This paper examines whether competition in major export markets for United States beef has changed between 1994 and 2015 and whether underlying cattle inventories impact that competition. The two models employed examine price markups and comparative advantage. Both models are estimated as systems of equations taking into account competitors in eight major beef export markets. Structural break tests of key functions of the two models are examined. The findings complement each other showing that inventories do have some impact on competition, but that the markets are mostly highly competitive, and that the level of competition the U.S. faced in 2015 is not significantly different than it was twenty years prior.