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2.5 Billion Pounds of Meat is Piling up in the US as Exports Slow Down

posted by martyb on Thursday July 26 2018, @06:24AM   Printer-friendly
from the It's-a-meat-wave! dept.

An Anonymous Coward writes:

WKBW-TV reports:

Some new numbers are showing that the U.S. has more than 2.5 billion lbs [1.1 million metric tons] of meat in cold storage warehouses, and it's all because Americans aren't eating enough to keep up with supply.

Another reason is that the trade situation is chipping away at global demand.

[...] The U.S. Department of Agriculture projects the industry will produce a record 102.7 billion pounds of meat this year.

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  • (Score: 2) by sjames on Thursday July 26 2018, @09:16PM (2 children)

    by sjames (2882) on Thursday July 26 2018, @09:16PM (#713369) Journal

    That is far from an inelastic market. The very article you point to admits that high prices are certainly a factor. It isn't the ONLY factor, but it is a factor. It is a factor that can be addressed through pricing.

    again, if there is a big surplus of unsold meat, prices should be falling to salvage as much as the industry can from the situation.

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  • (Score: 2) by isostatic on Friday July 27 2018, @02:21PM (1 child)

    by isostatic (365) on Friday July 27 2018, @02:21PM (#713680) Journal

    Article's expected elastitcy figures show

    Beef/Port/Chicken/Turkey at $100, 1000 are bought -- total $100k

    Beef at $109.77, 959 are bought -- total $105k
    Pork at $107.68, 943 are bought -- total $102k
    Chicken at $104.34, 996 are bought -- total $104k
    Turkey at $119.75, 980 are bought -- total $117k

    In all categories a higher price means more income was expected

    Therefore I would expect that a lower price means less income.

    • (Score: 2) by sjames on Friday July 27 2018, @04:40PM

      by sjames (2882) on Friday July 27 2018, @04:40PM (#713742) Journal

      A simple linear approximation of a complex curve with thresholds. It also doesn't account for a use it or lose it situation for a perishable product including disposal cost if you lose it.