Canada and the U.S. Midwest has slashed grass supplies in spiked feed costs. That combo forced ranchers to shrink herds, meaning fewer calves and a tighter overall cattle supply, rippling through the whole chain. Ranchers like those at a big operation near left bridge are feeling at first hand. Five years back, baby calves cost 500 or 600 dollars each. Now some go for as high as $2,500, making it tough to plan a full production cycle that lasts over a year. Analysts points a rot bottom cattle numbers in both countries as the main driver was strong consumer demand keeping prices elevated despite the sticker shock. Users say costs always catch up in this commodity game.

1:02Rebuilding the herd is underway, but crops competing for land slow things down. Experts figure it could take one to two years before more supply eases those grocery bills. This has been Canada News Today, powered by AI. I'm Corey with the story.