President Trump announced that the U.S. will permit the import of up to 300,000 metric tons of ground beef without out-of-quota tariffs for a period of 90 days. This announcement was made on August 19, 2023.
Midday live cattle futures are experiencing losses between 60 to 90 cents, with cash trade reported at $355-360 dressed and $223-227. The Friday Fed Cattle Exchange auction saw no sales from 1,520 head offered, with bids at $223 to $224. Preliminary estimates show a decline in cattle on feed data: July placements are expected to be down 6.7%, and marketings down 7.2% year-over-year.
Wholesale Boxed Beef prices are also down, with Choice boxes at $386.14, a decrease of $3.79, and Select boxes at $363.41, down 33 cents. As of Thursday, USDA estimated the total cattle slaughter for the week at 412,000 head, which is 4,000 head lower than the previous week and 39,893 head below the same week last year.
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