**Tight U.S. cattle supplies, with the national herd at a 75-year low, continue to support elevated ground beef prices near record levels of $6.89–$7.16 per pound as of mid-to-late 2026.** Persistent drought, elevated feed and input costs, and localized screwworm disruptions have limited herd rebuilding despite record cattle prices and improving heifer retention signals in some reports. Domestic beef production is projected lower year-over-year, while strong consumer demand has kept retail prices firm even as lean-trimming imports rose. Recent tariff reductions on up to 300,000 metric tons of imported beef aim to ease ground-beef costs, but August 2026 BLS data showed prices still edging higher. Traders are watching upcoming cattle inventory reports, seasonal demand shifts, and any further policy measures for signs of supply relief, with meaningful price declines unlikely before 2028 under current dynamics.