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Asia

Wholesale prices in China remain unresponsive

Wholesale beef prices in China remain at low levels. According to the monthly report by OIG+X, in March both beef and lamb were trading slightly above US$8 per kilo. A year ago, beef was selling around US$9.50 and lamb at US$9, which means prices have dropped by 15% and 9%, respectively.

North America - Markets

Fed cattle prices corrected downwards last week

Fed cattle prices corrected downwards by the end of last week, but packers bought a reduced number of animals. As a consequence of reduced buying, “packers are entering this week with extremely short inventories, but “Good Friday” will make the week short for slaughter volumes”, according to The Ag Center.

Paraguay - Markets

Meatpackers struggle to access cattle

There are regions of Paraguay, especially in the Chaco, where it has rained 600 millimeters over the last five weeks. This has caused serious difficulties in accessing cattle, overheating the slaughter cattle market and resulting in very tight bookings.

Argentina - Markets

An atypical week due to several factors

It is difficult to establish market prices during this atypical week, both because it was short (due to two Easter holidays) and because of the changes to the exchange rate regime that took effect Monday. According to two livestock consignors, the exchange shift seemed less relevant to price firmness than market fundamentals: “I think we need to wait, but prices are independent of the new measures: the issue is that there’s no fat cattle available,” said one livestock brokerage.

Argentina

U.S. Treasury Secretary says Argentina is negotiating tariff reductions

U.S. Treasury Secretary Scott Bessent said Monday that he does not rule out the possibility of reducing tariffs imposed by the U.S. on Argentina: “We’ve just begun negotiations. We talk with every country. Everything depends on several obstacles: tariff and non-tariff barriers, currency manipulation, and subsidies,” he said in an interview with Bloomberg.

Uruguay - Markets

Firm market with steady prices for finished cattle

The slaughter cattle market remains very similar to previous weeks, both in terms of category prices and bookings.

Special grassfed steers are holding at a base of US$ 4.60 per kilo. There is potential for deals at US$ 4.65–4.70 per kilo when the lot is located in the southern half of the country or when no slaughter date is set, which can result in loading taking place several weeks later.

FOB Mercosur - Markets

Mercosur Steer resumes upward trend

After last week's pause, the average steer price in Mercosur countries resumed its upward trajectory. The WBR Mercosur Steer Index recovered 5 cents during the week to US$ 3.89 per kilo carcass weight.


FOB Mercosur

China does not compete with the Middle East for sheep meat

Unlike what happens with beef, in the case of sheep meat, the best prices are found in the Middle East. Sheep supply in Uruguay is very limited, but some deals are still being closed. One trader mentioned reference prices of US$ 4,200 per ton for 6-way-cut mutton and US$ 3,800 per ton for carcasses.

FOB Mercosur

Offal export market remains firm

The export market for beef offal remains firm overall. Exporters in Uruguay reported rising prices in Southeast Asia and Hong Kong. As reference, bible tripe was sold to Hong Kong at US$ 3,800 CFR, and lips to Thailand at US$ 1,400/t FOB.

FOB Mercosur

Weak demand from Chile

The Chilean beef import market is experiencing generally weak demand. There have been some delays from Paraguayan suppliers due to heavy rains—especially in the Chaco region—which have prevented cattle from being transported to slaughter plants.

FOB Mercosur

U.S. market begins to take shape again

After the disruption caused by U.S. President Donald Trump’s April 2 announcement of additional tariffs, and several days without further decisions from Washington, the beef export market to the United States appears to be taking shape again.

FOB Mercosur

China remains firm, though signs of a slowdown in the upward trend appear

Demand from China remains strong and the market is firm, but this week there were signs of a slowdown in the recent upward price trend after significant increases in previous weeks. Exporters are becoming more cautious, recalling past experiences in which, after a sharp upward spiral in prices, the market turned and contracts were left unfulfilled or buyers attempted to renegotiate.

Europe

Prices for slaughter cattle in Turkey continue to rise

The political uncertainty stemming from the imprisonment of Turkey’s main opposition leader in March led to a sharp drop in the Turkish lira, which remains weak against the US dollar. However, the monthly devaluation has moderated to just over 4%, and this has been more than offset by a steady increase in finished cattle prices.

Uruguay - Markets

Lowest sheep slaughter of the year

Sheep slaughter declined again last week, reaching the lowest volume so far this year. INAC reported that 6,229 sheep were processed, 1,775 fewer than the previous week (-22%) and nearly 11,000 fewer than the same week last year. Only 2,320 lambs were slaughtered, a weekly drop of 1,190 head.

Uruguay - Markets

Cattle slaughter continues to grow

Cattle slaughter continued to increase last week. According to INAC, 49,416 head of cattle were processed during the week ending April 12, 582 more than the previous week and the highest volume since the second week of February. For the fourth consecutive week, slaughter surpassed the volume recorded during the same period last year.

Brazil

China rejected approval of new slaughter plants

China’s General Administration of Customs (GACC) rejected the application for approval of 28 Brazilian beef plants, according to Pecuaria.

The decision followed a technical analysis that pointed out several non-compliances. Among the issues cited were the location of plants in regions considered to have sanitary restrictions from the Chinese perspective, the absence of dressing rooms with direct access to production areas, and shortcomings in verifying the age of animals at the time of slaughter.

Brazil

Strong export pace in the second week of April

Brazil accelerated its beef export pace in the second week of April. The Foreign Trade Secretariat (Secex) reported that in the first nine business days of the month (through April 13), 98,194 tons were exported, of which 60,774 tons were shipped in the second week alone, at a daily pace of 12,155 tons, the bulkiest since the first week of March.

World Beef supply and demand

U.S. and China beef imports projected to increase 5% and 2%, respectively

Global exports are forecast to increase 1 percent in 2025 to 13.1 million tons as increases for Brazil, India, and Australia offset lower U.S. exports. Outside the United States, global exports are anticipated to increase 2 percent. China imports are forecast 2 percent higher, a slower pace than in previous years due primarily to weaker consumer demand. U.S. imports are forecast to increase 5 percent as demand for lean trimmings remains high.

World Beef supply and demand

Main beef producing regions will reduce output

Global beef production in 2025 is forecast virtually unchanged from 2024 at 61.6 million tons as falling production in the United States, Argentina and the European Union is offset by increases in Brazil, India, and Australia, said the United States Department of Agriculture in its April update about global meat supply, trade and demand.

Argentina

Argentina’s cow inventory is at its lowest in more than 10 years

As WBR anticipated in its edition 1628, Argentina’s cattle herd at the end of 2024 declined for the second consecutive year, reaching 51.63 million head, 1.2 million fewer (-2.2%) than the previous year, according to official data from the National Secretariat of Agriculture, Livestock, and Fisheries (SAGyP). Compared to 2022, the stock decreased by 2.6 million head.

Brazil

Cattle slaughter reached a record high in Brazil in the first quarter

The expected contraction in cattle supply for slaughter in Brazil this year did not materialize in the first quarter, though it is almost certain to happen later on. Slaughter at federally inspected plants (SIF), which are authorized for export, totaled 7.05 million head in the first three months of the year, a figure never reached before for the first quarter.

North America

Trump suspended part of the tariff hike for 90 days

U.S. President Donald Trump announced on Wednesday that he will freeze for 90 days the tariff changes he had announced on "Liberation Day" but that he will increase tariffs on China to 125%. During the 90-day period in which the previously announced tariffs will not be applied, a uniform 10% tariff floor will be in place.

Argentina - Markets

Slight price dip in some export categories

Prices for export cattle recorded a decline in some categories. The best export steers —British crossbreeds— maintained last week’s prices of Ar$5,000 to Ar$5,100 per kilo carcass weight, while Zebu-cross animals dropped Ar$100 at the high end, trading between Ar$4,900 and Ar$5,000 per kilo.

North America - Markets

Fed cattle prices down US$/cwt 3-5

Not surprisingly, the cash market in the US was muddled this past week encapsuled with trade announcements and interruptions and interpretations of the new tariffs. Two hard days down in cattle futures cast a damper over any optimism one might have for the current market prices. In the north live cattle traded for US$/cwt 210-213 — mainly US$/cwt 3-5 weaker.

North America

Mexico reports first human case of H5N1 bird flu

Mexico has detected its first human case of H5N1 avian influenza, also known as bird flu, the health ministry said on Friday according to Reuters. The infection was confirmed on Tuesday in a three-year-old girl living in the northern state of Durango, who remains hospitalized in serious condition.

North America

US February beef down 5.5% year-ago

February exports of US pork were moderately lower than a year ago, despite continued success in Mexico and Central America, according to data released by USDA and compiled by the US Meat Export Federation (USMEF). February beef exports were also below last year after trending higher in January, while lamb muscle cut exports posted a year-over-year increase for the fifth consecutive month.

Paraguay - Markets

Heated market for finished cattle

Widespread rain in the Chaco region and delays in foot-and-mouth vaccination have noticeably curbed supply. “The packers are chasing after cattle,” an intermediary noted. This week, common steers were paid around US$3.90 per kilo carcass weight, while cows were at US$3.60. For larger-volume transactions, sales have already reached US$4.00 for steers, while feedlot operations get a premium of 3–5% above listed prices.

Uruguay - Markets

Sheep meat market unchanged

The sheep meat market remains stable with the same prices as last week. The supply is very limited, faced with demand concentrated in just two slaughter plants.

Sheep slaughter saw a significant drop last week. INAC reported that 8,004 sheep were processed during the week ending April 5, nearly 6,000 fewer than the previous week.

Brazil - Markets

Slaughter cattle price continues to rise in reais

Good forage conditions following timely rainfall across vast cattle-raising areas have given producers greater flexibility when offering their animals to the market. Coupled with the additional demand that typically appears in the first few days of each month, this has again pushed slaughter cattle prices upward.


Brazil

Minerva aims for about US$338 million from its shareholders to reduce debt

“History always repeats itself, at least twice.” The phrase by the philosopher Georg Hegel fits Minerva Foods — the largest beef exporter in South America— like a glove. After suffering a brutal devaluation following a merger or acquisition with Marfrig for R$7.5 billion and seeing its debt skyrocket, the Vilela de Queiroz–owned company will turn to its shareholders to fix its balance sheet, according to TheAgriBiz. In a material fact announcement, the company reported a private capital increase of R$2.0 billion (about US$338 million), an amount capable of balancing the company’s capital structure by reducing leverage (the ratio between net debt and Ebitda), which reached five times in December.

Brazil

Frozen exports to the EU increase 39% year-on-year

The European Union’s limited domestic beef production is boosting the demand for frozen imports. In the first quarter of the year, Brazil exported 14,102 tons of frozen beef, a 39% increase compared to the same period in 2024. Meanwhile, the average export value rose by 15% year-on-year, to US$7,696 per ton.