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News that U.S. beef and cattle prices hit record high prices early in the new year is a good sign for producers and even some consumers, according to a Kansas State University agricultural economist.
“This is a good thing for both sides,” said Glynn Tonsor, livestock marketing specialist with K-State Research and Extension, noting that while the prices may be construed as impeding some beef purchases at grocery store meat counters, some consumers are willing and able to buy at these prices.
Following a string of record-setting days, the U.S. Department of Agriculture on Jan. 13 reported choice beef cutout values at a record high $216.94 per hundredweight (cwt), up from $200.65 on Dec. 31 and $194.09 on Jan. 13, 2013.