Canadian consumers to get break on beef prices
Jeff Keele, CTV Winnipeg
Published Friday, February 19, 2016 4:58PM CST
Last Updated Friday, February 19, 2016 6:40PM CST
For some time now, shoppers have been asking ‘where's the cheaper beef?’
High cattle prices have kept the cost at the meat counter up. Because of that, steak and ground beef fan Travis Brown has had to make sacrifices.
"I'm forced to buy lower quality meats and pork instead of beef, where I'd actually prefer to have what I want," said Brown.
Soon he might be able to afford his meat of choice.
Beef industry analyst CanFax said cattle prices have dropped as much as 15 to 20 per cent in the last couple of months.
It attributes the drop in part to an increase in supply. But CanFax said it could take four to six months for consumers to notice a real drop in price on beef across the board.
Still, Neechi Commons meat manager Gilbert Kohlman is optimistic this will lead to a cut in the cost at the counter sooner rather than later. He said while steak remains steady, he's already seen the price of ground beef drop by $1 a pound.
"I've seen it coming from my suppliers that the price is coming down, and I'm watching what I'm buying and the price is down and it's bringing customers in here,” said Kohlman
Good news for the consumer, not so much for cattle producers.
Scott Anderson manages Winnipeg Livestock Sales and is a buyer and seller of calves himself. He's seen the price per head drop as much as $300 to $400 year over year. On the plus side, Anderson said the low Canadian dollar is providing a cushion.
"Generally, everything or a fair portion of it goes south, and so of course if we're getting paid in US dollars, you know the weaker our dollar is, the more money we get back," said Anderson