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This chart appeared in the ERS Livestock, Dairy, and Poultry Outlook, July 2022.

Annual U.S. retail prices for beef and veal are projected to rise 6% to 7% in 2022 relative to 2021. In May 2022, the farmer’s share of the retail value of beef also increased year over year, but rising input costs, especially for cattle feed, may limit farmers’ ability to benefit from higher cattle prices.

Based on the USDA, Economic Research Service's commodity cost and return estimates, feed expenses are the largest operating cost for cow-calf producers, comprising 75% of these costs in 2021. Prices for beef cattle feed were up 16% in May 2022 relative to May 2021.

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