Beef Herd at Lowest Level Since 1970s Due to Drought and Costs, Despite Strong Demand

America's beef cattle inventory is at its lowest level since the 1970s, down 2% from last year due to drought and high costs
Ranchers like Hampton Cornelius have had to withstand years of drought, inflation, and high input prices
The drought has driven up feed prices for farmers and led some to reduce their herd sizes
Texas, Nebraska, Kansas, California, and Oklahoma - top beef producers - have faced persistent drought
Demand for beef has remained strong since COVID, with prices climbing to $5 per pound on average last year