The U.S. beef herd again contracted over the past year, according to the USDA Cattle Inventory report released last week, extending the cattle cycle into its thirteenth year. High prices continue to incentivize producers to sell calves rather than retain them for herd rebuilding. All cattle and calves totaled 86.2 million head in January 2026, down 320,000 head or 0.4% from 86.5 million in 2025, in line with analysts’ estimates. This is, for another year, the smallest cattle herd since 1951. South Dakota reported 3.55 million head, up 50,000 head or 1% from last year. Nebraska reported 6.15 million, up...

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