Beef continues to be on shoppers’ grocery lists, even as prices have soared to record highs this year.
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That says a lot about Americans’ appetite for beef, said Kansas State University agricultural economist Glynn Tonsor.
“On the demand side, the second quarter – April through June – was the best quarter for beef and pork demand in 10 years; better than expected, especially in view of historically high prices,” said Tonsor, livestock marketing specialist with K-State Research and Extension.
Speaking at the 2014 K-State Risk and Profit Conference in Manhattan on Aug. 21, Tonsor said beef demand in 2014 was stronger than in 2013, and stronger than most industry watchers expected, including him.
“If the price of beef was up 3 percent, I would have said demand was flat,” he said. “But, prices have been up 10 percent, and people are still buying beef.”