Tight U.S. cattle supplies, with the national herd at a 75-year low, continue to anchor elevated ground beef prices as 2026 progresses. Domestic beef production is forecast to decline further, with cow slaughter remaining constrained and lean trimmings increasingly supplemented by higher-cost imports. USDA projections point to a 10% average price increase for the year, building on March 2026 ground beef levels near $6.70 per pound and retail composite prices approaching $9.50. Strong consumer demand, resilient through prior inflation, supports these levels while seasonal grilling demand and potential tariff impacts on imports add near-term volatility. Herd rebuilding remains gradual, limiting relief until at least 2027–2028.