By Tom Polansek
Reuters
CHICAGO - The U.S. cattle herd dwindled to its smallest size since 1951, the U.S. Department of Agriculture said on Friday, signaling that beef prices will stay high for consumers after setting records last year.
The nation had 86.2 million cattle and calves as of Jan. 1, the USDA said in a biannual report, after a persistent drought drove ranchers to slash their herds. That was down 0.4% from a year earlier, when the herd also hit its lowest level since 1951.