USDA’s Cattle Report shows milk cow inventories on January 1, 2019, down 0.8 percent to 9.35 million head. Replacement heifer inventories fell 1.4 percent to 4.7 million head. This marks the third straight year that dairy heifer inventories fell, with the numbers falling 3.6 percent since they peak in 2016. Dairy cow slaughter reached a 32-year high in 2018. Read MoreLog in or Register to save this content for later.