Record beef prices are receiving a lot of attention, and the argument can be made that extraordinary demand is the key driver. The COVID-19 pandemic helped lead us to a place where “leveling up” through access to luxury goods is prioritized instead of luxury services. And beef, specifically excellent-quality beef, is a luxury good that can be accessed for at-home consumption – at a fraction of the cost of fine dining establishments, with a potentially better eating experience.
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Brian Earnest
Brian Earnest is lead economist for animal protein in CoBank’s Knowledge Exchange division. He provides market and industry research for the poultry, pork and beef sectors.
CoBank is a $158 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. It’s a member of the Farm Credit System. Visit www.cobank.com for more information.
