Barbecue season is heating up, with American beef prices soaring to a record high.

On April 14th, the price of American beef reached its historic peak, which is bad news for shoppers planning summer outdoor barbecues. According to FactSet data, live cattle futures traded on the Chicago Mercantile Exchange closed at $2.51 per pound that day, the highest price recorded since the 1960s. Each futures contract represents 40,000 pounds of live cattle, typically equivalent to about 30-35 fed and finished beef cattle ready for slaughter.