In today’s Beef Buzz, senior farm and ranch broadcaster Ron Hays speaks with Don Close of Terrain at CattleCon26 about the latest cattle inventory report and what it signals for the cattle cycle ahead. Close says the biggest takeaway is that the industry is nearing a turning point, noting, “We have signs that the market is in a transitionary phase, and we’re finally starting to look at that expansion. It just hasn’t gotten underway yet.”

Close explains that hesitation to expand has largely been financial. High replacement female prices and the need to repair balance sheets slowed decision-making, especially after years of limited investment. As he puts it, “2024 was spent in the cow-calf space simply trying to restore their balance sheet,” while 2025 saw producers catching up on capital expenditures. With those hurdles mostly behind them, Close believes “2026 is finally the okay… now we can think about expanding.”

A key factor supporting that outlook is beef demand, which Close describes as exceptionally strong. “Demand has been nothing short of amazing,” he says, adding that consumers continue to show a willingness to pay for beef, with “nothing showing up yet that says they’re softening.” He credits long-term industry efforts to improve consistency and eating quality as a major reason beef remains competitive despite higher prices.

Close also points to emerging demand drivers, particularly increased protein consumption tied to GLP-1 weight-loss drugs. He notes, “As many as 15% of the U.S. adult population has been on those drugs,” and explains that users often increase protein intake to preserve muscle mass. Importantly, “they’re not making two separate diets for that household,” which means higher protein consumption tends to lift demand across entire families — a development Close calls “a very pleasant unexpected consequence.”

Looking ahead to herd rebuilding, Close believes expansion is likely but uneven. Weather uncertainty remains a concern in drought-prone regions, and he also expects some added pressure from older cows being retained longer. “We could actually see a slight increase in slaughter cow slaughter in 2026,” he says, which would increase the need for heifer retention. Still, Close is optimistic about the long-term outlook, emphasizing that continued gains in cow and bull genetics should support “a better eating experience” and higher-quality beef as the next expansion cycle takes shape.

Coverage of CattleCon 2026 is powered by Farm Data Services of Stillwater, Oklahoma.

The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Ag Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR for today’s show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.

The post Don Close Sees Cattle Market Nearing Expansion Phase first appeared on Oklahoma Farm Report.