Cattle numbers are definitely down, but monopolization of ranching has been carrying on at a pretty good clip as well. I think it's a safe bet that the new point of equilibrium they find will still be more expensive, even inflation adjusted. There's a similar trend across most agribusiness that I've seen, especially with farms going out of business in droves because of the pandemic.

Cattle numbers are also down because of Trump btw. Long term effect from his 1st presidency + his current policies helped the screw worm flies get through Panama.