Antitrust

Record Beef Prices: The Smallest Herd Since 1951, the Packer Probe and the Import Fix

Years of drought-driven herd liquidation reduced the U.S. cattle inventory from 89.3 million head in 2023 to 86.2 million on January 1, 2026, the lowest level since 1951. The May 2025 closure of the Mexican border to live cattle over New World screwworm further constrained feeder-cattle supply, although imports resumed in limited phases at Douglas in August and Santa Teresa in September 2026.