Tight U.S. cattle supplies, with the national herd at a 75-year low of 86.2 million head as of January 2026, continue to underpin elevated ground beef prices amid ongoing herd contraction. Retail prices reached approximately $6.90 per pound in April 2026, up sharply year-over-year, as beef production forecasts for 2026 were trimmed to 25.547 billion pounds on slower slaughter rates. Strong consumer demand, limited lean-trim availability, and higher imports of processing beef have supported values, while USDA projections anticipate further 5-12% gains in beef and veal prices for the year. Slow herd rebuilding, driven by prior drought impacts and elevated input costs, points to sustained supply tightness through mid-2026 before any meaningful expansion.