After years of shrinking cattle numbers, the latest U.S. Department of Agriculture reports offer an early sign that the U.S. beef herd may finally be stabilizing. The USDA’s July Cattle Inventory and July Cattle on Feed reports, released last week, provide what American Farm Bureau Federation economist Bernt Nelson called “a good snapshot of the current U.S. cattle industry.” “The inventory of all cattle and calves in the United States totaled 94.2 million head on July 1st of this year. Still, the report showed the U.S. beef cow herd fell to a record-low 28.5 million head, while the 2026 calf crop is projected at just 32.5 million head — the ninth consecutive annual decline. Feeder cattle supplies are expected to remain historically tight through at least 2027 despite the reopening, as lower calf numbers continue to work through the production pipeline.