Economics - Supply And Demand Of Beef In The United States
There are significant supply and demand issues as to why the price of beef has risen in the U.S. First, the supply of beef shifted to the left because "in May, a cow in Canada tested positive for mad cow disease. Subsequently, a ban was placed on Canadian beef" (Gebhart, 2003) thus reducing the supply of beef to the U.S. "According to the U.S. Department of Agriculture, beef imports from Canada in 2002 equaled 3.9 percent of U.S. beef consumption" (Ryman, 2003). This void left U.S. beef suppliers scrambling worldwide to fill the void. "According to the Consumer Price Index, retail beef prices rose 3.8 percent during October, the largest advance since a 5.6 percent rise in February 1979. The U.S. Department of Agriculture reported that cattle prices at one point were 60 percent higher than one year ago" (Ryman, 2003). "The U.S. ban on Canadian beef, following the Canadian case of BSE, had resulted in an increase in domestic beef prices due to limited supply"......
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