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Rising Retail Beef Prices

There's nothing quite like a good steak or beef roast, except for a cheap steak or beef roast. However lower prices for beef is not likely to be in the cards for 2008, according to USDA livestock economist Shayle Shagam, higher prices should be expected.

"Right now we are looking at the retail value of choice beef as measured by USDA at about $4.16, which is up from October about two cents and up about 20 cents from a year ago reflecting the tight supplies," Shagam says.

With the exception of a surge in supply during the early summer, overall beef supplies are going to be even smaller in 2008. Shagam says production will be about 1.3% lower in 2008, meaning continued higher beef prices.