Economists at ArrowStream reported this week in the Maloni Report on the first annual decline in beef supplies since 2014.

"The January 1, 2020 U.S. cattle and calf herd was 0.4 percent smaller than prior year according to the USDA. The Jan. 1 beef cow (1.2 percent), beef replacement heifer (1.9 percent, think beef cows in waiting), and 2019 calf crop (0.7 percent) were all smaller than prior year as well, which is not bullish news for beef production during the next few years. However, it does not mean we are in a notable liquidation phase either. Beef output growth may be minimal the next few years."