Calf-to-cow ratio stable, but there are half a million fewer females than in 2024

Between the end of 2024 and the end of 2025, the breeding herd (cows and heifers) declined by 516,000 head (1.8%), mainly driven by the cow category. According to the report, “this behavior was expected, given the level of female slaughter recorded in 2025,” although the decline was smaller than in the previous two years, when it averaged 850,000 head annually. Still, the 21.5 million cows in inventory represent the lowest level in 15 years.