COLUMBIA, MO – Record cattle prices could extend into 2027 before gradual herd rebuilding adds enough supply to pull values lower, according to FAPRI’s latest U.S. agricultural market outlook.
Beef cow numbers are projected at 27.6 million head at the start of both 2026 and 2027 before increasing to 27.8 million in 2028 and nearly 30 million by 2031.
Five-area direct steer prices are forecast at $244.15 per hundredweight in 2026 and a record $247.21 in 2027. Feeder steer prices also peak in 2027 before easing as cattle inventories recover.
Beef production remains tight near 25.1 billion pounds in 2026 and 2027 before increasing more noticeably later in the projection period. Imports remain above 6 billion pounds during the near term as domestic supplies stay limited.
FAPRI describes the cattle-cycle turn as cautious, with tight supplies and resilient beef demand supporting strong producer returns before expansion gradually changes market conditions.
Farm-Level Takeaway: Cattle prices may remain historically strong through 2027, but gradual herd rebuilding eventually increases supply pressure.