July US Cattle Herd near 50 year Low – 07/21/2023

USDA reported the July 1, 2023 US cattle inventory at 95.8 million head, down 3% from a year ago and the second fewest in the last 50 years. The ratio of July/December US beef production to inventory  is displayed in the accompanying chart with 2023 based USDA projected data. Note that USDA expects a decline in beef production relative to the cattle inventory. Holding back heifers & cows to rebuild the US cattle herd is expected to be a major force in determining beef production & supporting  finished cattle and carcass beef price levels over the next six months.