Cattle outlook 2026: Is this the year when the herd size finally expands?

Tight supply pushed up cattle prices to record highs in 2025, and despite recent corrections, the market remains historically strong. Strong prices, abundant feed supplies, and falling feed costs are all boosting optimism in the industry. Yet, the question most often asked is, how long will cattle prices stay elevated and when will rebuilding of the herd occur? In this outlook, we examine where we are in the current cattle cycle, an important indicator of how long high prices might last and share our price projections along with what the sector can expect in 2026 and beyond.

The cattle cycle: herd expansion and contraction and relationship to prices

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