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Newsweek
a day ago
- Business
- Newsweek
Ground Beef Prices Reach Record Highs as Warning Issued
Produced [by our journalists] with financial support from an organization or individual that did not approve or review the work. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Ground beef prices across the U.S. continue to reach new highs, driven by shrinking cattle herds, with looming import restrictions threatening to push costs even higher. According to government data released last week, the average price of a pound of 100 percent ground beef rose to $6.12 last month, up from $5.98 in May and $5.47 in June 2024. Experts have said this trend shows no signs of slowing, meaning there may be upward pressure on prices through 2026 and beyond. Why It Matters The rising cost of staple agricultural products such as beef and eggs has further strained household budgets in 2025, as well as the budgets of businesses reliant on the sales of these items. In addition to having an outsize effect on inflation data, summer price increases are hitting during the peak months—when beef sales traditionally peak because of outdoor gatherings—further underscoring the growing issue. What To Know June marked the first month since data collection began in the 1980s that ground beef prices rose above $6 per pound. According to the Consumer Price Index released by the Bureau of Labor Statistics on July 15, steaks saw the largest increase among beef products in June—up 12.4 percent since June 2024 at an unadjusted rate, followed by ground beef at 10.3 percent. This compares to a 0.5 percent increase for pork products and 3.9 percent for chicken. These price pressures are due to several factors, both short- and long-term—with shrinking cattle herds in the U.S. a leading cause. "We're dealing with lower supplies of beef, and that's what's really driving up our prices of beef right now," Courtney Schmidt, a sector manager within Wells Fargo's Agri-Food Institute, told Axios. Drought conditions, elevated grain prices, inflation and rising interest rates have significantly increased the cost of cattle farming in recent years, leading farmers to trim the size of their herds. According to the latest count from the U.S. Department of Agriculture (USDA), as of January 1, there were 86.7 million cattle and calves on U.S. farms, the smallest number since 1951. Beef for sale at a store in Annapolis, Maryland, on April 4. Beef for sale at a store in Annapolis, Maryland, on April 4. Jim Watson/AFP via Getty Images Leaner supply has increased the market value of cows in the U.S., with cattle now selling for more than $200 per hundredweight, or 100 pounds, and calves going for almost $400. According to David Anderson, a livestock economist at Texas A&M who spoke with ABC News, this has led many ranchers to sell their cows now to lock in profits instead of keeping them for breeding, given prices may settle in the future. Aside from these long-term developments, an infestation of the flesh-eating parasites screwworms in Mexican herds prompted the USDA to suspend imports from the country from May until only weeks ago. Beyond domestic production, the prospect of new tariffs on countries the U.S. sources beef from threatens to further raise prices in the U.S. Per the USDA, most of the U.S.'s beef imports come from Canada, Australia, Brazil, Mexico and New Zealand. Canada and Mexico were two of the first nations to be subject to President Donald Trump's tariffs, which have been ramped up in recent days. Barring a major breakthrough in trade negotiations, they will likely see their beef subject to rates of upwards of 25 percent. Brazil, meanwhile, was recently threatened with a blanket 50 percent tariff. In his announcement via Truth Social, Trump said the country had imposed unfair trading barriers that had left the economic relationship "far from reciprocal." He also mentioned his frustration with Brazil's treatment of former President Jair Bolsonaro, who is on trial on charges of attempting to overturn his 2022 election loss. What People Are Saying Patrick Montgomery, the CEO and cofounder of the Kansas City Cattle Company, told Axios that the latest price increases were "just the tip of the iceberg." He added: "Prices for beef will continue to be tumultuous for the next two to four years." What Happens Next The USDA expects domestic beef production to be slower in the second half of the year, though beef imports are set to increase through 2025 and 2026.
Associated Press
24-06-2025
- Business
- Associated Press
Broyhill Asset Management Names Jim Watson COO, Expands Leadership with Analyst Hire
CHARLOTTE, N.C., June 24, 2025 /PRNewswire/ -- Broyhill Asset Management announced today that Jim Watson has joined the firm as Chief Operating Officer. In this role, Mr. Watson oversees all non-investment-related functions, including accounting, legal, compliance, marketing, reporting, strategy, and business development. Mr. Watson brings more than 25 years of industry experience to Broyhill, having most recently served as the Chief Operating Officer at Park West Asset Management, where he was the firm's first employee helping to scale the fund from $50 million to $4 billion in assets over 18 years. His extensive background spans both hedge funds and private equity firms, with a strong track record of building and managing high-performing operational teams. 'Jim's arrival marks a significant milestone in Broyhill's continued evolution,' said Chris Pavese, President and Chief Investment Officer of Broyhill Asset Management. 'With more than two decades of experience leading a top-tier equity hedge fund, Jim brings a level of institutional rigor and leadership necessary to ensure that our operations measure up to the world-class caliber of our investment process. Most importantly, his character and values align deeply with our own — measured, disciplined, and long-term in perspective — and his impact will elevate every facet of our organization.' Jim Watson's expertise will be instrumental in supporting the continued growth of the firm, including the recent introduction of the Broyhill Vitruvian Value Fund, a concentrated, long-only global equity strategy inspired by the Renaissance ideals embodied in Leonardo da Vinci's Vitruvian Man and the timeless principles of Vitruvius' 'De Architectura.' The approach reflects Broyhill's belief that successful investing lies at the intersection of art and science, blending analytical rigor with creative insight and emphasizing deep fundamental analysis, meticulous attention to detail, and thorough due diligence. 'I'm excited to join Broyhill at such a pivotal moment in the firm's journey,' said Jim Watson, Chief Operating Officer of Broyhill Asset Management. 'The team's values and focus on long-term investing are deeply aligned with my own. I look forward to helping scale the firm's operational capabilities as we expand our platform and continue to serve our partners with excellence.' In addition to strengthening its operations, Broyhill also welcomed Matt McLean as a senior member of the investment team. Mr. McLean will work closely with Mr. Pavese on research and idea generation across the portfolio. He joins Broyhill from Millennium Management, a $75 billion multi-manager hedge fund, where he spent the past three-plus years. Throughout his career, Mr. McLean has developed expertise in equity research and financial analysis through roles of increasing responsibility. He holds a B.A. in Economics from Harvard University and brings the discipline honed as a lifelong athlete to the investment process. Together, the appointments of Watson and McLean reflect Broyhill's continued investment in building a world-class team—pairing operational excellence with deep investment expertise. About Broyhill Asset Management Broyhill Asset Management, LLC ('Broyhill') is a Charlotte-based investment firm managing over $275 million in assets. Originally established as a family office nearly half a century ago, the firm spun out in 2022 to become an independently owned investment manager under the leadership of Chris Pavese. While Broyhill has historically explored a variety of investments for its clients, the firm is now focused on managing its flagship, global, value-oriented, public equity strategy. With a verified track record approaching ten years, the firm serves a diverse client base – including institutions, advisors, and high-net-worth families – by delivering long-term capital appreciation with a rigorous focus on capital preservation through disciplined, bottom-up security selection. Learn more at View original content to download multimedia: SOURCE Broyhill Asset Management
Edinburgh Reporter
11-06-2025
- General
- Edinburgh Reporter
Recognition for local volunteers in West Lothian
The hard work of people who go above and beyond to support others in their communities have been recognised by the Bathgate based Voluntary Sector Gateway at their first ever Volunteer Awards The event last week shone the spotlight on individual and team achievements with nominees representing a wide range of organisations and causes across the county. Volunteer of the year title went to Jim Watson of West Lothian Council Advice Shop and Macmillan with runner up, Loretta Black of The Boghall Drop-In Centre. Nancy Baker of Carers of West Lothian won this year's Dedication and Commitment Award, with Elaine McCallum of the No Limits Sports Club as runner up. Members of The Barn community cafe in Livingston won the team award, with the Team Jak Foundation as runners up. Ray Fallan, Volunteering & Governance Development Officer at Voluntary Sector Gateway West Lothian, said: 'It was a brilliant day with a great buzz in the room. We're so proud to recognise the volunteers who give so much of their time to make West Lothian a better place. 'Their dedication is inspiring, and this event is our way of saying thank you.' By Stuart Sommerville, Local Democracy Reporter Like this: Like Related
Miami Herald
10-06-2025
- Business
- Miami Herald
Private label beer is having a moment. Should grocers order a round?
All the right ingredients are coming together to form a heady brew of private label beer innovation for retailers. Consumers are prioritizing value-priced beers. Brewers that have struggled with sagging demand have excess manufacturing capacity available. And major players like Costco and Walmart have made investments in exclusive beer brands recently. For decades, beer has been a fairly impenetrable category for store brands. While other departments have seen an explosion of private labels, beer has resisted this due to its plethora of cheap options with significant brand equity, said Jim Watson, senior beverage analyst at banking and financial services firm Rabobank. But these days, consumers' thirst for quality beer at a reasonable price isn't getting fully quenched - especially as struggling craft brewers have pulled back on production and innovation, Watson said. "The category is, very interestingly, a little bit more ripe for the taking than it ever has been from a private label perspective," he noted. Costco recently partnered with Oregon-based Deschutes Brewery, one of the country's largest craft beer makers, to offer a helles-style lager as well as a limited-availability barrel-aged stout under the club retailer's Kirkland brand. Eager to improve upon an earlier Kirkland beer that it discontinued in 2018, Costco has "finally hit the mark" with the new Deschutes-made brews, according to The Wall Street Journal. Walmart, meanwhile, seems to be preparing to launch contracted brews under a line called Brewmasters, according to Ad Age. Labels approved by the Alcohol and Tobacco Tax and Trade Bureau closely resemble powerhouse brands like Modelo Especial, Michelob Ultra and Bud Light, the publication reported. Grocers like Trader Joe's and Wegmans as well as convenience store chains like Sheetz, Rutter's and Stewart's Shops have spent years dabbling in private label beer. Recently, Stewart's Shops, which operates around 400 convenience stores, mostly in New York State, relaunched Mountain Brew, an exclusive beer brand that garnered mixed reviews during a 10-year run on shelves that ended in 2020. So far, the revitalized beer has been a smash hit. "It's more than doubled our expectations in terms of demand," said Stewart's spokesperson Robin Cooper. "It just has taken off." Part of Mountain Brew's appeal likely stems from its existing brand awareness, Cooper said. Although its predecessor, Mountain Brew Ice, was not universally loved, it was well known among shoppers. The new Mountain Brew lager also has local appeal and better quality behind it. Whereas Mountain Brew Ice was made by a few different brewers in the Midwest, the new version is brewed by Paradox Brewery, which is located in New Hudson, New York. The revamped Mountain Brew is also enticing for price-conscious beer drinkers. Each 19.2-ounce can costs $2.19, and a two-pack is $4. Devon Hamilton, director of operations at Paradox, said the brewery tested out the recipe for Mountain Brew in its tasting room before finalizing it for Stewart's Shops. He said the beer has sold so well, he's looking to bring in additional brewing tanks to boost production. "If I have an open tank right now, I'm throwing Mountain Brew in it," he said. Paradox is looking to parlay its success with Stewart's into additional private label opportunities. It's currently working with a grocery chain in the region to develop a store brand beer, Hamilton said. Private label sales overall grew by 4% last year to reach a total of $271 billion, according to the Private Label Manufacturers Association. Four in 10 consumers surveyed recently by consulting firm PDG Insights said they're buying more private label products in 2025 than they were a year ago. Despite all the tailwinds in the market right now, bringing private label brews to shelves is still very difficult, sources said. The beer aisle is flooded with options, making it challenging to stand out. In craft beer, clever names and eye-catching labels are table stakes, while mainstream brands have deep pockets and sophisticated marketing strategies. "Are you ready to invent a brand and do the marketing behind it?" Watson said. "That's a hard thing, and you are competing to a certain degree with Bud Light and its entire marketing budget and Corona and its entire marketing budget." Finding the right brewing partner can also be challenging, Watson said. Craft brewers may be eager for the additional business, but they may not have the capacity or the ability to scale up their operations if needed. Hamilton said it's vital that retailers know the audience they're trying to serve and the size of that market. Part of Mountain Brew's success, he said, stems from Stewart's Shops having a clear vision in that regard. "They knew that their customer was looking for a value product," Hamilton said. "There's a reason Stewart's didn't go with a hazy New England style IPA and went with a light adjunct American lager instead. Copyright 2025 Industry Dive. All rights reserved.
GMA Network
30-05-2025
- Science
- GMA Network
Half the world faced an extra month of extreme heat due to climate change — study
The sun shines through a saguaro cactus in Phoenix, Arizona on June 7, 2024. Millions remain under heat alerts as Phoenix and Las Vegas, Nevada break temperature records, with Phoenix reaching a record 113 degrees Fahrenheit (45 Celsius) on June 6, 2024. Jim Watson/ AFP/File photo WASHINGTON - Half the global population endured an additional month of extreme heat over the past year because of manmade climate change, a new study found Friday. The findings underscore how the continued burning of fossil fuels is harming health and well-being on every continent, with the effects especially under-recognized in developing countries, the authors said. "With every barrel of oil burned, every tonne of carbon dioxide released, and every fraction of a degree of warming, heat waves will affect more people," said Friederike Otto, a climate scientist at Imperial College London and co-author of the report. The analysis -- conducted by scientists at World Weather Attribution, Climate Central, and the Red Cross Red Crescent Climate Centre -- was released ahead of global Heat Action Day on June 2, which this year spotlights the dangers of heat exhaustion and heat stroke. To assess the influence of global warming, researchers analyzed the period from May 1, 2024 to May 1, 2025. They defined "extreme heat days" as those hotter than 90 percent of temperatures recorded at a given location between 1991 and 2020. Using a peer-reviewed modeling approach, they then compared the number of such days to a simulated world without human-caused warming. The results were stark: roughly four billion people -- 49 percent of the global population -- experienced at least 30 more days of extreme heat than they would have otherwise. The team identified 67 extreme heat events during the year and found the fingerprint of climate change on all of them. The Caribbean island of Aruba was the worst affected, recording 187 extreme heat days -- 45 more than expected in a world without climate change. The study follows a year of unprecedented global temperatures. 2024 was the hottest year on record, surpassing 2023, while January 2025 marked the hottest January ever. On a five-year average, global temperatures are now 1.3 degrees Celsius above pre-industrial levels -- and in 2024 alone, they exceeded 1.5C, the symbolic ceiling set by the Paris climate accord. The report also highlights a critical lack of data on heat-related health impacts in lower-income regions. While Europe recorded more than 61,000 heat-related deaths in the summer of 2022, comparable figures are sparse elsewhere, with many heat-related fatalities misattributed to underlying conditions such as heart or lung disease. The authors emphasized the need for early warning systems, public education, and heat action plans tailored to cities. Better building design -- including shading and ventilation -- and behavioral adjustments like avoiding strenuous activity during peak heat are also essential. Still, adaptation alone will not be enough. The only way to halt the rising severity and frequency of extreme heat, the authors warned, is to rapidly phase out fossil fuels. — Agence France-Presse
