date:Jul 04, 2012
ed.
The cost of feed for cattle is increasing because it is made primarily of soybeans and corn, said Chris Hurt, agricultural economist at Purdue Univ., and both are in high demand. As more corn is used to produce ethanol and more soybeans are exported to China, prices for both have doubled or tripled.
US steakhouses are also being squeezed by this situation. Beef costs are up 20 percent from last year, said Larry Griggers, chief executive officer of RPM Management, a franchisee arm of Ruth's