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Omaha Steaks Executive Expects Beef Prices Will Fall in a Few Months

5/28/15 10:15 AM EDT
Todd Simon, Senior Vice President at Omaha Steaks, thinks beef prices will begin to fall in the next several months. Beef prices have been rising steadily for over fourteen months, reflecting decreased supply. According to Simon, 'the market was hit a couple of years ago with high corn prices and then there was some drought issues, and ranchers cut back. And now as prices are increasing, ranchers are bringing more beef to the market. So we'll start to see probably in the next several months prices go down a little bit.' Simon noted it generally takes eighteen months to bring beef to the market. He said that Omaha Steaks buys in large quantities, and buys in advance, which gives it an advantage on pricing and that the company is trying to keep prices stable for consumers. Simon said there has been higher demand both domestically and around the world for beef.
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