The cattle market may already be at historically high levels, but the underlying structure suggests prices may not have reached their peak yet. Tight supplies continue to support the market, with a year-over-year decline in beef cows and no signs of significant herd rebuilding. While there are early indicators of increased heifer retention, market analysts have noted these moves remain incremental and are unlikely to translate into meaningful supply growth in the near term. Combined with steady beef demand, market conditions continue to provide upward pressure on prices.

While the market still faces potential for short-term volatility driven by political, economic and animal health factors, the broader supply-and-demand picture remains supportive. With herd expansion expected to take years before affecting beef production, the market’s structural constraints could allow for higher price levels ahead, even if the path forward includes periods of correction.

Read more here, including a panel discussion from CattleCon 2026.