The cattle inventory was 86.2 million head on January 1, 2026, which continued a long-standing downward trend.
Despite a year of strong prices, the USDA Cattle Inventory Report showed the overall U.S. cattle herd shrank by another 0.35 percent, and it’s now at the smallest level in 75 years.
The beef cow herd total was 27.6 million head, down by one percent. The 2025 calf crop was 32.9 million head, the smallest total since 1941. Beef replacement heifers rose one percent to 4.71 million head. All cattle on feed totaled 13.8 million head, a three percent reduction from 2025. The number of milk cows in the U.S. increased to 9.57 million.
Dr. Derrell Peel, a livestock market analyst for Oklahoma State University, said the market is likely still trying to find a bottom. “We’re probably stabilizing, but it’s a very slow process,” Peel said. “We’re likely not going to rebuild very fast.”
