USDA released its much-anticipated Cattle Inventory Report on Friday, Jan. 31. As expected, the report showed All Cattle and Calves were down 2% from last year, making 2014 the lowest January 1 inventory of all cattle and calves since the 82.1 million reported in 1951.

Here are the highlights:

While the beef replacement heifer number, up 2% at 5.5 million, shows a robust desire by cattlemen to begin restocking pastures, last year’s report showed a similar figure. Much of that desire to restock withered along with pastures, and many of those heifers wound up in a feedyard as drought conditions prevailed throughout much of cattle country. Drought conditions heading into 2014 are better than a year ago, but Mother Nature still is the deciding factor, as dry conditions are prevalent in parts of the High Plains and throughout the West and Southwest.

Read the full USDA Cattle Inventory Report.

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