USDA’s biannual Cattle Inventory report showed the nation’s cattle herd at 87.2 million head, down roughly two percent from last year. This is the lowest herd size in 73 years, and it means that we could be seeing record beef prices in the grocery store soon. American Farm Bureau Federation Economist Bernt Nelson said the low numbers are all due to recent droughts.
Despite the low inventory numbers, Nelson said there is still a high level of cattle on feed.
Nelson added that, while some cattle producers will benefit from higher prices, tighter inventory doesn’t mean good news all around.
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