As a cow-calf producer, Calaveras County rancher Michael David Fischer is bucking a national trend that has kept the U.S. cattle supply tight and the price of beef at near-record profit levels.

While other cattle ranchers are selling their animals while the market is red-hot, he’s holding on to more heifers for breeding, so he can rebuild his herd after California’s multiyear drought several years ago forced him to reduce his numbers.

“I saved more replacements than I have in the past because I’m trying to get back to where I was,” David Fischer said. “I’ve got to look ahead and not take the big check this year.”

Despite some ranchers trying to grow their herds, the nation’s cattle inventory—totaling 94.2 million head as of July 1—remains historically low and continues to shrink, accord

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