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U.S. cattle inventory continues to contract with minimal expansion signs
The U.S. cattle herd continued to contract over the past year.
The USDA says the domestic cattle inventory on January 1st, 2026, was 86.155 million head, a little bit below January 1st, 2025.
Only a couple of the major inventory categories saw any kind of growth, and the 2025 calf crop was 2% smaller than 2024.
One of the exceptions was beef replacement heifers, which were up 1% on the year and could be a sign of some eventual herd expansion.
At least over the near-term, cattle supplies will remain historically tight, likely supporting cash, wholesale, and futures prices.
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