Record beef prices hit US amid lowest cattle herd in 70 years, supply issues to persist into 2027

US beef prices have surged due to the smallest cattle herd in over 70 years, driven by drought and higher costs for ranchers. Tyson Foods reported a $138 million loss in its beef segment as supply shortages pushed prices up and sales down. The USDA plans to resume cattle imports from Mexico in late August to help ease supply, but this will not significantly impact 2024 and is expected to improve availability only from 2027 onwards. Consumers face higher prices, and the beef supply shortage is likely to continue for several years.