Tight U.S. cattle supplies continue to underpin elevated ground beef prices, with the national average reaching a record $6.90 per pound in April 2026 before settling near $6.89 in July, according to Bureau of Labor Statistics data. The beef cow herd stands at multi-decade lows following drought-driven liquidation, limiting production of lean grinding beef and supporting retail levels above $6.70 throughout much of the year. Strong consumer demand has sustained the price surge even as imports of grinding beef rise to record volumes. Herd rebuilding remains gradual, with limited heifer retention so far, while policy measures to expand tariff-free imports from South America could ease near-term pressure but face delays in affecting retail prices. Elevated feed costs and slower slaughter rates through year-end further anchor trader expectations for persistent strength in 2026 benchmarks.