A midyear inventory of cattle showed that...

A midyear inventory of cattle showed that 107.9 million head were on the nation’s farms and ranches as of July 1, down 1% from 109.5 million a year earlier and 4% fewer than the 112.2 million of two years ago, the Agriculture Department reported. The department’s Agricultural Statistics Board said it was the lowest July 1 count since USDA began midyear cattle records in 1973. Nevertheless, many commodity market experts had expected a deeper decline of about 2% from a year ago. Although the drought has forced some producers to thin out herds because of poor forage supplies and high feed costs, the cattle herd has been shrinking for six years.