Summer in the Northern Hemisphere officially begins Wednesday. Americans are already flocking to backyard barbeques and pool parties, drinking Bud Light beer and munching on hamburgers and hotdogs. Those hosting backyard parties should keep tabs on grilling budgets as ground beef prices are set to test record highs as the US beef cow herd is the smallest in half a century.

According to the latest Bureau of Labor Statistics data, ground beef prices increased by 2% to $5.35 per pound — about 10 cents below the peak set in August of $5.45, a record high.

In March, we pointed out, “US Cattle Prices Hit Nine-Year High As National Herd Drops To Half-Century Low.” […]

Read the whole story at www.zerohedge.com