At the Cattle Industry Summer Business Meeting in San Diego, Senior farm and ranch broadcaster Ron Hays spoke with CEO of Cattlefax Randy Blach about beef demand. Our Coverage from San Diego is powered by Farm Data Services of Stillwater.
At the Cattle Industry Summer Business Meeting in San Diego, Randy Blach of CattleFax shared some big-picture insights, starting with a bold statement: “Best beef demand in 40 years.” He said it’s impressive that, even with per capita supply up by a pound or more and prices at record highs, “the consumer hasn’t said ‘uncle.’” Blach credited this strong demand as a major win for the beef industry in 2024. He also noted that the current consumer loyalty is a testament to beef’s value in the marketplace, even amid economic pressures.
Blach also noted that herd rebuilding is slowly starting, thanks to improved weather conditions. “We’re seeing a few more heifers retained,” he said, although he added that it’s not yet a full-blown expansion. “It’s been a tough situation we just haven’t had consistent enough moisture,” but with more confidence in the weather, producers are starting to move forward.
He highlighted the importance of ground beef, which makes up more than half of all U.S. beef consumption. “When you’ve got 53% of your total beef consumption in the form of ground beef, we have to think about that,” Blach said. He pointed out that premium grinds with better flavor are popular—even though prices can range from $4 to $12 per pound. “Consumers vote with their pocketbook, and so far, they’ve definitely said we want more.”
Blach wrapped up with a warning: higher prices could eventually hurt demand. “That’s always the hardest thing,” he said. But so far, the industry has managed supply by using imports to blend with domestic trim. “That’s been a win for our industry,” he said, especially in keeping ground beef values strong during tight supplies. He emphasized the importance of staying proactive to keep consumers engaged and protect long-term demand.
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