Beef Prices and Demand
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Beef prices and supply continue to appear in the news media and are top of mind for retail and foodservice influencers. Unfortunately, many of the stories inaccurately interchange consumption with demand when, in fact, demand is the indication of consumer preference for beef – the strength of which is actually demonstrated by the higher prices. That’s why education about the difference between consumption and demand are top priority for the checkoff’s channel education and engagement tactics this year to ensure that beef partners in retail and foodservice have accurate information about beef demand and profitability, most recently including conversations with national media outlets like The Daily Meal, Chicago Tribune and Bloomberg.
The Beef Checkoff Program was established as part of the 1985 Farm Bill. The checkoff assesses $1 per head on the sale of live domestic and imported cattle, in addition to a comparable assessment on imported beef and beef products. States retain up to 50 cents on the dollar and forward the other 50 cents per head to the Cattlemen’s Beef Promotion and Research Board, which administers the national checkoff program, subject to USDA approval.