Barron's Streetwise Where's the Beef?
Feb 13, 2026
A reporter investigates why steak prices are surging while the U.S. cattle herd is the smallest in 75 years. Visits to Texas ranches reveal drought, land pressures, heifer retention and auction dynamics. Auction scenes show who profits and how feedlot and packing economics shape prices. Livestock theft and screwworm/import limits add unexpected twists.
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Packers Aren't Driving Profits Now
- Packers control over 80% of beef processing but aren't clearly profiting now.
- Analysts note packers run below capacity and report losses, so they're unlikely primary drivers of current retail prices.
Auctions Set The Market
- Feedlots and packers follow prices set earlier in the chain at auctions.
- That makes cow-calf ranchers the key decision-makers about overall cattle supply.
Inside A Fast Texas Cattle Auction
- Tim Niedekin led the narrator through a fast-paced cattle auction where buyers bid without knowing weights.
- Buyers prefer that format because it rewards experienced eyes and quick decisions.