Beef prices hit new record highs

In this weekly Commodities Watch column, John T. Barone, president and commodities analyst for Market Vision Inc., offers a snapshot of the state of commodities for restaurants.

We’ve been screaming “the sky is falling” about beef prices for many months now, but prices for seasonal winter beef items — rounds, chucks, brisket — all hit record highs last week and foreshadow what could be another round of record high middle meat and ground beef prices this spring.

Live cattle futures hit another record high of $140.35/cwt on Friday, 12 percent higher than a year ago and 34 percent above the five-year average for this time of year.

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