Why are steak prices so high?

Chef's answer
Meat prices at retail grocery stores rise the most after farmers shrink their herds due to declining profits. That's a process that takes time, which means there's a lag between the feed-cost inflation and rising consumer prices, said Will Sawyer, animal protein economist at farm lender CoBank ACB.21 Feb 2021
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Then the coronavirus spread among workers in meatpacking plants, and facilities were forced to shut down or drastically decrease production. That combination of events wreaked havoc on beef prices in 2020. ... "There will be less beef in the second half of 2021, which means higher prices," Sawyer said.31 Mar 2021
Brisket costs hit an all-time high four years ago when a drought cut supply and drove up prices. ... "This is a case of consumer demand outstripping supply."2 Aug 2019
Meat prices at retail grocery stores rise the most after farmers shrink their herds due to declining profits. That's a process that takes time, which means there's a lag between the feed-cost inflation and rising consumer prices, said Will Sawyer, animal protein economist at farm lender CoBank ACB.21 Feb 2021
Perhaps the number one reason for rising lobster prices is that lobsters are much more in-demand than they were when they were more plentiful. Back when the lobsters were so over-populated that they washed up on shore, there were almost more of them than people knew what to do with.
Global shipping issues, including shipping container shortages, are further squeezing the king crab supply chain. Shipping constraints have "compressed" pricing on all sizes of crab, with smaller sizes fetching prices just under those of larger, more premium sizes, Kotok said.19 Feb 2021
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