America’s families might soon see record-high beef prices at the grocery store, thanks to the lowest cattle inventory in more than 70 years. American Farm Bureau Federation economists analyzed the USDA inventory report in the latest Market Intel.
There were 87.2 million cattle and calves in the United States as of Jan. 2, 2024, 2% lower than the same time in 2023. It’s the lowest inventory since 1951. Just four years ago, there were almost 95 million cattle in the U.S.
Farmers have been driven to sell off cattle because of severe drought conditions and the rising cost of supplies needed to support their herds. There are now fewer female cattle available for breeding, which means it will take time to restock the cattle population.
“The latest cattle numbers are a stark reminder of the challenges facing America’s farmers and ranchers,” said AFBF President Zippy Duvall. “Severe weather, high inflation and geopolitical uncertainty are taking a toll on farmers across the country, and families will see the effects in their grocery bills.”