Everything I'm about to say is just my opinion and a few things I've learned while listening to others. That being said, if something doesn't happen, and soon, the consumer will have to start making choices, just like Swede said. But, its going to be in the grocery store also.
Historically, grain and beef prices have run in oppisite cycles. For instance, if corn was down the feeders could pay more for the beef. If corn was up they paid less. At the moment both corn and beef are higher than ever. The bad side of this is people can't live without corn.
I am a certified welder and I have literally worked allover this country. Most of my work was in the upper midwest in ag plants, and most of those were some kind of corn processing plant. Unless a person raises corn or works in one of the plants they usually don't know how many products have some sort of corn in them. There are hundreds if not more products that rely on corn for something. Without corn we wouldn't have any meat on the grocery store shelves, or milk, softdrinks, cereal or even extension cords. Most people don't even think about this, but it's a fact.
I spoke with a good friend down in Texas earlier tonight and we were discussing a mutual friend down there who is buying yearlings. This mutual friend was talking to his feedlot man in Kansas and trying to get a feel for the market. The man at the feedlot told him that in the past all of their choice cattle went back east and the New England states for a higher paying customer base. He went on to say all of their number 1 cattle went into higher end cuts for the average consumer. Not anymore! The choice are still going to the high end customers, but the number ones they are selling are now all going in to be ground up for burger. How can this be sustained? With the price of beef and the price of grain, how will the cheapest cut of beef be able to compete with, say, pork or chicken?
Most of the nation is not your typical rancher who has a freezer full of beef and a pantry full of canned and dry goods. Typically, most families shop for their supper that day, not once a month. The reason for this is, they can't afford to. I understand that it is cheaper to go ahead of time and do your shopping at the big box stores and stock up. But, most families can't go and spend several hundred dollars at once, no matter how much they save. After their bills they don't have that much. When they do get in the store and see that a meal of chicken helper(Eww) is cheaper than hamburger helper, what do you think they are going to pick?
I know the rancher hasn't been paid for his labor cost and these prices are a welcome change, but in the worlds food category how big of a part will we continue to play? As a rule, people have come to expect too many luxuries with no thought of the true cost. Along with that, food prices have not kept up with the times. Now all of a sudden grain prices and beef prices have shot up. The consumer isn't going to say,"well, we've been eating cheap for a long time now, and the farmers and ranchers need this". No, they will say,"I just want some burger. What do I care if it comes from Mexico"? The consumer is the end of the line for our beef, and like it or not, they will have the final say. What's the answer to make everyone happy? I don't know.