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President Trump's comments on beef prices, including a fourfold increase in the Argentine beef import quota and plans to drop reciprocal tariffs on food, have pushed cattle futures lower. Open interest in live cattle has fallen more than 70,000 contracts from its peak.
December live cattle is down $33 and January feeders are down $70 from October 16 highs.
Expanded beef import quotas and tariff cuts increase expected supply and weaken domestic cattle demand. Futures prices have repriced lower on policy expectations.
beefmagazine.comDennis SmithNov 18, 2025After 30 past bearish policy events, Live Cattle moved a median -0.8% over 5 sessions (43% higher; middle half -2.0% to +1.1%), and +0.9% over 20.
After 24 past bearish policy events, Feeder Cattle moved a median +0.3% over 5 sessions (54% higher; middle half -3.3% to +1.2%), and +0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
