U.S. beef herds hit all-time lows

U.S. beef herds are now at all-time lows, according to CNBC.
That is an important signal for food inflation and agricultural markets.
When cattle supply falls this far, beef prices can stay elevated even if consumer demand softens.
Lower herd sizes also take time to rebuild, which means supply pressure can last longer than a normal commodity cycle.
For beef markets, tight supply remains the core story.