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Experts expect higher beef prices

Beef will cost more in 2013 as shoppers pay for the effects of last year's drought.

UW River Falls agricultural economist Brenda Boetel told a forum in Madison Jan. 23 that a $5 pound of beef could rise by up to 20 cents during the year. That's because the drought will reduce supplies as consumer demand continues increasing.

Boetel says many beef-and-dairy farmers culled their herds last year because feed costs jumped due to the drought. Also, she says U.S. beef supplies will be further limited due to a higher demand for the product in developing nations.

Boetel also said beef prices cannot get too far out of control because the product still has to compete with the pork and poultry dinner entrees.