The USDA says the domestic cattle inventory on July 1st was up slightly on the year. The calf crop for the first half of the year does indicate herd contraction is starting for some producers, down 1% from last year at 26.1 million head, with the USDA also anticipating a modestly lower than a year ago birth rate during the second half of 2020 at 9.7 million head. A year ago, the January to June calf crop was 26.35 million head, while the July through December crop was 9.710 million head.

…