Live cattle futures are trading sharply lower at midday on Thursday, with several contract months down $3 per hundredweight or more, while feeder cattle futures are down over $5 after the U.S. Trade Representative exempted Brazilian beef from a new 25% tariff proposal. Cash trade began to pick up, with a few light northern sales at $378 to $380 dressed and live action reported at $235 to $240 by the USDA. Export sales data showed beef sales for 2026 at 7,973 metric tons for the week ending July 9, the fourth lowest total for the calendar year, while shipments of 10,354 metric tons marked a calendar year low. Wholesale boxed beef prices declined, with Choice boxes down $1.94 to $369.34 and Select $1.22 lower to $357.96. The CME Feeder Cattle Index fell $1.25 on July 14 to $369.07.