Markets & Management

Based on the January 2026
USDA Cattle Inventory Report, all cows and heifers that have
calved totaled 37.2 million head, down slightly from 37.3 million
head from January 2025. Milk cow numbers reached 9.57 million
head, up 2.0 percent from the prior year and the highest since
1993. However, U.S. milk cow number growth has slowed over
the past couple years as fewer cows leave the herd but replacements
become increasingly more difficult to source.

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