Drastic price increases in corn and soybeans this year are driving feed costs for livestock growers higher and will ultimately impact the cost of meat at stores and restaurants in 2021, according to studies by the University of Illinois and Purdue University.

After topping out over $6.25 a bushel for December delivery early in May corn, prices declined last week on the Chicago Board of Trade but remained in the $5.40s late in the week. 

“Feeding cost of gain (for cattle) is sensitive to changes in feed conversions, corn prices and alfalfa prices,” said Michael Langemeier, at the Purdue University Center for Commercial Agriculture.