NBW FEATURE: USDA Report Reveals Second-Lowest Cattle Inventory, Lowest Beef Cow Inventory, and Third-Lowest Calf Inventory on record
On Friday, July 21st, the United States Department of Agriculture (USDA) released its highly anticipated July Cattle Inventory report, shedding light on significant changes in the cattle industry.
NBW FEATURE: USDA Report Reveals Second-Lowest Cattle Inventory, Lowest Beef Cow Inventory, and Third-Lowest Calf Inventory on record
On Friday, July 21st, the United States Department of Agriculture (USDA) released its highly anticipated July Cattle Inventory report, shedding light on significant changes in the cattle industry. The findings revealed that all cattle and calves in the country on July 1, 2023, totaled 95.9 million head, experiencing a notable 3 percent decrease from the previous year's 98.6 million head.
The most striking revelation from the report is that the 2023 inventory is the second-lowest on record since the USDA began collecting data in 1973. Over the past 49 years, there have been only five instances when the July inventory dipped below 100 million head, including the years 2014, 2023, 2012, 2015, and 2022. With an average inventory of 110.4 million head since 1973, the recent numbers have raised concerns among industry experts.
Of particular concern is the inventory of beef cows, which numbered 29.4 million head, recording a 3 percent decrease from the previous year. This marks the lowest July inventory of beef cows on record since data collection began in 1971. Historically, the average inventory of beef cows in July has been 35.1 million head, making the current numbers a cause for alarm within the cattle industry.
The 2023 calf crop in the United States is projected to reach 33.8 million head, experiencing a 2 percent decline compared to the previous year. During the first half of 2023, an estimated 24.8 million calves were born, reflecting a 2 percent decrease from the same period in 2022. Looking ahead, it is anticipated that an additional 9.00 million calves will be born during the second half of 2023.
The USDA has been recording July inventory data for calves since 1977. Over this period, there have been only three instances when the U.S. calf crop inventory in July dipped below 34 million head, occurring in the years 2014, 2013, and 2023. This year's July inventory marks the third lowest on record, while the average since 1977 has been 38.4 million head. Notably, the highest inventory ever recorded was 45.9 million head in 1977, while the lowest was 33.5 million head in 2014.
The report also highlighted the numbers of heifers and steers, with all heifers weighing 500 pounds and over on July 1, 2023, totaling 15.0 million head, a 4 percent decrease from the previous year. Beef replacement heifers and milk replacement heifers both saw declines of 2 percent and 3 percent, respectively, compared to the figures from the previous year. Other heifers also recorded a 5 percent decrease compared to a year earlier.
As the cattle industry faces challenges in meeting market demands and sustaining production levels, stakeholders must closely monitor these trends and implement strategic measures to ensure the future stability and growth of the industry.
