The mid-year Cattle inventory report from NASS continues to reflect the difficulty U.S. producers face when trying to expand beef operations. While the total cattle inventory was higher compared to July 1, 2025, the number of beef cows was lower and not offset by the small, absolute level of beef replacement heifers. More milk cows and slower turnover levels by feedlots were responsible for the overall inventory increase. The continued smaller calf crops keep sending price signals to cow-calf producers that expansion is warranted. Conversations and questions have centered on how long the cattle cycle will extend and what it will mean for cow and replacement heifer values.
At the national level, the price for cutter cows has been higher than year ago levels throughout the first half of 2026 (see Figure 1). There is often strong seasonality in cull cow prices, with summer highs and winter lows. Cull cow prices have been harder to follow since the Agricultural Marketing Service (AMS) stopped reporting local cow prices in late 2024. Our students have been collecting cull cow prices from Sioux Falls Regional Livestock (SFRL) to maintain a local look at prices. The monthly average of bla...