• Total cattle inventory continued its downward trend, falling 2% from last year. Beef cow inventories also declined 2%, indicating the contraction period of the cattle cycle is not yet over.
  • Almost all notable categories of cattle inventories were down. One exception was cattle on feed, which was up 2%.
  • Iowa was reported to contain 4% of all US cattle, 3% of US beef cows, and 8% of US cattle on feed.
  • Beef cow and heifer slaughter have not showed obvious signs of slowing, indicating the US herd is not likely to start growing in the immediate future.
  • Despite consistent higher cattle prices, US producers have not yet responded with a larger US herd.
  • The continuation of US herd contraction should offer support to cattle prices moving forward.

Cattle Herd

The inventory of all cattle and calves in the U.S. on...