Not many ranchers active today will remember the last time the U.S. cattle industry was this small. On January 1, 2024, the All Cattle and Calves inventory was 87.15 million head, the smallest total inventory since 1951. The All Cattle and Calves inventory is 1.9% smaller year over year and is the fifth consecutive year of declining cattle inventories, a total decrease of 7.65 million head or 8.1% since the most recent peak in 2019. The 2023 calf crop was 33.6 million head, down 2.5% year over year and the smallest calf crop since 2014.
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