A beef shortage could push the price of beef down $100 per pound
Beef shortage could prompt the price to drop by up to $100 a pound, the Food and Drug Administration said.
The agency said Thursday it has begun to review the potential effects of the crisis on the global market for beef, which is expected to hit a record high of $1,150 a pound in the next year.
The price of some beef products, including meat and poultry, will be lower in the coming months, according to the agency.
The food agency said it has not yet determined how much higher prices might be.
The government began a review of the beef supply chain after the USDA announced that the supply chain would be disrupted by the severe drought and other events that were affecting the livestock industry.
The beef shortage and the drought have been exacerbated by global warming, which has caused a drop in crop yields, according a report from the U.N. Food and Agriculture Organization.
The report also noted that beef prices in China have soared, and that prices are expected to remain elevated until 2020.