Statistics Canada has released its latest livestock inventory.

The latest inventory numbers show Canadian producers once again reported 3.8 million head of beef cows for January 1, 2017. The same number we’ve seen the last 7 years.

Canadian cattle prices continued to decline in 2016 from the peak levels seen in 2015, however prices remained above the previous five-year average.

Anne Wasko, a market analyst with Gateway Livestock and Cattle Trends, says with all the beef in the system, she’s expecting a drop in the price of beef at the grocery store.

"I think that will be one of the key storylines this year, is that each month as we get the data in, we are seeing more featuring at the counter, more interest as far as retail featuring, more sales and as a result we're getting more business."

She notes trade was huge for the beef sector last year, with a 12% increase from the year before, marking the best year for trade since 2010.