The July cattle report from USDA largely met analyst expectations, confirming further liquidation in the U.S. beef cow herd.
Beef cow numbers for July 1 came in at 30.35 million head, 2.4% below one year ago and down 6.3% versus the recent July inventory peak in 2018.
Although no two cattle cycles are the same, the inventory reduction that is currently being experienced is quite similar in magnitude to the initial liquidation phase of the previous three cattle cycles.
And if the cycles of the recent past continue to be a…
