Livestock Marketing Information Center

Through the first eight months of the year, beef exports continue to track below year-ago levels while beef imports are higher. From January through August, total beef imports are up more than 546 million pounds (+14%) from the same period last year to nearly 4.4 billion pounds. Year-to-date through August, 81% of total beef imports have been supplied by five countries: Australia, Brazil, Canada, Mexico, and New Zealand. Beef imports are up from each of these countries through August with Australia leading the way at 985 million pounds shipped (+18%), Brazil at 877 million pounds (+2%), Canada at 656 million pounds (+2%), Mexico at 539 million pounds (+26%), and New Zealand at 478 million pounds (+9%). Beef exports through the first eight months of the year are down 228 million pounds (-13%) to nearly 1.6 million pounds. Lower exports through August have been reported for South Korea (-10%), Japan (-17%), Mexico (-13%), Canada (-15%), and China (84%) to 400, 362, 176, 136, and 24 million pounds, respectively. Year-to-date through August, beef exports are higher to Taiwan (+7%), Hong Kong (+49%) and Vietnam (+7%) to 122, 98, and 12 million pounds, respectively.

FEEDER CATTLE PRICE UPDATE

Feeder cattle prices continue to be a topic of interest as the third quarter ends. Looking back at the first and second quarters, prices held strong, far outpacing 2025 regional averages. As the third quarter progressed, feeder cattle prices across the nation signaled bearish trends, unlike what was seen in 2025. Although still strong relative to the 2020-2024 average, these prices show fundamental changes to the supply and demand picture. Some changes are associated with seasonality with the end of the grilling season and the spring calf crop entering the market. However, numerous other factors continue to suppress prices that the market must observe and adjust accordingly. Typically, seasonal patterns will see a rally in prices towards the fourth quarter. 

COW SLAUGHTER SPLITS: BEEF DOWN, DAIRY UP

Total cow slaughter continues to track below year-ago levels. In August, federally inspected cow slaughter totaled 365,400 head, down about 17,000 head (-4.5%) from last year. Cow slaughter is comprised of both beef cow slaughter and dairy cow slaughter, and the decline in cow slaughter is being driven by lower beef cow slaughter. In August, beef cow slaughter totaled 144,300 head, down about 21,000 head (-13%) from last year and well below the five-year average of 277,000 head. Dairy cow slaughter totaled 221,100 head in August, an increase of about 4,000 head (+2%) from last year but below the five-year average of just under 252,000 head. The year-over-year rise in dairy cow slaughter in August is due largely to the largest dairy herd on record at just over 9.7 million head. In August, dairy cows accounted for about 60% of cow slaughter, up from 57% last year and 51% two years ago.

Livestock Monitor (pdf)