Livestock Marketing Information Center
In The Cattle Markets
Updated: 5/19/2025
Early Tariff Impacts on Beef Exports
It’s been about six weeks since U.S. tariffs and retaliatory tariffs were announced, impacting beef. One of the reasons the beef trade market is so interesting is that the U.S. imports and exports beef. The mix of products varies by country, including muscle cuts, trimmings, variety meats, and hides. Even though tariff levels continue to fluctuate, enough time has passed to begin to see some impacts on beef exports to one market in particular – China.
Livestock Monitor
Updated: 5/9/2025
CATTLE PRICES CONTINUE TO CLIMB
Fed cattle prices continued to move higher over the last four consecutive weeks. Last week’s fed steer price (5-Area weighted average) was $220.97 per cwt, a record at +19% ($35.23 per cwt) above the same week a year ago. The fed steer price started the year at $198.93 per cwt, which marks an +11% ($22.04 per cwt) increase in just over four months. Since the start of the year, the fed steer price has been below $200 per cwt just three times: the first week of the year ($198.93), the last week of February ($199.64), and the first week of March ($197.65).
FIRST QUARTER TRADE UPDATE
The USDA-Economic Research Service (ERS) reported meat trade on Wednesday, capping off the first quarter (Q1) of 2025. In the report, imports of beef shot up +24% to 1.5 billion pounds against Q1 2024. Year-over-year changes were driven predominantly by gains out of Brazil (+44%), Australia (+32%), and Uruguay (+43%) to 366, 298, and 101 million pounds, respectively; imports of Canadian beef declined -8% to 255 million pounds. Beef exports continue to decline in 2025 with year-over-year losses at -3% to 713 million pounds. In the mix, shipments to Japan, Mexico, and South Korea drove the decline, falling
-4%, -10%, and -1%, respectively, to 160, 78, and 158 million pounds.
CHICKEN MARKET UPDATE
Chicken markets during the first three months of the year experienced a +1% increase in production from a year earlier, and wholesale prices were significantly higher for some products. Wholesale breast meat prices during the first quarter were +40% higher than a year earlier, and leg quarters prices were up +16%. The exception was wings as prices were down -9%. Whole bird wholesale prices were +4% higher than a year ago.
Livestock Monitor (pdf)