Tight U.S. cattle supplies, with the national herd at a 75-year low and beef cow numbers at their smallest since 1961, continue to drive elevated ground beef prices near record levels of $6.89–$7.16 per pound as of mid-2026. Persistent drought, elevated feed costs, and reduced cow slaughter have tightened lean trim availability, pushing retail averages higher despite resilient consumer demand and increased imports under expanded tariff-rate quotas. Live cattle futures have traded above $250 per hundredweight, reflecting structural scarcity that analysts expect to sustain elevated prices through at least 2027, with herd rebuilding likely delayed until 2028. Key near-term influences include further import volumes, weather impacts on forage, and any shifts in slaughter rates or export flows.