Beef prices down in 2016, low prices could spur demand

Cattle prices have dropped more than 32 percent during the last 16 months, but beef prices haven’t seen the same dramatic decline. Steak prices in January reached their lowest value since October 2014 at $7.47/lb. Choice and Select cuts are approximately $25-30 lower than the same time last year. According to QSR Magazine, restaurants are expecting prices for primal cuts of beef to drop another 10-17 percent in 2016. There is hope the lower beef prices will bring customers back to restaurants buying more high-end cuts of beef. Read more and watch the video at Drovers CattleNetwork…