Live cattle futures fell $2.10 to $5.05 at midday Monday, while feeder cattle futures collapsed with losses of $7.75 to the $10.75 limit, after the USDA announced plans to resume imports of Mexican cattle through the Douglas, Arizona port of entry by August 23 and two additional New Mexico ports later. Cash trade last week was reported at $230 to $231 across the country, and the CME Feeder Cattle Index dropped another $1.07 on July 23 to $349.65. The latest Cattle on Feed report showed June placements down 2.91% from a year ago at 1.399 million head, marketings 2.69% lower at 1.661 million head, and July 1 on-feed inventory up 2.21% versus 2025 at 11.37 million head, with heifers on feed at 4.25 million head representing 37.38% of the total, the lowest July ratio since 2018. Bi-annual inventory data indicated 28.45 million beef cows, down 0.7% year-over-year, while replacement beef heifers rose 2.9% to 3.6 million head and the 2026 calf crop was estimated 1.5% lower at 32.5 million head. USDA Cold Storage figures showed June 30 beef stocks tightening 3.43% from the end of May to 389.23 million pounds, down 2.76% from a year ago. The Commitment of Traders report revealed managed money slashed 20,961 contracts from their net long in live cattle futures and options to 75,363 contracts, and spec funds cut 1,975 contracts from their net long in feeder cattle to 7,905 contracts as of July 21. Wholesale boxed beef prices were mixed, with Choice boxes up $1.72 at $362.96 and Select a quarter lower at $346.46, while federally inspected cattle slaughter last week totaled 528,000 head, up 3,000 from the prior week but 15,766 below the same week last year.