Cattle prices are sky-high, inventories are at historic lows, and drought is creeping back into the conversation across the West. So where does the cattle cycle go from here?

Broadcasting from CattleCon in Music City, Lane Nordlund sits down with market analyst Don Close of Terrain to break down the latest USDA Cattle Inventory Report — showing the smallest U.S. cattle herd since 1951 — and what it really means for cow-calf producers.