Livestock Monitor – 10/9/2026

TRADE UPDATE: BEEF IMPORTS HIGHER

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.

Pork exports totaled more than 4.6 billion pounds through the first eight months of the year, up 66 million pounds (+1%) from the same period last year. Mexico remains the key destination for U.S. pork exports with nearly 1.8 billion pounds shipped through August, which is a marginal increase of 3 million pounds (+0.2%) from the same period last year. Pork exports to Japan have risen 90 million pounds (+14%) to 749 million pounds through the first eight months of the year. Year-to-date through August, shipments to Canada totaled 307 million pounds, up 14 million pounds (+5%). Lower pork exports have been reported through August to South Korea by 41 million pounds (-9%) totaling 423 million pounds and China, which is down just over 1 million pounds (-1%) to 244 million pounds.

Lamb imports totaled nearly 208 million pounds through the first eight months of the year, up 9 million pounds (+5%) from the same period last year. Lamb imports from Australia increased more than 6 million pounds (+4%) through August totaling 154 million pounds. Shipments from New Zealand totaled nearly 52 million pounds through August, up 3 million pounds (+6%). Broiler exports totaled more than 4 billion pounds from January through August, up 35 million pounds (+1%) from the same period last year. Year-to-date through August, turkey exports increased 32 million pounds (+12%) to 294 million pounds.

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. 

Regionally, steer calf prices (400-500 pounds) remain at or below 2025 average prices as October starts. South Dakota reported prices of $520 per cwt last week, down $5 per cwt (-1%) from $525 per cwt for the same week last year. Nebraska reported a price of $523 per cwt last week. This was an increase of $5 per cwt (+1%) compared to the same week last year. The Southern Plains region reported steer calf prices of $444 per cwt last week, down $52 per cwt (-10%) from $483 per cwt for the same week last year.

Weekly prices for 500-600–pound feeder steers have been tracking below year-ago levels across most regions. South Dakota reported a price of $455 per cwt last week, which was down $3 per cwt (-1%) compared to the price for the same week last year of $458 per cwt. Last week Nebraska’s reported price of $463 per cwt was down $12 per cwt (-2%) from the price for the same period last year of $474 per cwt. The Southern Plains Region reported an average of $414 per cwt last week, down $23 per cwt (-5%) from the price for the same week last year of $437 per cwt.

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.

With cow slaughter trending below year-ago levels, the Southern Plains slaughter cow price (85-90% lean) has also moderated lower in recent weeks. The slaughter cow price peaked at about $187 per cwt in mid-May and declined to last week’s price of $149 per cwt, a drop of about $39 per cwt
(-21%) over the period. Current prices are now below last year’s price levels for the same period. Based on historical trends, some seasonal softening would be expected in the second half of the year, but at this time last year, prices moved slightly higher, rising from about $153 per cwt in late September to about $170 per cwt in late November, an increase of $17 per cwt (+11%). Now that the Labor Day holiday has passed with the unofficial end of the summer grilling season, the seasonal change in beef demand could be an influencing factor pressuring slaughter cow prices lower in upcoming weeks.