October 15, 2003

 

 

US' Nebraska See Uphill Surge in Cattle Prices

 

In the United States, Nebraska's cattle prices soar to their highest levels since a decade ago. Cattle producers are finally enjoying some good times again. Greg Ruehle, executive vice president of the Nebraska Cattlemen said, "It's phenomenal."

 

In general, cattle ranchers consider 75 cents a pound a fair price when they sell their fed cattle. In July 2002, that price was around 60 cents. But now, some producers are getting more than a $1.10 a pound, which equates to an 83% increase in a little more than year.

 

Gregg Doud, an economist with the National Cattlemen's Beef Association, said the market shows no signs of cooling down anytime soon.

 

 

Already low prices were driven even lower by the discovery of the first case of so-called mad cow disease in Japan in 2001, but overall demand for beef, along with increased exports, have caused prices to soar.