Record production costs, the smallest national herd in half a century, increased demand from China and Japan — whatever the reason, the price of US beef has skyrocketed to its highest level in almost three decades. February’s $5.28 per-pound price is the highest since 1987, and it is expected to remain elevated for several months. The spike comes amid growing demand for beef exports to Asia, and it worsens the financial risks for some US ranchers who are struggling to recover from record drought.