Mid-year cattle inventory lowest in 50+ years

Key Takeaway: The mid-year cattle inventory data, released Friday, showed producers are raising the smallest herd since at least 1971, down 3% from the same date a year earlier.

USDA's National Agricultural Statistics Service reported all cattle and calves in the United States on July 1, 2023, totaled 95.9 million head, 3% below the 98.6 million head on July 1, 2022. The declines were apparent in every category: All cows and heifers that have calved totaled 38.8 million head, 2% below the 39.6 million head on July 1, 2022. Beef cows, at 29.4 million head, were down 3% from a year ago. All heifers 500 pounds and over on July 1 totaled 15.0 million head, 4% below the 15.6 million head on July 1, 2022. Beef replacement heifers, at 4.05 million head, were down 2% from a year ago. Meanwhile, steers 500 pounds and over on July 1, 2023, totaled 13.9 million head, down 3% from July 1, 2022. Calves under 500 pounds on July 1, 2023, totaled 26.3 million head, down 3% from a year earlier. Cattle and calves on feed for the slaughter market in the United States for all feedlots totaled 13.1 million head on July 1, 2023, down 2% from previous year. Cattle on feed in feedlots with capacity of 1,000 or more head accounted for 85.5% of the total cattle on feed on July 1, 2023, up slightly from previous year. The drought-fueled decline promises elevated costs for processors and, ultimately, consumers for years to come.