According to the U.S. Department of Agriculture’s latest cattle inventory report, during the contraction over the past 17 years, producers have proven less responsive to higher prices than expected. Even during favorable years, cow-calf operators did not keep back heifers or reduce culling rates. Higher feed and overall operational costs and drought have impacted longer-tern decision making and issues with access to capital have influenced the decline of cow numbers. Apparently even though prices have been high, they are not high enough to foster growth.