As of Jan. 1, all cattle and calves in the U.S. totaled 94.413 million head, slightly below the 94.804 million head reported for Jan. 1, 2019. This marks the first year-over-year January decline in cattle numbers since 2014, the beginning of the current cattle cycle. From 2014 to 2020 the herd grew by more than 6.5 million head, an increase of approximately 7.4%. Higher prices in previous years largely drove the expansion of the herd. However, as these prices have come back down, the expansion of the herd has appeared to level off. Moving forward, some in the industry are calling for a more moderated herd decline in the next phase of this cycle than has been seen in previous cycles.