The Labour Day holiday (1–5 May) meant little business with China last week. Tuesday 6 May was the first solid day of contact between exporters, importers and brokers, and the mood was far from buoyant, several sources told World Beef Report (WBR), just days before the SIAL Shanghai fair (19–21 May).

European chilled beef values have slipped from their peak. Although some Argentine exporters still ask up to US$/t 18,300 FOB for new rump & loin Hilton loads, most business last week was below that value.

Views on the US market are split. Some argue prices will keep rising because of tight cattle supplies and stronger futures, while others believe a ceiling has been reached and a correction is due. Before Trump’s tariffs, the domestic 90 CL price was widely expected to hit US$ 4.00/lb in May (it stood at US$ 3.80 at end March), but that never happened and the quote has even slipped to US$ 3.75. What did occur is that the gap with imported product narrowed: imported beef already in the US gained about 10 % (the extra tariffs apply only from 28 May for shipments made before 4 April). “The importer basically pocketed that 10 %,” a broker said.

Rabbinical crews for kosher slaughter are starting to arrive in the region. Some teams begin this and next week, others around 16 May, Paraguayan industry sources said. Forward deals for Paraguayan forequarters were quoted at US$/t 6,800 7,200 FOB. In Brazil some plants are kicking off this week at US$/t 7,000 for regular forequarters.

Chilean import values were little changed last week, with late May/early June deliveries from Brazil at US$/t 6,200 6,300 CFR and Paraguay at US$/t 6,300 6,400 CFR, according to an importer.

Russian bids cannot match Egypt’s prices. Uruguayan sources reported liver to Egypt at US$/t 1,850 CFR and heart at US$ 1,800 FOB, while Russian bids for liver reached only about US$/t 1,600 CFR.

A larger supply of slaughter cattle in Brazil, combined with weaker exchange rates in both Brazil and Argentina, pressured the average steer price across Mercosur countries. The WBR Mercosur Steer Index fell by 7 cents on the week to US$ 3.92 per kg carcass weight, bringing the two week slide to 14 cents.

Agriculture and Livestock Minister Carlos Fávaro last week launched the new Registration Service for Establishments of Animal Origin Products, which automates and speeds up the granting of the Federal Inspection Service (SIF) seal to facilities that produce food of animal origin for the domestic market and for export. “The simplified SIF is another tool we are implementing at the ministry to give the sector more agility, transparency and efficiency. It also strengthens food safety and boosts Brazil’s competitiveness on the international market,” Fávaro said.

A Japanese delegation arrived in Brazil last Friday to set the date and itinerary for inspections at meatpacking plants, a decisive step toward enabling Brazilian beef exports to the Japanese market. The information was confirmed by Marcel Moreira, under secretary for Trade and International Relations at the Ministry of Agriculture, during an event at Agrishow in Ribeirão Preto (SP). According to Moreira, the visit was made possible by the positive response obtained during President Luiz Inácio Lula da Silva’s recent trip to Japan. “The exact timing and procedure for inspecting the plants will now be defined,” he said.

Carrefour Brazil and meatpacker JBS announced that the two companies, along with packers Rio Maria and Mafrinorte, have joined a sustainable cattle program in Pará that promises to combat illegal deforestation in the state. The firms are the first to join the state program, which aims to implement individual traceability of Pará’s entire cattle herd by 2026—from birth to slaughter—the companies said in a press release.

The cattle market in Mato Grosso saw higher prices for calves and slaughter cattle in the third week of April 2025, while the maize exchange ratio deteriorated, according to a bulletin from the Mato Grosso Institute of Agricultural Economics (Imea). The price of the 7 @ calf rose 4.67 % in April to R$/kg 12.96, driven by a smaller supply of young animals in the state.

South Korea has waived import duties on a quota of 10,000 tons of pork from Brazil, which should boost Brazilian shipments to the Asian country, the Brazilian Animal Protein Association (ABPA) said on Friday. With per capita consumption of around 29 kg, South Korea is the world’s fourth largest pork importer, ABPA said, but Brazilian shipments are limited by sanitary issues now under negotiation.

Minerva shares have already risen 16 % since the capital increase announced on 7 April. Analysts at BTG Pactual believe there is room for further gains. On Thursday, analysts Thiago Duarte, Guilherme Gutilla and Gustavo Fabris published a report raising the 12 month target price to R$ 10 from R$ 9. Minerva stock closed on Friday at R$ 6.01.

A larger supply of grassfed cattle, triggered by poorer pasture conditions, pushed slaughter cattle prices down last week, giving quotes in reais a second straight weekly decline. The average boi gordo price in the main exporting states, according to Scot Consulting references, net of the Funrural tax and on 30 day payment terms, fell by R$ 6 on the week to R$/@ 304.6, for a cumulative drop of almost R$ 10 over the last two weeks.

The average export value for fresh beef recorded a significant jump in April. According to Customs export requests, Uruguay shipped 33,062 tons at an average FOB price of US$ 6,850 per ton; compared with March, volume rose by about 3,000 tons while the average price climbed a robust 7 percent, almost US$ 500/t, reaching its highest level since September 2022, 32 months ago.

In the 12 months to April 2025, Uruguay shipped 40,876 t of fresh beef to the European Union, the largest volume since the 12 month period to April 2019, six years ago.

The National Agency for Research and Innovation (ANII), the Ministry of Livestock, Agriculture and Fisheries (MGAP), the National Institute for Agricultural Research (INIA) and the National Meat Institute (INAC) signed an agreement on Monday to foster innovative projects that provide technological solutions for identifying, monitoring and managing cattle by means of individual ID devices.

President Yamandú Orsi met on Monday with representatives of the Indian owned Allana Group, which plans to acquire the Colonia plant as part of a deal under which Marfrig will sell its three packing plants (Inaler, La Caballada and Colonia) to Minerva. According to Subrayado, Minerva Foods and Allana Group yesterday submited the purchase documentation to the Competition Promotion and Defense Commission (Coprodec) of the Economy and Finance Ministry (MEF). Minerva intends to buy the three Marfrig plants in San José, Salto and Colonia and to transfer the Colonia facility immediately to Allana.

Slaughter cattle trading shows the same pattern as in recent weeks, but there is now more room to secure higher prices for special, heavy steers to supply kosher teams that are restarting operations in the region.

Cattle slaughter remained brisk last week even with one less working day due to the 1 May public holiday. INAC reported that 48,641 heads of cattle were processed in the week ended 3 May, a drop of fewer than 4,000 head from the previous week but more than 3,000 head above the same week last year.

From next Monday Frigocerro will restart sheep production for Israel. As earlier in the year, demand will focus on adult animals at prices in line with weekly quotes from the Livestock Consignors Association. While buyers prefer carcasses under 24 kg, there is some flexibility for slightly heavier weights.

By 30 April, 25,785 tons of Argentine beef had entered the European Union under the Hilton quota—84.33 % of the 29,389 ton allocation, according to European Commission data.

After three consecutive monthly declines, Argentina’s cattle slaughter rebounded in April. Agriculture secretariat data show 1.12 million head processed in the fourth month of 2025, up 9.2 % on March and 4.2 % on April 2024.

March figures surprised because the usual seasonal rise in cow slaughter was absent. April, however, made up for it: all cow categories totaled 234,317 head—39.6 % more than in March—and accounted for 48.1 % of total throughput versus 45.9 % the previous month.

Export cattle values were steady this week. The best steers—British breed crosses—remain at Ar$ 4,900 5,000 per kilo carcass weight, while indicus crosses hold at Ar$ 4,700 4,900.

The National Service for Animal Quality and Health (Senacsa) reported that in the first four months of 2025 Paraguay exported 117,000 tons (shipment weight) of fresh beef, a solid increase of 22,000 tons compared with the same period in 2024.

Cattle slaughter in April totaled 171,323 head. Although this was 7,757 head more than in March (163,000 head), it was down 3 % from April 2024 (177,094 head), the first monthly decline so far this year.

Slaughter cattle prices held firm last week. Industry sources quoted US$ 4.10/kg carcass weight for ordinary grassfed steers, with deals up to US$ 4.30/kg for grain finished animals. Fat cows quote around US$ 3.85 3.90/kg.

The United States and Mexico have reached an agreement on New World Screwworm control efforts that will allow Mexican cattle to continue entering the US. One week ago, US Agriculture Secretary Brooke Rollins warned her Mexican counterpart that unless Mexico moved decisively to eliminate bureaucratic barriers and intensify eradication efforts against the New World screwworm, the US would restrict imports of cattle, bison, and equine animals from Mexico beginning Wednesday, April 30.

In the north of the USA fed cattle traded for US$/cwt 222-3 live and US$/cwt 350-2 dressed — US$/cwt 4-10 higher in the week. In the south most cattle traded for US$/cwt 218. This activity fell on the heels of a skeptical futures market.

Compared to the last market test, USA beef import prices were unevenly steady, instances firm for nearby sales. Trading remained slow.

The global food price index rose 1 % in April compared with March, driven by higher cereal, meat and dairy prices, the UN Food and Agriculture Organization (FAO) said on Friday. The FAO meat price index averaged 121.6 points in April, 3.7 points (3.2 %) more than in March and 5.0 points (4.3 %) higher year on year.

Australian chilled and frozen beef exports surged to near record highs in April, reaching 127,172t, as the red meat industry’s production surged sharply. That figure is up almost 14,800t from March, and 21,800t or 21pc higher than April last year, Beef Central said.