Beef prices surge as herd shrinks to 1951 low

After 237 past bullish report events, Milk (Class III) moved a median +0.0% over 5 sessions (51% higher; middle half -0.3% to +0.6%), and +1.2% over 20.

• Nov 3, 2022October FMMO Class III-IV prices rise, gap shrinks | Ag Proud+1.5%
• Jun 1, 2018Milk prices continue to climb higher-1.0%
• Feb 28, 2019Cow numbers drop, milk prices begin to rise-0.8%
• Aug 20, 2024Dairy Demand Comes to Life, Pushes Prices Higher+0.1%
• Sep 14, 2021Declining Milk Production Leads to Higher Prices+0.1%

After 268 past bullish report events, Live Cattle moved a median +0.3% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +1.7% over 20.

• Jul 30, 2022Beef prices set to surge further as farmers sell off cattle herds | Fox Business+0.1%
• Mar 2, 2020High beef prices, low national herd: ABARES | Farm Online | ACT-5.1%
• Aug 9, 2022Shrinking U.S. cattle herd signals more pain from high beef prices+1.8%
• Mar 14, 2025Cattle herd shrinks, prices go higher - High Plains Journal+2.8%
• May 29, 2026Why the U.S. cattle herd is at a 75-year low — and what it means for beef prices : NPR-0.8%