00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Americans are facing near-record beef prices ahead of the 4th of July,
00:06but demand for beef and steak remains strong, according to CNBC. Beef prices have risen after
00:13the U.S. cattle herd shrank to its smallest size in decades following drought, high feed costs,
00:19and herd liquidation. Ground beef averaged $6.75 per pound in May, up nearly 13% from a year earlier,
00:27and just below April's record high. Beef steak prices averaged $12.80 per pound,
00:33up 16%, and the second highest level on record. Nielsen IQ said beef has generated the largest
00:40dollar growth of any food category ahead of Independence Day, with sales rising roughly
00:45$352 million compared to last year. Shoppers are treating steak as an affordable luxury,
00:51and looking for quality claims such as USDA Prime, grass-fed, and no antibiotics ever.
00:58For all things money, visit Benzinga.com.
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