Is The National Beef Checkoff Working

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EPISODE 37 DETAILS NEW INDEPENDENT STUDY FINDS EACH NATIONAL BEEF CHECKOFF DOLLAR RETURNS $13.41 TO PRODUCERS & IMPORTERS Checkoff Dollars Return $13.41 To Producers

A recent economic analysis of the national Beef Checkoff program found that each dollar invested in its demand-driving activities for the most recent five-year period (2019–2023) positively impacted domestic beef demand and U.S. beef exports, creating a total financial benefit of $13.41 for the producers and importers who pay into the program.

Beef’s Checkoff Dollars Return On Investment (ROI)

In addition to calculating a ROI of $13.41, the ROI analysis enabled the study to simulate market conditions for beef demand in the absence of national Beef Checkoff investments. For the most recent five-year period, 2019-2023, had there not been any investments in national Beef Checkoff demand-driving activities:

• Total domestic beef demand would have been 2.4 billion pounds (8.5%) lower per year than actual results.
• The steer price would have been 7.8% lower per year than actual results.
• U.S. export beef demand would have been 372 million pounds (11.5%) lower than actual results in the seven major importing countries included in the study.

PRICES FOR MEAT, FOOD HIT BY INFLATION Summer BBQ Season Hit By Food Inflation

Inflation is leading American consumers to look for ways to save money on meat and other ingredients that make up the traditional summer BBQ, yet they are still willing to pay for an experience that leads to good memories for their families, according to experts from Rabobank.

Food Inflation Over The Past 5 Years

In the past five years, there has been an increase in prices due to agricultural industry effects from severe drought, higher restaurant overhead and wages, rising interest rates, geopolitical crises, and higher inflation throughout the supply chain. This has led to a food cost increase of 27% from 2019 to the end of 2023. Adding another 2.4% for 2024 leads to 32% inflation during the past five years. The food cost increase over the past five years led to 32% inflation.

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REFERENCES

https://www.beefboard.org/2024/07/09/new-independent-study-finds-each-national-beef-checkoff-dollar-returns-13-41/

https://www.dtnpf.com/agriculture/web/ag/livestock/article/2024/07/01/bbq-ingredient-prices-cost-consumers