Everyone is familiar with the phrase, “What goes up must come down!”
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Grain prices seem to be following this old axiom, with substantial questions remaining of “how far down?” For U.S. animal product consumption the phrase could be reversed, “What goes down must come up!”
How much did meat consumption “go down?” In 2007, meat consumption per person in the U.S. was 219 pounds for the big four of beef, pork, chicken, and turkey. Current USDA estimates for this year are down to 199 pounds per person, nearly a ten percent decrease in seven years. Out of the 20 pound total reduction, beef was down 11 pounds, pork was down five pounds, and chicken and turkey were down about two pounds each. In percentage terms consumption of beef has been down 17 percent, followed by 10 percent for both pork and turkey and a more modest three percent for chicken.