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Record high beef prices in the US are attributed to droughts in the south and west, leading to higher feed costs and a reduction in the national cattle herd size to a 61-year low. Average beef prices in US shops and supermarkets have reached about $8 per pound. The United States is importing record amounts of beef this year and exporting less after ranchers slashed the nation's cattle herd to its lowest level in decades, affecting companies like Tyson Foods. Additionally, the USDA outlook offers little for corn and soy bulls as US supplies build. On a separate note, China made an enormous purchase of US soy this week, as reported by Cargill.
