Tyson Foods Inc. announced this week that it would soon suspend purchases of cattle that had been treated with a controversial drug, citing animal welfare concerns.
But many in the industry wonder if the real reason is the battle for sales in other countries, where certain drugs that make livestock grow faster are banned.
"I really do think this is more of a marketing ploy from Tyson to raise some awareness so they can garner some export business from our overseas export partners," says Dan Norcini, an independent commodities broker.
Credit Luke Runyon / KUNC and Harvest Public Media
Edwards Meats in Wheat Ridge, Colo. is already feeling the pinch of higher beef prices. Owner Darin Edwards said he’s trying to absorb some of the cost passed along to him by his suppliers, but he’ll likely have to increase what he charges for beef in the coming weeks.
If you’ve experienced sticker shock shopping for ground beef or steak recently, be prepared for an entire summer of high beef prices.