North Texas

Cattle Surplus Driving Down Price of Ground Beef

Meat is back on the menu for many North Texas shoppers, as rising supplies cause prices to drop.

"It means we'll probably be having more beef, at least one more time a week," said Laura Kemps, of Southlake.

Ground beef prices are down from last year's record high, now selling for less than $2 per pound.

"I'm very excited, especially when it comes to steaks," said Lynne Gonsior, of Southlake. "We love to grill our steaks, but I did buy ground beef today noticing it did come down."

"We used to use ground turkey quite a bit because of the prices, but now we are going back to the ground beef," Gonsior added.

Following years of drought that cut herds and sent prices soaring, now the rising number of cattle – along with poultry and pork – is driving down prices.

"There is deflation in meat going on right now because there's an excess of cattle," said Kroger spokesman Gary Huddleston. "So anytime there's more cattle than there is demand, the price is going to come down."

Dining out could get cheaper, too, as restaurants begin to see the cheaper prices go to the bottom line.

"As it starts to go down, or even hold steady, versus consistently going up, it certainly gives us a little bit of room," said Marc Johnson, at Bob's Steak & Chop House in Grapevine.

Analysts expect beef production to rise nearly four percent in 2016, the first time it has gone up since 2010.

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