An article in Reuters yesterday has shown that U.S. cattle prices have reached an all time high due to a recent drought.
Cattle supplies have hit a low point because of a drought that has hit the south-western United States. As a result, many younger cattle have been forced into feedlots rather than being left in their pastures. This lack of cattle has driven prices up, even despite the United States' current economic problems.
Beef prices have naturally increased greatly due to this turn of events. These increased prices will no doubt have an impact on Canadian meat prices as well, as Canada and the U.S. share a lot in the cattle trade.
We can only wait to see if the coming months bring the needed rains again to the region. Until then, you might want to skip your burgers for a while.