Beef prices expected to stay high in New Mexico as cattle growers deal with inflation
NEW MEXICO (KRQE) – With inflation hitting all aspects of our lives, New Mexico cattle growers say the price of beef will still be high for some time as it has become far more costly to raise cattle. 'For a short period of time, our prices are good. But there are dark clouds on the horizon,' said New Mexico Cattle Growers Association President Tom Paterson. 'So costs will remain, or the price of beef will remain high. The price of beef at retail will probably remain high, at least I think the economists are saying for another year or so.'
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The New Mexico Cattle Growers Association said the price of raising cattle has grown over the years. 'Like so many New Mexico families and small businesses, we've seen very big increases in virtually all of our input costs. Our feed prices have more than doubled. Our veterinary bills have shot up.'
The biggest hit against cattle growers is the price of feed and water for grass. The state uses grass as a huge source for feeding cattle, but with the massive drought the state is facing, growers have had to use other means. Replacing members of the herd can be just as pricey. 'The market value on yearling steers has gone up to close to $2,000 a head. I sold cow-calf pairs in January because of the drought for $3,000 a pair,' said Paterson.
Many cattle growers use cattle that are imported from Mexico to help diversify their herd. With recent tariffs, it poses a new problem. 'The tariffs we're imposing or have threatened to impose on those cattle coming into the United States mean fewer cattle will be coming across the border to be fed here, which will further reduce our inventory,' Paterson said.
Producers are hopeful they'll get back on track. 'New Mexico cattlemen and cattlewomen will continue to get up each morning and go to work so that New Mexicans get the beef they want and our families can continue to do what we love,' said Paterson.
Last year, United States beef exports were more than $10 billion with much of it heading to Mexico, Canada, and China.
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