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Asia

Philippines’ beef imports increased by 50% in January

According to data from the Bureau of Animal Industry (BAI), in January the Philippines imported 138,000 tons of meat, 48,000 tons more than in January 2024.

Local pork production remains insufficient, which creates the need for imports, according to the Meat Importers and Traders Association (MITA). As a result, pork imports grew by 65%, reaching 70,449 tons.

Asia

Swine production expected stable this year in China

Average swine prices in China during 2024 were higher than in 2023, while production costs were lower, enabling higher profits across the swine breeding industry, said the USDA GAIN report about pork projections in China. Some swine producers started to expand swine production by restocking more sows. However, the expansion was slower than USDA estimated in the last annual report.

Europe

Political crisis sent the Turkish lira tumbling

Turkey’s local currency, as well as its stocks and government bonds, plummeted after authorities detained the main political rival of President Recep Tayyip Erdogan on alleged corruption charges—an action the opposition called “an attempted coup.”

Uruguay

Minerva expects the new deal with Marfrig to be approved by July at the latest

After two setbacks—one in October and another in December 2024—Minerva once again requested authorization in February of this year to finalize the purchase of three additional plants in Uruguay. In remarks to AgFeed, Edison Ticle, Chief Financial Officer and Investor Relations Officer at Minerva Foods, expressed his confidence that the new transaction would be approved. The expectation is a response by July “in the worst-case scenario. We have submitted a new proposal because we are fairly certain it satisfies the Uruguayan authorities.

Brazil

JBS acquires Unilever’s plant-based meat company

JBS will take over The Vegetarian Burger, a Dutch plant-based meat company belonging to Unilever. The acquisition was carried out through its subsidiary Vivera, according to Estadão. The deal’s value was not disclosed, and the agreement is expected to be finalized in September. Unilever, which opted to sell the business to streamline its portfolio, stated that The Vegetarian Burger has seen double-digit growth since its 2018 purchase.

Brazil

Marfrig acquires feedlot units

Marfrig Global Foods announced the acquisition of feedlot and farming units formerly operated by MFG Agropecuária Ltda., a company controlled by Marfrig’s principal shareholders. The transaction, valued at R$48 million, took place through a Marfrig subsidiary and is part of the company’s strategic plan to ensure raw material supply and enhance efficiency at its industrial operations.

Brazil

Minerva intends to generate up to US$425 million in free cash and reduce debt

With favorable market conditions for South American beef exports and expectations regarding returns from the assets acquired from Marfrig, Minerva aims to generate between R$1 billion and R$2 billion in free cash this year (about US$425 million). “This will be used to reduce debt,” said CFO and Investor Relations Officer Edison Ticle in a conference call with analysts last Thursday. He highlighted that the company has repurchased bonds, which helped lower both gross and net debt.

Brazil

Minerva’s result exceeded agents’ expectations

Minerva Foods reported a loss of R$1.567 billion (about US$275 million) in the fourth quarter of 2024. Following the announcement, the company’s shares closed up 8.23% on Thursday, at R$6.05. During trading, the stock reached a high of 11.99% gains, according to Money Times.

Goldman Sachs emphasized that Minerva recorded a strong quarter, surpassing the Bloomberg consensus by 21% in terms of EBITDA, with Brazil once again the main driver of the positive surprise.

North America

The NCBA demands “reciprocity” in measures to restrict access to Australian beef

The National Cattlemen’s Beef Association (NCBA) in the United States argues that the US-Australia Free Trade Agreement unfairly benefits Australian beef producers, who have enjoyed open access to the US market for two decades. Meanwhile, fresh US beef remains banned in Australia due to what the NCBA calls excessive biosecurity barriers. In the last 20 years, while Australia exported beef products to the USA for US$ 28.7 billion, the USA sold just beef cooked products for US$ 31 million.

Paraguay - Markets

Rain strengthen cattle prices

Cattle prices have risen over the past week amid plentiful rainfall that relieved many water sources in the Chaco region. In fact, a major Paraguayan plant was unable to slaughter for two days because closed roads made it impossible to transport cattle.

Argentina - Markets

Sustained prices for export cattle

Prices for export cattle remained firm. Steers of British breeds solidified at the lower end and hover around Ar$5,000–5,100 per kilo on the hook, while Zebu crossbreds continue at Ar$4,900–5,000.

Uruguay - Markets

Firmness in the sheep market

Although the sheep meat market currently involves only two plants, it remains firm due to very limited supply. Lambs are trading at US$4.30, and mutton around US$3.60 per kilo, provided the carcasses are under 24 kg.

Brazil - Markets

Prices for finished cattle appear to have found a floor

Most cattle markets in Brazil held stable prices for finished males compared to the previous week, indicating that the downward trend observed in previous weeks has started to wane. This is also reflected by a shortening of booking times and matches a second consecutive week of rising prices for live cattle (boi gordo) in the B3 futures market.

Brazil

The average export price of beef continues to decline

In the first two weeks of March, Brazil exported 117,481 tons of beef worth US$572.021 million, according to the Foreign Trade Secretariat (Secex). In the second week of the month, 56,936 tons were shipped, maintaining a brisk pace of over 11,000 tons per day, though lower than during the first week of the month.

FOB Mercosur - Markets

The weak dollar is boosting cattle prices in the region

The dollar’s weakness is pushing up exchange rates in regional countries, which in turn has increased reference prices for finished cattle. The WBR Mercosur Steer Index rose by 4 cents over the week to US$3.83 per kg carcass weight, primarily supported by a 2.4% appreciation of the Brazilian real.

FOB Mercosur

The Chilean market remains sluggish

Chile’s import market continues “very slow,” with “payment issues” and “no momentum,” according to a broker active there. “It was the worst start of the year in a long time,” he said.

FOB Mercosur

US is at a standstill due to uncertainty caused by Trump

The US import market is “almost paralyzed” because of the uncertainty arising from President Donald Trump’s announcement to raise tariffs on imported agricultural products starting April 2. “It could cause a huge financial disruption. Imagine an importer closing a 10-container deal at US$1 million, only to suddenly face an extra US$250,000 in unplanned tariffs. It’s a big blow, and this is a low-margin business,” a market operator told WBR.

FOB Mercosur

The Hilton market continues strong

With no major changes in the tight regional supply dynamics, chilled rump & loin prices remained firm, with Argentine deals closing at US$16,500–16,800 FOB for regular Hilton programs. One European importer stated that most offers this week were around US$17,000/ton or higher. “We aren’t offering today, but if we had to go on the market, we wouldn’t go below US$17,500,” said a plant source.

FOB Mercosur

Brazil moves the rest

A Paraguayan exporter noted that the international market “moved” in the past week after Brazil began to push its selling prices up in China. “It looks like we’ll have an active remainder of the year, with plenty of competition to secure slaughter cattle,” he predicted. Given the uncertainty about the cattle market’s behavior, “there’s no need to rush into forward sales,” he added.

FOB Mercosur

China is out looking for beef and prices are moving

The attitude of Chinese importers changed last week, with greater eagerness to close deals and an improvement in sale prices from the region. “The Chinese are looking for all they can get,” said a Brazilian exporter. The source reported deals for forequarter 8 cuts at US$5,500 CFR and 80VL trimming at US$3,900.

Asia

A case of foot-and-mouth disease (FMD) was reported in China

The World Organisation for Animal Health (OIE) has confirmed a case of foot-and-mouth disease (FMD) in China involving a herd that was being transported in Hami, Xinjiang Province, in the northwest of the country. The case was confirmed by the Animal Epidemic Prevention and Control Center of the Xinjiang Uygur Autonomous Region.

Asia

USDA forecasts stable beef imports for Japan in 2025

The USDA has released one of its semiannual reports on the trends in beef and pork production and imports for Japan. Demand for cheaper beef, such as that from dairy cows, increased as a reasonable alternative to more expensive imported beef. However, domestic beef supply was limited in 2024 as dairy farmers expanded their herds to boost milk production, which also led to a reduction in the slaughter of dairy cows and heifers.

North America - Markets

Fed cattle prices sharply higher

There is surfacing some evidence that the brash actions of the past month will be working their way to a rational conclusion. Trump is meeting this month with leaders of Mexico, Canada and possibly next month China. Markets in the meantime will find their footing and develop more calm in the wake, considered The AG Center. Cattle owners will press to extend the rally in cash prices this week.

North America

Smithfield Foods hurt by trade war

Shane Smith, CEO of Smithfield Foods—the largest pork company in the U.S., owned by Chinese firm WH Foods—has pointed out that his company is required to sell all the pork and byproducts they process after slaughtering animals.

North America

Coffee industry asks Trump for tariff exemption

The National Coffee Association (NCA) of the United States has urged the Trump administration to exempt coffee from any tariffs, arguing that the additional tariffs already imposed on Canada and Mexico could drive up prices in the U.S. by as much as 50%.

Argentina

Argentina hopes for an additional quota for kosher and halal beef to the US

The ABC Consortium is optimistic about an additional quota in the United States that would help reduce the sector’s dependence on China. Argentina’s beef exports started the year off on the wrong foot. In January, year-over-year exports dropped by 20%, mainly due to three key factors: lower cattle supply and a combination of low international prices and the sector’s current competitiveness conditions. Despite these challenges, the ABC Export Consortium remains hopeful for positive news this year.

Uruguay

Highest level in nearly two years for meatpacking industry debt

As of the end of January, Uruguay’s meatpacking industry had US$ 390 million in outstanding loans with public and private banks, according to data from the Central Bank of Uruguay (BCU). Compared to January 2024, liabilities increased by approximately US$ 79 million. This also marks the highest level of debt since July 2023, when it stood at US$ 401 million.