iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,431 Blog Posts

Bloomberg Reports Beef Prices Are Getting Cheaper; But My Steaks Still Cost $60 Per Sitting

File this one under ‘fake news’ or deceptive news. Here’s some moron at Bloomberg trying to extrapolate the price of beef at the store and the restaurant by what he sees in the stupid futures market. Get what pinhead, life in the real world is expensive. Illegal Mexicans cost at least $8 per hr to employ at eateries and the price of steaks, especially good ribeyes, have NEVER BEEN MORE EXPENSIVE.

I go to the grocery store and only buy grass fed beef. Believe me, I’m not a fanatic when it comes to organic and grass fed, but only when it comes to beef. I am not interested in getting infected with ecoli. Ergo, I avoid it all together by opting for grass fed. Very simple.

At my Whole Foods, the grass fed steaks are these scrawny little nothings, compared to the big, fat, juicy, potentially poisonous ones. I feel like a bearded hipster ordering a slither of grass fed for $20, or a pound of ground for $11.99. PRICES ARE INSANE. Do not tell me prices are falling, Bloomberg.

American beef production is expected to climb 4 percent this year to 26.292 billion pounds, the highest since 2010, the U.S. Department of Agriculture estimates. The gain comes as feed has stayed cheap for livestock producers, with corn futures falling for four straight years through 2016. Pork and chicken output will both reach records.

Higher output is helping to keep ground-beef prices low at the grocery store. Retail costs have stayed cheap even as wholesale costs climbed, signaling that consumers will likely enjoy lower bills for the next year and a half as production keeps expanding, said Chris Hurt, a professor of agricultural economics at Purdue University in West Lafayette, Indiana.

Wholesale beef is up 11 percent this year to $2.2473 a pound. By contrast, retail ground beef is unchanged since the end of last year at $3.559 a pound as of May, down 4.3 percent from 12 months ago, Bureau of Labor Statistics data show. Prices reached $3.547 in April, the lowest since January 2014.

I was out all day, partaking in whatever it was I was partaking in. Futures are higher. The day of the grill fast approches. Get your firedcrackers ready for explosions.

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17 comments

  1. mrprawn

    You’re being ripped off. Grass fed beef is no safer than grain fed.

    http://www.slate.com/articles/health_and_science/green_room/2010/01/beware_the_myth_of_grassfed_beef.html

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    • ferd

      As the article notes, grass fed is better. Monsanto corn fed beef won’t kill you with e coli on the day you eat it, it’s effects are longer term. But yeah, Fly’s being ripped off. Conspicuous consumption for beef …or a car nameplate is the same expression as a ghetto rapper who drapes his neck with gold chains.

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    • sarcrilege

      …furthermore, what exactly constitutes grass fed beef? Like, if a cow eats a few sprigs of grass while spending lifetime in feedlots eating hormones, does that constitute grass fed beef? And how does one know when beef is purchased that it is what the supplier says it is? Oops, honest mistake, sorry, wrong label!

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  2. metalleg

    Is this what you want to eat? If so, be my guest.

    “Large feedlots are called Concentrated Animal Feeding Operations (CAFOs), which tend to be really nasty places, one of the few things the vegans and I agree on.

    There, the cows are rapidly fattened up with grain-based feeds, usually made with a base of soy or corn.

    The conventionally raised cows are often given drugs and hormones to grow faster, as well as antibiotics to survive the unsanitary living conditions. The cows live there for a few months and are then moved into the factory for slaughtering.”

    https://authoritynutrition.com/grass-fed-vs-grain-fed-beef/

    When I go to Peter Lugers, The Palm, or Ruth’s Chris, I order my steak medium rare and ask them to hold the drugs and hormones.

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    • The Maven

      Nothing like some crazed “nutrition” website to make a point. Complete nonsense.

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  3. The Maven

    USDA PRIME ribeye at Costco $19.99/lb. oh yeah.

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    • Po Pimp

      HEB, prime ribeye $17.99 / lb.

      Suck it you fucking yankees.

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  4. jacked rabbit

    There aren’t many things I like about where I reside, but butcher shops are one of them. More heads of beef than heads o’ people in these parts, which means I can get a half a beef CHEAP. Steaks cut the way I want. Get the tri-tip and brisket too…

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  5. heaterman

    Fly you really ought to get in touch with our store and order a 20# loin you can cut slabs from to your desired thickness.
    We use USDA Choice grade beef but we have a process that involves aging, a light seasoning and vacuum packing. (no particular order because I don’t want to give our method away) After the final step we precook the loin to a light rare in our smokehouses with just a trace of real hickory.
    These can be shipped fresh or frozen for later use.
    We literally ship these by the pallet to a couple food.restaurant supply distributors. A local casino goes through around 2,500# per week and they are the best selling item on their menu.

    They

    Are

    Chow!

    Cut ’em with a fork tender and Ooooooo …the flavor. Finish them to your desired level of char on you own grill and salt/pepper to taste.
    They make dying an early death from clogged arteries very worthwhile. 😉

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  6. mx2101

    I stopped eating meat by happenstance.

    Early last year I noticed I was feeling better. I thought about what might have changed to cause such a thing. Turns out chicken had been absent from my meals. I set upon to decline meats from the beasts of the land. To my delight I discovered my disposition had never been better. I’m not a proselytizing zealot. I’d pleasure the offering of high-quality beef in the company of a gracious host.

    However I won’t eat the chicken. I think because of additives a chicken-heavy diet is harmful to the human body. Chicken is now a revolting sight for me in the grocery store. I detest seeing nasty people eating it, holding the bones in their grubby hands.

    Recently I saw discarded chicken bones in a grocery store parking lot. Imagine someone bought fried chicken from the Safeway deli, ate the chicken in the car, tossed the bones and left. Can we elevate ourselves with class, dignity and intelligence? Is America a dumb-down race to the bottom?

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  7. Nate

    Retail prices aren’t dropping nearly as fast as the live prices are. NY Strips are still around $9/lb here. Even ground beef pushes $4 in some stores.

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  8. rigged game

    Eat fuckin’ hot dogs, you erstwhile Social Climbers.

    Make America great again.

    I saw on C-Span this morning a guest from George Mason U
    who couldn’t rationally answer a question from a caller:

    “Why should a man work at wages where he CAN’T support
    his family?” All she could do is babble.

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    • metalleg

      That man shouldn’t have a family. He’s apparently a degenerate and a poor excuse for a human being. I’d bet his drivers license doesn’t even provide his gender!

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