(FOX BUSINESS) – U.S. cattle producers are sending higher numbers of breeding stock to the sale barn, and some are liquidating their herds entirely, signaling a trend that analysts say will likely push already-elevated beef prices even higher in the not-too-distant future.

The latest cattle report from the U.S. Department of Agriculture shows the market has contracted to levels not seen in years, with total inventory dropping 2% to 98.8 million head since July 2021.