International cattle and beef markets are reacting as expected to record U.S. market prices.
Check out why:

The latest monthly trade data for July confirms that beef exports are declining; and beef and cattle imports are increasing as markets adjust to shrinking U.S. beef and cattle supplies. While U.S. cattle and beef prices are not the only factors that affect international trade but the price influence is strong and likely to be a major determinant of trade flows in coming months. The discussion below focuses on quantity adjustments in trade flows.