NEW YORK (TheStreet) -- You're about to consume the most expensive hamburger of your life this Independence Day.
Cattle prices rose some 9% in June as a hard freeze in the winter and two years of drought in cattle producing regions of the United States cut back on the amount of heifers that were heavy enough to go to feed and eventually to slaughter.
"It just seems like the Fourth of July barbeque is the most expensive we've probably had in history," Phil Flynn, senior market analyst at Price Futures Group, said in a phone interview. "If you're going to do steaks and you're going to do burgers, it's going to be a star-spangled headache."
Here's Why Rates Will Rise Sooner Than Investors Anticipate
Here's Why Gold Has Room to Surge to $1,400 an Ounce
This June marked the third highest jump in cattle prices since 1970 and the biggest increase before July 4 since 2004, when the market witnessed a 10.2% pop that May, said S&P Dow Jones Indices global head of commodities Jodie Gunzberg, citing U.S. Department of Agriculture data.
USDA data show that consumers are paying about $5.36 a pound for lean and extra lean ground beef at the grocery store -- a more than 10% increase from the same time a year ago.
This means that Americans preparing for huge cookouts will have to look closely at labels. It may look like you're getting the same deals you got last year, but the amount of beef in a package may be reduced. And Gunzberg warned that some places might be adding pink slime -- a beef additive -- to offset the price premium customers would absorb if a package of beef contained, well, only beef.