Livestock Marketing Information Center
In The Cattle Markets
Updated: 8/31/2026
Fundamental Price Impacts of Announced Tariff Waiver on Ground Beef
The cattle markets have been an eventful topic over the past month or so. The list of market-moving news includes slaughter and processing plant closures, the border reopening to Mexican cattle, a tight Cattle on Feed report, and an announced tariff waiver for ground beef imports.
Livestock Monitor
Updated: 9/11/2026
FEEDER CATTLE PRICES AND COW-CALF RETURNS
Feeder cattle prices in the Southern Plains region continue to track lower which is weighing on cow-calf returns. The Southern Plains steer calf price (500-600 lbs.) dipped below $400 per cwt the last two weeks to $397 per cwt. Last week’s price was down $116 per cwt (-23%) from the high for the year of $512 per cwt late February. The Southern Plains feeder cattle price (700-800 lbs.) was $343 per cwt last week, down $51 per cwt (-13%) from this year’s peak value of $395 per cwt in early April. The last time steer calf and feeder steer prices were this low was last year around late June and early July. The softer prices are weighing on cow-calf returns.
RANGE AND PASTURE CONDITIONS CONTINUE TO DECLINE IN EARLY SEPTEMBER
The first week in September continued to register worsening pasture conditions in key cattle production regions. Average high temperatures were 10-15 degrees above normal from the central and southern Plains to the central corn belt. The U.S. Drought Monitor for September 1 showed exceptional drought from the Texas Panhandle into Central Oklahoma. Pastures in the Southern Plains (Texas and Oklahoma) rated very poor increased from 25% to 32% in the first week of September. Pastures rated poor or very poor in this region account for close to two-thirds of all pastures, the highest percentage since October 2022 and the highest September percentage since 2012.
BEEF IMPORTS TRACK HIGHER
The Beef imports continue to track well above a year ago totaling more than 3.8 billion pounds through seven months of the year, up 439 million pounds (+13%) from the same period last year. Brazil was the leading supplier of beef to the U.S. through the first six months of the year but fell to second place behind Australia. January to July, beef imports from Australia totaled 835 million pounds, up 116 million pounds (+16%) from last year. Year-to-date through July, imports from Brazil totaled 798 million pounds, down 12 million pounds (-1%) from last year. Imports from Canada increased 4 million pounds (+1%) through July totaling 559 million pounds. Through July, imports from Mexico totaled 469 million pounds, up 102 million pounds (28%) from last year and likely a reflection of a growing cattle feeding sector in Mexico. Imports from New Zealand totaled 435 million pounds through July, up 37 million pounds (+9%). Australia, Brazil, Canada, Mexico, and New Zealand accounted for 81% of total beef imports through the first seven months of the year.
