Extreme drought could hurt future beef supply in U.S. and Canada, experts warn
Desmond Sobool, principal economist with Farm Credit Canada, says that for the past few years, dry conditions and droughts in both countries have prompted farmers to reduce their herd sizes by sending more cattle to slaughter, which has resulted in increased production of beef products.
Sobool says while this would normally drive cattle prices down, inflation and high demand mean prices are remaining elevated — and if there’s less supply in the future, that will drive prices up further, which could affect consumer prices as well.
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