America’s ranchers are facing their smallest cattle herd in 70 years.Years of punishing drought, rising costs and an aging ranching workforce have thinned herds across the country. Ranchers and agricultural economists alike say rebuilding will take years and beef prices aren’t likely to ease anytime soon."The biggest thing has been drought," said Eric Belasco, head of the agricultural economics department at Montana State University.BEEF PRICES ARE CLOSE TO RECORD HIGHS — BUT AMERICANS AREN’T CUTTING BACKHe said years of dry weather have wiped out grasslands across the West and Plains, leaving...

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