The 40-per cent tariffs were removed by the White House to bring down beef prices and should result in Brazilian beef moving into the U.S. once again. Talk that the U.S. government was considering reopening the U.S./Mexico border to Mexican cattle once again also circulated the market.

The February live cattle contract lost 0.625 cents per pound at 214.775 cents. Feeder cattle were down 2.150 cents in the January contract at 314.225 cents per pound.

The U.S. Department of Agriculture reported wholesale boxed beef prices were slightly firmer, with choice boxes up five cents at $371.28 per hundredweight and select boxes up $0.63 at $354.18/cwt.

The U.S. Department of Agriculture released updated cattle on feed data after the markets closed. Cattle and calves on feed as of Nov. 1, 2025, were down two per cent from the same point a year ago, at 11.7 million head. There were 11. 4 million head on feed as of Oct. 1, 2025.

Placements at feedlots in October came in at 2.04 million head, which was down 10 per cent from the same month a year ago.

Lean hog prices were down 1.950 cents per pound in the February contract at 77.725 cents per pound.

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After the market closed, the U.S. Department of Agriculture reported that the nation’s cattle herd was 94.2 million head as of July 1, a record low for that date.

In a separate report, USDA said that as of July 1, there were two per cent fewer cattle in U.S. feedlots compared to a year earlier. Analysts had expected USDA to show 0.8 per cent fewer cattle, according to a Reuters News poll.

Still, much of the market’s attention early in the trading session was focused on U.S. President Donald Trump’s social media posts, where he said the United States would sell “so much” beef to Australia after Canberra said it would relax import restrictions.

Almost immediately, economists, market analysts, and commodity traders interviewed by Reuters questioned Trump’s assertion.

U.S. beef prices set records this year after ranchers slashed their herds due to drought that burned up pasturelands used for grazing.

Now, a ban on cattle imports from Mexico because of New World screwworm, a devastating livestock pest, and steep tariffs on Brazilian beef that are set to take effect on August 1 could further tighten U.S. meat supplies and require additional imports of Australian beef.

“Are we going to be selling a bunch of beef to Australia right now? Absolutely not,” said Dan Norcini, an independent livestock trader. “The cattle numbers just aren’t there.”

CME August live cattle futures LCQ25 settled up 0.675 cent at 226.475 cents per pound, while most-active October live cattle futures LCV25 ended up 1 cent at 223.150 cents per pound.

CME August feeder cattle futures FCQ25 ended 2.475 cents higher at 331.375 cents per pound. CME September FCU25, October FCV25 and November FCX25 feeder cattle futures set fresh contract highs during the session.

Meanwhile, lean hog futures were mostly lower, as traders are growing concerned that top-buyer Mexico will roll out retaliatory tariffs on U.S. pork next month, market analysts said.

CME August lean hog futures LHQ25 ended up 0.500 cent at 108.700 cents per pound, while most-active October LHV25 ended 0.500 cent lower at 90.600 cents per pound.

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The June live cattle contract added 1.600 cents at 196.800 cents per pound.

May feeder cattle futures advanced 3.400 cents at 278.700 cents per pound.

The USDA reported wholesale boxed beef prices were lower on Friday afternoon, as choice boxes dipped seven cents at $334.22 per hundredweight and select boxes were down $1.00 at $313.96.

Thursday’s federally inspected cattle slaughter was estimated at 114,000 head, down 9,000 from the previous Thursday.

The June contract for lean hog prices nudged up 0.150 of a cent on Friday at 93.325 cents per pound.

The department reported Thursday’s federally inspected hog slaughter of 488,000 head, up 34,000 from a week ago.

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The June live cattle contract retreated 3.175 cents at 195.200 cents per pound.

May feeder cattle futures dropped 2.900 cents at 275.300 cents per pound.

The USDA reported wholesale boxed beef prices were lower on Thursday afternoon, as choice boxes lost $3.57 at $334.29 per hundredweight and select boxes fell $5.65 at $314.96.

The USDA also said beef export sales for the week ended April 3 of 11,855 tonnes, the highest in three weeks.

Wednesday’s federally inspected cattle slaughter was estimated at 123,000 head, down 2,000 from the previous Wednesday.

The June contract for lean hog prices added 1.475 cents on Thursday at 93.175 cents per pound.

The USDA said export sales of pork amounted to 23,854 tonnes, down by more than half from the previous week.

The department reported Wednesday’s federally inspected hog slaughter reached 487,000 head, up by 25,000 from a week ago.

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Trump said the suspension of the levies comes as more than 75 countries were set to negotiate trade with the U.S. or had not taken retaliatory action. However, Trump increased duties on China to 125 per cent from 104 per cent. Meanwhile, China will further raise their tariffs on the U.S. to 84 per cent.

The June live cattle contract advanced 4.750 cents at 198.375 cents per pound.

May feeder cattle futures climbed 6.475 cents at 278.200 cents per pound.

The USDA reported wholesale boxed beef prices were lower on Wednesday afternoon, as choice boxes shed 24 cents at $337.86 per hundredweight and select boxes lost $1.45 at $320.61.

Tuesday’s federally inspected cattle slaughter was estimated at 122,000 head, for a slip of 1,000 from the previous Tuesday.

Lean hog prices were higher on Wednesday as the June contract stepped up 1.925 cents at 91.700 cents per pound.

The USDA reported Tuesday’s federally inspected hog slaughter amounted to 488,000 head for an increase of 23,000 from a week ago.

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Meanwhile, the U.S. Department of Agriculture issued its export sales report for the week ended March 27, with beef sales improving to 9,261 tonnes. Also, the U.S. Census Bureau reported February beef exports amounted to 227.4 million pounds, down 6.9 per cent from a year ago.

The June live cattle contract lost 2.700 cents at 204.700 cents per pound.

May feeder cattle futures fell 4.800 cents at 283.125 cents per pound.

Wednesday’s federally inspected cattle slaughter was 124,000 head, 15,000 fewer than the previous Wednesday.

The USDA reported wholesale boxed beef prices were lower on Thursday afternoon, with choice boxes losing $1.53 at $338.37 per hundredweight, while select boxes gave up 99 cents at $317.84.

Lean hog prices were down as well on Thursday. The June contract pulled back 0.975 of a cent at 95.550 cents per pound. The USDA reported Wednesday’s federally inspected hog slaughter was 485,000 head, down 12,000 from the previous Wednesday.

The USDA reported pork export sales came to 52,953 tonnes, a marketing year high. Census data said 565.2 million pounds of pork were exported in February, 4.8 per cent less than the same time last year.

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After hitting fresh contract highs on Monday, the feeder market was thought to be due for a correction from a chart standpoint. However, forecasts calling for another blast of winter weather from Kansas and Iowa through to Wisconsin provided support — with heavy snows expected.

April feeder cattle futures were up by 0.350 cents per pound at 284.550 cents per pound, while the May contract was down by 0.050 cents per pound at 285.250 cents.

The April live cattle contract was up by 0.350 cents per pound at 205.375 cents at the close, while the May contract lost 0.075 cents at 201.000 cents.

The U.S. Department of Agriculture reported wholesale boxed beef prices were stronger on Tuesday, with choice boxes up $2.16 at $323.32 per hundredweight and select boxes up $1.33 at $309.23.

Lean hog prices were weaker, with the April contract down 0.475 cents per pound at 87.600 cents.

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In central Alberta, larger frame Simmental cross steers carrying lighter butter on light grain and silage diet with full processing data averaging 900 pounds traded for $375. In the same region, medium to larger frame, black mixed heifers weighing 865 pounds with some fleshier types included, supposedly traded for $340.

North of Saskatoon, mixed steers carrying medium flesh levels weighing 875 pounds coming off backgrounding grain diet with full processing records supposedly traded for $377 fob farm. At the St Rose Auction in Manitoba, the market report had Charolais steers weighing 846 pounds selling for $385.

East of Edmonton, a small package of Angus blended heifers carrying medium flesh averaging 800 pounds sold for $355. South of Edmonton, black, wide frame Limousin based heifers evaluated at 800 pounds with lower flesh levels were last bid at $367.

Southeast of Calgary, Charolais cross steers weighing 680 pounds apparently traded for $455. At the Ponoka sale on March 12, red mixed steers with a mean weight just under 600 pounds notched the board at $506. North of Calgary, red mixed heifers averaging 630 pounds supposedly settled at $431.

At the Lloydminster sale, a smaller package of black steers weighing 516 pounds silenced the crowd at $571. In southern Manitoba, a smaller package of black mixed steers weighing 507 pounds reportedly moved through the ring at $505. Northwest of Winnipeg, red mixed steers weighing 460 pounds apparently dropped the gavel at $582.

Alberta packers were buying fed cattle on a dressed basis in the range of $450-$455/cwt delivered, up $5-$20/cwt from the week ending March 8. Feeding margins continue to hover in positive territory which is supportive for the feeder complex. In the short-term, feedlot operators have a bullish outlook for fed cattle. This is barring no U.S. tariffs of course.

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The United States Department of Agriculture reported export sales of 24,907 tonnes for the week ended Jan. 30. That’s up 23.5 per cent from the previous week and the most since August.

The April live cattle contract fell 4.525 cents per pound at 196.775 cents.

March feeder cattle futures dropped 5.425 cents at 265.300 cents per pound.

The USDA reported wholesale boxed beef prices were mixed on Thursday afternoon, with choice boxes down $1.36 at $323.98 per hundredweight while select boxes added $0.44 at $314.77.

Export sales of U.S. pork amounted to 50,671 tonnes, up 51 per cent from the previous week.

Lean hog prices nudged higher on Thursday. The April contract tack on 0.200 of a cent per pound at 91.750 cents.

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U.S. cattle on feed data released after Friday’s close showed 11.8 million head of cattle in feedlots with a capacity of 1,000 head or more as of Jan. 1, 2025. That was down one per cent on the year. Of the total, heifers and heifer calves were down three per cent at 4.58 million head, while steers and steer calves increased one per cent at 7.25 million.

Cattle placements in December at 1.642 million head were down 3.3 per cent from the same month a year ago.

Colombia and the U.S. stepped back from a major trade war after the two countries threatened sanctions on each other. The South American country is a major buyer of U.S. beef, only recently resuming purchases after having imposed a ban due to concerns over bird flu in the U.S.

The April live cattle contract was up by 0.800 cents per pound at 203.825 cents.

March feeder cattle futures were down by 1.325 cents per pound at 275.250 cents per pound.

The U.S. Department of Agriculture reported wholesale boxed beef prices were stronger Monday morning, with choice boxes up $0.35 at $328.27 per hundredweight and select boxes up $1.73 at $318.02.

Lean hog prices were stronger, rising 1.675 cents per pound in the April contract at 89.875 cents.

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