Tight U.S. cattle supplies, with the national herd at its smallest level in 75 years after prolonged drought and elevated feed costs, continue to support record ground beef prices near $6.88 per pound in July 2026. Strong consumer demand for protein amid a resilient economy has sustained retail values, while rising imports of lean trimmings—up sharply year-over-year—help balance fat-to-lean ratios but have not eased overall upward pressure. USDA forecasts indicate modest further gains or stabilization through year-end, with live cattle prices near $251 per cwt, though gradual herd rebuilding and potential demand moderation could cap volatility. Key near-term catalysts include weather impacts on feed costs, seasonal grilling demand, and trade flows.