Short version: Drought reducing feedstock for cattle has led to a shortage of supply while demand remains robust. Due to the generation time of cattle it could take the rest of the decade to rebuild supply of American cattle. Tariffs on foreign beef keep U.S. beef competitive as they rebuild their stock but also consumer prices high and higher interest rates also take a toll.
More here:
Beef Prices Are Near Record Highs. What’s Going On? - NerdWallet
“… U.S. cattle producers export beef to a variety of countries, including China, and those exports are threatened by the ongoing
trade war.
That means beef exports will likely decline because importers in those countries won’t want to pay the steep tax that’s in place.
In the worst-case scenario, beef producers could go out of business without those markets … because producers are exporting beef that isn't in strong demand domestically.
While Americans love burgers, consumers around the world prize high quality steaks or other cuts of beef that don’t have the same appeal here. Cattle producers can export those products and get a higher price than they would if they sold them domestically...”