In January, the USDA reported the U.S. beef cow herd stood at 31.2 million, up 3.5 percent from 2016. While these results were widely reported and published, the purpose of this article is to step back and consider the recent trends in the U.S. beef cow herd.

The most discussed trends in U.S. agriculture have likely been the declining number of U.S. farmers and ranchers. This trend – combined with ever-growing global demand – has set the wheels into motion for U.S. farming and ranching operations to become larger over time.

In February, the USDA provided the first look at the U.S.’s net farm income in 2017. The highlight of the report – which was widely cited – was the estimate of farm income in 2017, down 9 percent from 2016.

After several years of strong net farm income, the recent decline in commodity prices, slow-to-adjust input expenses and falling net farm income is uncomfortably similar to the conditions producers faced in the 1980s, a period often referred to as the “farm financial crisis.”

As the calendar year comes to a close, it’s a natural time to reflect on the past year.

As the U.S. farm economy slows, much attention has focused on farmland values. The questions of “if” and “how much” farmland values might soften are on everyone’s mind. Earlier this year, the USDA released its annual report on farmland values.

In May, the USDA provided an update on the Conservation Reserve Program (CRP). Media headlines from this announcement were something along the lines of “USDA adds more than 800,000 acres to program.”

Fifty years from now, agricultural history books will likely devote a chapter to the recent run-up in commodity prices and farm income boom. While much attention has focused on corn and soybean production, cow-calf operators also experienced the historical conditions.