Latest news with #Expana
Yahoo
23-05-2025
- Business
- Yahoo
Record beef prices raise Memorial Day cookout costs
By Tom Polansek, Heather Schlitz CHICAGO (Reuters) -Beef prices set records last month at U.S. grocery stores, and economists expect they will climb further as demand increases during the summer grilling season that traditionally begins with cookouts on Memorial Day on Monday. Higher prices hit consumers who are increasingly nervous about the economic impact of President Donald Trump's trade policy and after Washington halted cattle imports from Mexico over a pest called New World screwworm, which could hike up beef prices further by tightening the cattle supply. One consumer feeling the pinch is DeAndrea Chavis, an artificial intelligence analyst in Raleigh, North Carolina, who buys ground beef nearly every week to prep tacos and other dishes for lunch but lately is making smaller portions because of rising prices. Chavis said she has seen lean ground beef prices climb above $9 per pound from $6 to $8 in recent months. She is planning to keep hamburgers on the menu for a cookout next week but may have more hot dogs in the mix to control costs. "Ground beef is supposed to be a cheaper option," said Chavis, 28. "Now that is even starting to add up." Ground chuck prices in April reached a record $6 per pound, up 14% from a year ago, after farmers slashed their cattle herds to a 74-year low due to a years-long drought that reduced grazing lands. However, demand for beef is expected to reach a 39-year high as consumers stomach higher prices, Rabobank senior analyst Lance Zimmerman said. A Memorial Day cookout for 10 people eating a mix of foods, including one cheeseburger and chicken sandwich apiece, will cost an estimated $103, up 4.2% from last year, according to Rabobank. Hamburger meat prices jumped 6.4%, the bank said. Some consumers are buying cheaper cuts of beef, such as a top sirloin, to save money without switching to lower-cost chicken or pork, said Ian Anderson, market researcher for commodity data firm Expana. "Folks are still looking to get that juicy steak, and they don't want to pay ribeye prices sometimes," he said. 'IN LOVE' WITH HAMBURGERS The U.S. has increasingly relied on beef imports over the past 30 years to meet demand for ground beef. Imports of Brazilian boneless beef trimmings used for hamburgers were a record 6,888 metric tons in the week ended on May 10, signaling strong demand, said Bob Brown, an independent livestock market analyst. "We are so in love with hamburgers," he said. But the U.S. Department of Agriculture indefinitely blocked imports of Mexican cattle this month due to screwworm in Mexico. U.S. feedlots fatten Mexican cattle for roughly six to eight months before sending them to slaughter, meaning the ban would hit beef supplies after the peak of summertime demand, economists said. The USDA also closed the border for Mexican cattle imports from late November through February, which could tighten supplies this summer, they added. "Slaughter has declined dramatically recently," David Anderson, livestock economist at Texas A&M University, said. "If we have less beef produced, that's part of the recipe for higher prices." At some specialty butcher shops, customers who are long accustomed to paying higher prices for fresh local meat haven't pulled back on their spending, shop owners said. "I don't think people are shying away from meat," Bill Begale, owner of Chicago butcher shop Paulina Market, said, noting that there are no shortages of customers for their fresh meat, homemade sausages and expansive deli items. Chavis, in the meantime, said she has started shopping at Lidl and Aldi stores, instead of Food Lion and Walmart, as she hunts for cheaper ground beef. Alas, she said, "it's a problem all over."
Yahoo
23-05-2025
- Business
- Yahoo
Record beef prices raise Memorial Day cookout costs
By Tom Polansek, Heather Schlitz CHICAGO (Reuters) -Beef prices set records last month at U.S. grocery stores, and economists expect they will climb further as demand increases during the summer grilling season that traditionally begins with cookouts on Memorial Day on Monday. Higher prices hit consumers who are increasingly nervous about the economic impact of President Donald Trump's trade policy and after Washington halted cattle imports from Mexico over a pest called New World screwworm, which could hike up beef prices further by tightening the cattle supply. One consumer feeling the pinch is DeAndrea Chavis, an artificial intelligence analyst in Raleigh, North Carolina, who buys ground beef nearly every week to prep tacos and other dishes for lunch but lately is making smaller portions because of rising prices. Chavis said she has seen lean ground beef prices climb above $9 per pound from $6 to $8 in recent months. She is planning to keep hamburgers on the menu for a cookout next week but may have more hot dogs in the mix to control costs. "Ground beef is supposed to be a cheaper option," said Chavis, 28. "Now that is even starting to add up." Ground chuck prices in April reached a record $6 per pound, up 14% from a year ago, after farmers slashed their cattle herds to a 74-year low due to a years-long drought that reduced grazing lands. However, demand for beef is expected to reach a 39-year high as consumers stomach higher prices, Rabobank senior analyst Lance Zimmerman said. A Memorial Day cookout for 10 people eating a mix of foods, including one cheeseburger and chicken sandwich apiece, will cost an estimated $103, up 4.2% from last year, according to Rabobank. Hamburger meat prices jumped 6.4%, the bank said. Some consumers are buying cheaper cuts of beef, such as a top sirloin, to save money without switching to lower-cost chicken or pork, said Ian Anderson, market researcher for commodity data firm Expana. "Folks are still looking to get that juicy steak, and they don't want to pay ribeye prices sometimes," he said. 'IN LOVE' WITH HAMBURGERS The U.S. has increasingly relied on beef imports over the past 30 years to meet demand for ground beef. Imports of Brazilian boneless beef trimmings used for hamburgers were a record 6,888 metric tons in the week ended on May 10, signaling strong demand, said Bob Brown, an independent livestock market analyst. "We are so in love with hamburgers," he said. But the U.S. Department of Agriculture indefinitely blocked imports of Mexican cattle this month due to screwworm in Mexico. U.S. feedlots fatten Mexican cattle for roughly six to eight months before sending them to slaughter, meaning the ban would hit beef supplies after the peak of summertime demand, economists said. The USDA also closed the border for Mexican cattle imports from late November through February, which could tighten supplies this summer, they added. "Slaughter has declined dramatically recently," David Anderson, livestock economist at Texas A&M University, said. "If we have less beef produced, that's part of the recipe for higher prices." At some specialty butcher shops, customers who are long accustomed to paying higher prices for fresh local meat haven't pulled back on their spending, shop owners said. "I don't think people are shying away from meat," Bill Begale, owner of Chicago butcher shop Paulina Market, said, noting that there are no shortages of customers for their fresh meat, homemade sausages and expansive deli items. Chavis, in the meantime, said she has started shopping at Lidl and Aldi stores, instead of Food Lion and Walmart, as she hunts for cheaper ground beef. Alas, she said, "it's a problem all over." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-05-2025
- Business
- Yahoo
Farmers issue warning as prices skyrocket for staple food item: 'Shift in market dynamics'
Over the past year, irregular weather conditions have caused the American walnut supply to plummet while consumer demand remains high. As a result, ever since the summer of 2024, walnut prices have skyrocketed. In March, Expana released a graph charting walnut production against its price over the past four years. Due to the recent decline in production, the price of walnuts per pound has exceeded $4 for the first time since 2021. Although production and sales flourished into early 2024, farmers have since been unable to keep up with rising walnut demand, per FreshPlaza. Thanks to the record-high temperatures last summer and the La Niña weather patterns this winter, walnut production for the 2024-2025 season is 11% lower than the USDA forecast in September. Farmers have also reduced their acreage for walnuts — especially in California, which once contributed more than half the world's walnuts. "From September 2023 to August 2024, growers in the Golden State have removed approximately 18,000 acres with nearly 10,000 more acres under high stress and abandoned," reported Terrain Agriculture. As walnuts remain scarce, their prices have inflated to push back against the climbing demand. They now sell for over $4 per pound as of February, Expana recorded, up from around $2.25 a year ago. "The shift in market dynamics has been sizable enough that the price has risen steadily for nearly a year," Terrain Agriculture elaborated. According to the DFA of California, the walnut industry yields over $1 billion annually for California revenue. Consequently, walnut shortages could reflect in the state's overall economy, leading to budget cuts and job insecurity in the agricultural sector. The walnut crisis is only a symptom of the greater progression of climate change, however, and walnuts aren't the only crop to suffer. At an international scale, plums, potatoes, and soybeans are also feeling the effects of rising temperatures, among many others to varying degrees. To protect our food supply, researchers are looking into drought-friendly agricultural methods and weather-resistant crops such as chickpeas that can sustain our human population even as the planet becomes warmer. If you want to avoid lofty grocery prices altogether over the coming years, growing your own food can help. Do you worry about how much food you throw away? Definitely Sometimes Not really Never Click your choice to see results and speak your mind. Since carbon dioxide pollution is clogging up our atmosphere and driving temperatures higher by holding in more heat like a thin blanket, policies and technologies that foreground renewable energy are key to mitigating global warming. From international climate projects to local anti-fuel initiatives to the appliances in your own home, every eco-conscious decision can add up. Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.
Axios
13-03-2025
- Business
- Axios
Trump claims credit for falling egg prices but no relief for shoppers yet
Wholesale egg prices are starting to drift lower amid signs that the bird flu is easing, but don't expect to find lower prices at grocery stores yet. Why it matters: Even as President Trump is claiming victory, his administration is acknowledging that the upcoming Easter holiday could cause prices to jump again. The big picture: The highly pathogenic avian influenza has led to tens of millions of chickens being culled, triggering shortages and price spikes. Many stores are limiting how many eggs shoppers can buy and some restaurants have added temporary egg surcharges. Trump on Wednesday took credit for falling prices, saying "we did a lot of things that got the cost of eggs down, very substantially." But while wholesale prices have started to tick down, grocery shoppers are still paying more than ever for a dozen eggs. When are egg prices coming down? Wholesale egg prices fell by $1.20 to $6.85 per dozen last week, according to the U.S. Department of Agriculture's March 7 report. The department noted that flu outbreaks had slowed over the past two weeks and been "localized, which is providing producers in unaffected regions with an opportunity to make progress in reducing the egg deficit problem the market has been experiencing." The latest: The price of Midwest large eggs was $5.23 per dozen on Thursday, down 39% from its peak two weeks earlier, according to Karyn Rispoli, managing editor for eggs in the Americas for price-reporting service Expana. Yes, but: The price consumers are actually paying still rose 10% from January to February, according to the latest Consumer Price Index released Wednesday. Egg prices were up 59% from February 2024 to February 2025. The USDA said in a recent report that egg prices are expected to rise by 41.1% this year. Between the lines: Consumers often don't see wholesale price drops reflected at the grocery store — at least not immediately. "There's usually (at least) a two-to-three-week lag between wholesale and retail pricing, and since the market only started correcting last Monday, shoppers haven't seen the impact of these lower prices at the grocery store just yet," Rispoli said Thursday. "The main driver behind this drop is weakened demand, largely due to widespread purchasing restrictions and elevated shelf prices," she said. "Right now, consumers are still experiencing the peak of the market in terms of what they're paying at checkout." Easter could cause egg prices to soar State of play: Easter is traditionally one of the highest demand periods for eggs with eggs playing a big part of Easter traditions and the Jewish holiday of Passover. This year, Easter is April 20, the latest date since 2019. Passover starts April 12. "We're going into Easter season. This is always the highest price for eggs," Agricultural Secretary Brooke Rollins said Tuesday. "We expect it to perhaps inch back up." What they're saying: Kevin Bergquist, Wells Fargo Agri-Food Institute sector manager, said in a new report that egg prices "will likely remain highly variable for the near future, but at a higher-than-usual level." "In the short term, we will likely see a continuation of high egg prices," Bergquist said. "The Easter season is just around the corner, and the demand for eggs is not abating." The bottom line: If egg prices are still high for Easter, expect families to turn to alternatives like painting and hiding potatoes, an idea that sprouted in 2023 because of high prices. More from Axios: Why food prices are still high, five years after COVID Government suspends free COVID test distribution program Walmart clashes with China after asking suppliers to absorb tariffs
Yahoo
05-03-2025
- Business
- Yahoo
What Trump Said About the US Economy, Fact-Checked
(Bloomberg) -- President Donald Trump spoke Tuesday before a joint session of Congress to outline his vision for a second term that started only six weeks ago and has already resulted in an upheaval of the federal workforce, disintegration of relationships with allies and a trade war. How Upzoning in Cambridge Broke the YIMBY Mold Remembering the Landscape Architect Who Embraced the City NYC's Finances Are Sinking With Gauge Falling to 11-Year Low US Tent Facility is Holding Migrant Families Longer Than Recommended Republican Mayor Braces for Tariffs: 'We Didn't Budget for This' With his party controlling both chambers of Congress and Democrats largely on the sidelines and divided in their approach, Trump is poised to drive home his agenda of tariffs, tax breaks and spending cuts. Earlier Tuesday, his administration slapped 25% levies on goods from Mexico and Canada and layered another 10% duty on China on top of an identical hike a month before. Here are the president's key economic statements from the address, fact-checked and contextualized. 'Joe Biden especially let the price of eggs get out of control. The egg price is out of control. And we are working hard to get it back down.'This needs context. While the cost of eggs rose under the former Democratic president and has become a symbol of high prices, interest rates and other economic woes, it's largely due to the outbreak of avian flu. Millions of birds have been killed just since December as the outbreak hit egg-laying farms from Iowa to California to North Carolina, prompting grocery stores to limit purchases and restaurants to add surcharges. A dozen large white eggs in the US reached a record of over $8 in February, from $2.97 a year ago, according to the benchmark indicator from price-reporting service Expana. 'We suffered the worst inflation in 48 years, but perhaps even in the history of our country — they're not sure.'This is false. The cumulative increase in consumer prices during Biden's term was higher than any other president in the past 40 years, not of all time. And Trump's policies — including pumping in $3.5 trillion for stimulus checks and other pandemic relief — and supply chain constraints when the US roared back to life also played an important part in annual US inflation hitting a 40-year high of 9.1% in June 2022 before falling to 2.7% in November when Trump was elected. It was 3% in January. 'We will take in trillions and trillions of dollars and create jobs like we have never seen before,' Trump said of his tariff needs context. While tariffs do generate revenue for the US, China and other foreign nations aren't paying them. US importers are responsible for the duties, and ultimately US businesses and consumers pay through higher costs. One academic study in 2019 concluded that consumers and US companies paid most of the costs of Trump's tariffs in his first administration, and that after factoring in the retaliation, the main victims of the trade wars were farmers and blue-collar workers in areas that supported Trump in 2016. 'Tariffs are about making America rich again and making America great again and it will happen rather quickly. There'll be a little disturbance, but we're OK with that. It won't be much.'This needs context. Trump also sees tariffs as a way to help pay for the $4.5 trillion in expiring 2017 tax cuts and even replace the $2 trillion the US government raised in individual and corporate income taxes. But since the Second World War, tariffs have never generated much more than 2% of total federal revenue, according to a Congressional Research Service report published in January. And even a US tariff rate approaching 50% would only result in $780 billion in revenue and harm economic growth, economists at the Peterson Institute for International Economics calculated last year. Consumers and companies are worried. A Harris Poll taken for Bloomberg News found that almost 60% of US adults expect Trump's tariffs will lead to higher prices, and that 44% believe the levies are likely to be bad for the US economy. Tariffs also have come up a record 700 times during quarterly earnings calls for S&P 500 companies, according to a Bloomberg News analysis of transcripts. Indeed, the tariffs that Trump has already imposed on China, Canada and Mexico would cost the typical US family more than $1,200 per year, the Peterson Institute said. 'We're going to have growth in the auto industry like nobody's ever seen,' Trump said, adding he's spoken to the top automakers and plants are being built and needs context. US auto executives say taxing imports from Canada and Mexico is unfairly punitive to domestic carmakers, whose supply chains and factories are concentrated in North America. The cost to build a crossover utility vehicle will rise by at least $4,000, while the increase would be three times that for an electric vehicle, according to a new study from Anderson Economic Group. Japanese automaker Honda Motor Co. said it has made no announcement of expanding its presence in Indiana, despite Trump's claim, and declined to comment on it. 'Over the past four years, 21 million people poured into the country. Many of them were murderers, human traffickers, gang members, and other criminals.'This is false. There's no evidence other nations were sending their prisoners and mental patients to the US to join the migrants, many fleeing violence and poverty. Trump has specifically cited 13,000 murderers allowed in the country based on US Immigration and Customs Enforcement data released during the campaign. That included 13,099 people who were found guilty of homicide and hundreds of thousands of convicted criminals. But those numbers span decades, including during Trump's first administration. Trump and Republicans also accuse migrants of being responsible for crime. But study after study has shown that undocumented immigrants commit fewer crimes compared to other immigrants — and even fewer compared to US-born citizens. --With assistance from Gabrielle Coppola. Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? The Mysterious Billionaire Behind the World's Most Popular Vapes Snack Makers Are Removing Fake Colors From Processed Foods Trump's SALT Tax Promise Hinges on an Obscure Loophole The US Is Withdrawing From Global Health at a Dangerous Time ©2025 Bloomberg L.P.
