US beef production is actually slightly higher than 30 years ago. What has fallen is the cattle headcount (now the smallest since 1951) but heavier animals have kept total output up. The recent herd shrinkage owes more to drought economics and the normal boom and bust cycle of ranching than to cattle becoming unraisable.

Right, exactly that was what I meant. Thanks for clarifying. I remember being surprised by this when I heard it on NPR a few weeks ago.