> What is particularly interesting is the spike in prices of beef. If climate extremes are causing food price shocks one would think that the beef price spike i

> What is particularly interesting is the spike in prices of beef. If climate extremes are causing food price shocks one would think that the beef price spike is caused by feed price shocks. This is specious reasoning because the cost of goods sold for beef involves more than just feed. Labor prices, especially at the low end which meat processors typically pay, have increased. The largest publicly listed beef processors are reporting very low single digit profit margins (as do grocery stores) : https://www.macrotrends.net/stocks/charts/TSN/tyson-foods/profit-margins https://www.macrotrends.net/stocks/charts/TSN/tyson-foods/pr... https://www.macrotrends.net/stocks/charts/JBSAY/jbs-sa/profit-margins https://www.macrotrends.net/stocks/charts/JBSAY/jbs-sa/profi... It is reasonable to assume Cargill and National Beef are in the same boat (since processing beef does not involve some secret technology that would give them a leg up).