THE PROTEIN PULSE PODCAST

Taco Meat Tuesday | September 29, 2026

Your daily market update on all things protein

HOST: Welcome to The Protein Pulse Podcast — your daily market update on all things protein. This is Taco Meat Tuesday for September 29, 2026, from The Sparks Group.

SHAWN: The number that caught my attention wasn’t four hundred eighty-four thousand. It was four eleven eighty-eight. Cattle slaughter fell to four hundred eighty-four thousand head last week, and fresh nineties still moved lower. That tells me this isn’t just a supply story. We watched fifties start breaking after Labor Day. Now nineties are following, and USDA is calling lean boneless sharply lower on light demand — even after one of the smallest cattle kills we’ve seen this year. Imports matter. Boneless beef stocks matter. But so does what buyers are willing to pay. That’s what matters going into Q four. We can have historically tight cattle supplies and still have a grind market that doesn’t need to chase product. Tight supply only matters to price when somebody needs the pounds.

HOST: Beef gave us the biggest signal Monday: lean moved lower despite sharply reduced slaughter. Pork has fewer hogs but larger freezer inventories. Chicken remains steady, although HPAI is back on the radar. Feed futures moved lower, while imports and freight continue to change delivered protein economics.

SHAWN: USDA put last week’s cattle slaughter at four hundred eighty-four thousand, down from five hundred twenty-nine thousand the prior week. Monday’s kill was only ninety-five thousand, compared with one hundred five thousand the prior Monday. Despite the reduced production, USDA called lean boneless and eighty-five percent trimmings mostly sharply lower Monday. Beef trimmings were also sharply lower on light demand and moderate offerings. Fresh nineties averaged four eleven eighty-eight. Eighty-fives three thirty-one seventy-six. Sixty-fives a dollar fifty-five ninety-seven. Fifties eighty-seven fifty-three cents.

HOST: Boxed beef went the other direction. Choice three eighty-oh forty-eight, up a cent sixty-five. Select three fifty-eight twenty-three, up two forty-seven cents. Spread twenty-two twenty-five cents. Hales estimated packer margins last week around one thirty to one sixty a head — sixth consecutive positive week. Recent cattle-price movement and firm boxed beef have improved the packer equation considerably from earlier this year. Longer term, cattle remain tight. August feedlot placements fell nine point two percent from last year. Cow slaughter remains historically low. Heifer slaughter is running below last year. Those constraints haven’t disappeared. They just aren’t the only thing setting today’s beef price.

SHAWN: Imported lean remains an important alternative for U.S. grinders. South American nineties have recently been indicated around three oh seven to three twelve F O B U.S. East Coast. Australian-New Zealand nineties closer to three thirty-five to three forty. Domestic fresh nineties Monday averaged four eleven eighty-eight. That’s roughly a dollar a pound F O B starting gap between South American lean and domestic fresh nineties. But F O B port isn’t delivered plant. Freight matters. Diesel matters. Storage and timing matter. The economics need to be run all the way to the receiving dock.

HOST: Beef trimming imports through September nineteenth totaled seven hundred twenty-four thousand seven hundred twenty-one metric tons, up seventeen point two percent from last year and roughly forty percent from twenty twenty-four. Australia, Brazil, and New Zealand represented more than seventy percent of the total. Boneless beef stocks ended August at three hundred sixty-nine point nine million pounds, up six percent from last year. Total beef stocks were up five percent, alt