"You can't withstand that kind of drought and not have that kind of impact with regard to commodity prices," Ford said. "A lot of the farmers in the mid-west could not feed their cattle, so they sent a lot of their female cows to slaughter."
That move initially lowered beef prices, but Ford says it also inevitably caused the recent spike in prices.
"The bottom line now is you have less female cows," he said. "So there's less cows entering the market."
Ford says it could take up to eighteen months for the female cow population to return to normal levels.
If consumers shift their preference to other meats or other foods, Ford says that prices for those other foods could also increase do to an unexpected rise in demand.
"I believe pork will go up as well," he continued. "You may see higher prices for corn and soybeans too because the feed is higher, commodity prices will drive that price up as well."