Tight cattle supplies, at their lowest level in 75 years amid persistent drought and limited herd expansion, continue to underpin elevated ground beef prices near $6.90 per pound as of April 2026, up sharply from prior years. USDA forecasts project a 10.1% rise in overall beef prices for the year, driven by a 1-2% decline in domestic production to around 25.5 billion pounds and reliance on higher lean-trim imports to meet ground beef demand. Robust consumer demand has held despite affordability pressures, with retail composite prices approaching $10 per pound, while seasonal grilling demand and potential feed cost volatility add near-term support. Markets price in probabilities of further gains through year-end before any cyclical moderation, reflecting the multi-year supply constraints and stable macroeconomic backdrop for protein consumption.