POSTED: Wednesday, March 14, 2012 - 7:00am
UPDATED: Wednesday, March 14, 2012 - 11:33am
NBC NATIONAL NEWS — Right now, beef prices are at a record high and there's no sight of them coming back down anytime soon.
Beef prices this year hit a record high of $5.00 a pound, which is that's up 17 cents since last year, and it's expected to rise another 5 to 10 percent again.
Contributors to rising costs to high feed costs, diminishing profits, demand for oversees market, producers who have struggled with increased feed costs and smaller profits, started shrinking their herds a couple of years ago.
As supply dwindled, foreign demand shot up by 11 percent.
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