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The Associated Press reports that as a result of the current high protein diet fad, as well as the effect of droughts and the closing of the Canadian beef supply because of the mad cow disease scare, breed bulls are going for $40,000 and live cattle prices were recently trading over $1 a pound - double what they were just a few years ago.
KC's View:
As a consumer, we've certainly seen that. A piece of flank steak used to be a fairly inexpensive meal for the family, but no longer. The question is how much the market will bear…we've actually started cutting back on our beef purchases because of the price increases, or choosing hamburger when we might have chosen steak in the past.