Now that the US/Mexican border is slated to reopen gradually, it’s time to look at beef import dynamics, and Derrell Peel, Oklahoma State University Extension livestock marketing specialist had some important perspectives on the issue in Cow-Calf Corner.
Total beef imports for the first five months of 2026 were up 9.9% year over year, Peel said. This is the smallest increase for the period since 2023.
MAY BEEF IMPORTS DOWN
For the month of May, beef imports were down 5.0% from one year ago, the first monthly year-over-year decrease since November 2025 and the largest monthly decrease since March 2023.
The decrease in May beef imports was led by a 41.5% year-over-year decrease in beef imports from Brazil, he said. In fact, while Brazil remained the largest source of beef imports, imports from Brazil were down 6.8% year over year for the January-to-May period.
Also, Uruguay, the number six source of beef imports, was down 45.7% year over year in May, but was up 5.2% for the year to date, Peel said. Simultaneously, beef imports from Argentina were up as a result of the country-specific increased Tariff Rate Quota this year.
Beef imports from Argentina were up 113.8% year over year in the first five months, with Argentina currently accounting for 4.3% of total beef imports, he said. This moved Argentina into seventh place, up from eighth last year among beef import sources. Argentina accounts for 32.5% of the “Other” category in 2026.
Australia was the number two beef import source for the US, up 11.8% in May and 12.0% for the year, Peel said. In the January-May period, Australia increased to a 20.3% share of total imports narrowing the gap with number one Brazil, which decreased to 22.3% of the total.
With 15.0% of total imports, Canada was the number three beef import source, up 12.3% year over year in May and up 4.0% for the year to date, he said.
Mexico was the fourth largest source of beef imports, up 27.4% for the year through May and accounting for 11.9% of total beef imports, Peel said. The quantity increase in beef imports from Mexico was the largest among all import sources and moved Mexico ahead of New Zealand in the first five months of the year.
New Zealand, the number five source of beef imports, was down 3.6% thus far in 2026 and accounting for a 10.3% share of total US imports.
BEEF IMPORTS CONTINUE INCREASING
Beef imports continue to increase in 2026, albeit at a slower rate than the previous two years, Peel said. Demand for beef imports remains strong as US beef production, especially non-fed processing beef, is still declining.
Beef cow slaughter has decreased 45% since 2022, contributing to a 27.2% decrease in non-fed beef production, he said. Beef imports are providing an important contribution to total beef supplies and especially supporting ground beef markets while US cattle inventories are reduced.
Increased beef imports from Argentina have been significantly offset by decreased imports from other sources – in this case Brazil and Uruguay, Peel said. Changes in TRQs and tariffs change the mix of beef import sources but have relatively little effect on the total import quantity.
Sharply higher beef imports from Mexico – likely the result, in part, of decreased imports of Mexican cattle – also illustrates the integrated nature of cattle and beef trade.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $231.63 per cwt to $237.92, compared with last week’s range of $238.00 to $252.00 per cwt. FOB dressed steers and heifers went for $362.68 per cwt to $377.75, compared with $373.89 to $388.86.
The USDA choice cutout Thursday was down $2.93 per cwt at $360.50 while select was down $1.08 at $341.33. The choice/select spread narrowed to $19.17, from $21.02 with 107 loads of fabricated product and 23 loads of trimmings and grinds sold into the spot market.
The USDA-listed the daily weighted average wholesale price for fresh 90% lean beef as $456.58 per cwt, and 50% beef was $146.32.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.18 to $1.33 a bushel over the Sep corn contract, which settled at $4.45 3/4 a bushel, down $0.03 1/4.
The CME Feeder Cattle Index for the seven days ended Wednesday was $347.69 per cwt, down $0.22. This compares with Thursday’s Aug contract settlement of $346.47 per cwt, up $2.20.