The Drought Could Substantially Inflate the Price of Steaks

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Not a prime situation.

Steak is already a splurge, but now, thanks to the damn Midwest drought and the rising cost of corn, the prices of prime beef could dry up our wallets too. Here's why: The main ingredient in feeding livestock is corn, and now, the corn is scorched. Thus, ranchers are skimping on extra feedings, and “they are slaughtering the cattle before they achieve the size and the marbling,” says Amy Rubenstein, of Peter Luger. This means less well-fed steer and less high-end selection. The carnivore's dilemma indeed. [Bloomberg]