With more consumers turning to less expensive cuts of meat, like ground beef, the price of premium cuts has dropped to a very low level. This is good news for restaurants who can sell the top notch beef at a lower cost.

To compensate for the reduced demands of meat, the industry is producing less and letting the cattle pasture longer. Since the cattle are going to market at an older age, there are more premium cuts of beef: mature cows have better marbling.

However, consumers and chefs shouldn't wait to take advantage of the cheaper beef, the low prices might be short lived:

Beef prices will likely rise more in the late spring and summer, when demand goes up starting with Mother's Day and continuing through summer because of grill-heavy holidays such as Memorial Day, Father’s Day, Independence Day and Labor Day.

While I've been more inclined to buy cheaper meat these days, it's good to know that the price of something is dropping, and perhaps, the next time I'm out, I will opt for steak. How about you? Have you changed your meat habits?