American Meat Prices Are Heading Up For A Decade

America's historic drought last summer has shifted meat prices upward through at least 2022, according to a new USDA report (via Jim Lane's Biofuels Digest).

The drought wiped out lots of corn acreage, and by proxy increased feed costs. As a result:

During the initial years of the projection period, prices in the livestock sector reflect reductions in total meat and poultry production in recent years...Over the rest of the projection period, higher net returns and improved forage supplies lead to expansion of meat and poultry production.

Here's the chart of the USDA's projections: