Few but good,” summarized a regional trader after evaluating the 2025 edition of Anuga in Cologne, Germany. Attendance was lower than in previous years, but the fair drew genuine buyers showing clear interest in beef.

China’s Golden Week holiday, from October 1 to 7, drastically reduced trade with that destination. The fair also saw fewer Chinese market operators, partly due to the holiday but also reflecting weaker buying pressure. Importers continue to face difficulties passing on import prices to their domestic markets.

The sharp fall of US$ 1,500–2,000/t in the price of Argentine Hilton rump & loin seen in the prior two weeks partially reversed at Anuga. Argentine exporters said prices recovered from a low of US$ 18,000/t late last week —about US$ 2,000 below recent peaks— to US$ 18,500–19,000/t.

A certification validity problem temporarily delayed entry of Hilton beef shipments from Argentina and Uruguay into the EU. Exporters said certificates “have been issued the same way for 15 years,” but one Hamburg port authority refused to stamp them as Hilton, blocking entry.

The U.S. beef market is “somewhat quieter” on the demand side. Prices remain stable, but trading volume is moderate, according to USDA data.

The upcoming MICA fair in the United States, to be held from November 10 to 12, is generating great anticipation among players in the meat market. “I’ve never seen anything like it,” said a trader interviewed by WBR, who has attended the event since 2005. He noted that “a month and a half before the start, there were already more than 410 registered participants, and attendance is expected to far exceed last year’s record.”

By reducing export volumes, Paraguayan exporters succeeded in improving prices for shipments to Chile. Their goal is to match rising domestic cattle prices. The target of selling the full set at US$ 7,500/t CIF Santiago has not yet been reached, but deals were closed at US$ 7,200/t.

Several Israeli importers attended Anuga to prepare for the return of kosher slaughtering teams to the region, expected between October 20 and 25. However, exporters noted that some importers were absent.

Despite Ramadan starting earlier next year —in mid-February— beef trade with MENA markets remains limited. Brazilian exporters reported forequarter sales to Egypt at US$ 4,950/t.

The World Beef Report Mercosur Steer Index fell by 7 cents last week, returning to mid-August levels, with an average price of US$ 4.06 per kilo carcass weight.

Brazil’s September beef exports surpassed all previous records. Secex reported 314.7 thousand tons shipped abroad at an average price of US$ 5,617/t —over 40 thousand tons more than in August, and the highest average price since October 2022 (+0.3%).

The record volume of Brazilian beef exports in September was driven by unprecedented shipments to China, its main destination. According to data from Secex, exports to China totaled 187,232 tons at an average price of US$ 5,616 per ton.

Brazilian beef exports to the EU continue to grow sharply, with volumes in the year to September up 60% year-on-year, and the average export value increasing 11%.

An arbitration chamber established to handle disputes arising from Marfrig’s large-scale sale of assets to Minerva is reviewing a complaint from Marfrig alleging breach of contract.

The ratio between finished cattle (boi gordo) and calves fell by 1.5% in September 2025, according to Agrifatto, standing at 2.13 calves per finished animal (@20) —6.6% below the historical average.

Analysts from BTG Pactual, XP Investimentos, and Bank of America agreed in pointing out the “window of opportunity” for Brazilian beef exports mentioned by Minerva Foods CEO Fernando Queiroz, in a context of global cattle supply contraction.

XP Investimentos initiated coverage on MBRF—the company created from the merger between Marfrig and BRF, which debuted on the B3 exchange on September 23. Analysts Leonardo Alencar, Pedro Fonseca, and Samuel Isaak issued a neutral recommendation with a target price of R$ 20.90, implying 10% upside potential.

The Brazilian company is advancing its expansion strategy in the Gulf region with a strong focus on production and brand positioning. MBRF announced new initiatives to consolidate its presence in Saudi Arabia, including the construction of a processing plant in Jeddah with an estimated investment of US$ 160 million, and Sadia’s sponsorship of Riyadh Season 2025/2026, the country’s largest entertainment and cultural festival.

Brazilian poultry exports have recovered from the impact of the avian influenza case detected on a Rio Grande do Sul farm in May.

In the first half of October, when wage payments typically boost domestic consumption, the physical market for finished cattle remains stable, with little price variation and slaughter schedules averaging around eight business days, according to Agrifatto. “This movement reflects a more moderate domestic consumption, even with a more capitalized population,” the consultancy noted.

Uruguay exported around 32,000 tons of fresh beef per month between June and September. According to export request data reported by Customs, 31,949 tons were shipped in September at an average value of US$/t 7,187, slightly below August’s peak —when the relative weight of EU quota 481 shipments was much higher— but remaining above US$ 7,000 per ton shipment weight for the second consecutive month.

After a brief period between March and April this year, when the United States became the main destination for Uruguayan beef, trade flows returned to resemble those of previous years.

With no significant shipments under the European Union’s quota 481 —for grainfed cattle— the United States became the main destination for chilled beef exported by Uruguay in September.

A conflict between the port workers’ union and Terminal Cuenca del Plata (TCP) escalated in recent hours, prompting several vessels to cancel their scheduled calls at the Port of Montevideo. The dispute centers on the implementation of a new computer system by the container terminal operator. Meetings held in recent hours failed to resolve the issue, and the standoff continues.

The strike at the Port of Montevideo has severely disrupted the country’s logistics operations, with canceled shipments and rising costs already affecting beef exports. “We’ve had to cancel two ships and are waiting to decide on a third,” said Pablo Domínguez, general manager of ONE (Ocean Network Express) in Uruguay, speaking from the Anuga fair in Germany.

Although there have been some isolated attempts by processors to pay less for slaughter cattle, the market remains defined by a “shortage of supply” that keeps prices steady “without major fluctuations,” an intermediary told World Beef Report (WBR).

Cattle slaughter dropped 13% last week, hitting its lowest level of the year since early January. According to INAC data, 34,549 head were processed in the week ending October 4. It should be noted that on October 2, the Meat Workers’ Federation (Foica) held a 24-hour strike.

The sheep market continues to show firm demand amid a limited supply of quality animals.

According to official data, cattle slaughter in September totaled 1.169 million head, up 0.8% from August but 3.3% lower than in September 2024. It was also the second-highest monthly slaughter volume so far in 2025, following July’s peak. However, when adjusted for working days, the daily average was about 53,100 head, 3.7% below the previous month and 7.8% lower than a year earlier.

During the first nine months of 2025, cattle slaughter reached 10.19 million head, just 0.6% lower than in the same period of 2024. The most notable differences were a decrease in cow slaughter and increases in heifer and steer slaughter.

Despite the postponement of the entry into force of the EU Deforestation Regulation (EUDR – Regulation 1115/23), which bans imports of commodities linked to post-2020 deforestation, Argentina is requesting a review of its current “medium risk” rating, arguing that it does not reflect the country’s environmental reality.

Prices for export steers rose again by around Ar$ 50 per kilo carcass weight. High-quality British crossbred steers moved into the Ar$ 6,100–6,200 per kilo range, while Zebu crossbreeds were quoted between Ar$ 6,000 and 6,100 per kilo.

Cattle slaughter in Paraguay declined for the fourth consecutive month in September. According to data released by Senacsa, a total of 174,348 head were processed last month, representing a 6% decrease compared with the same month last year and about 6,700 fewer animals than in August.

Seven years after exiting the country, the Brazilian multinational JBS is resuming operations in Paraguay with an ambitious poultry expansion plan.

The company announced the acquisition of Pollos Amanecer, an agribusiness located in the department of Caaguazú, marking its return to the Paraguayan market after selling its beef plants to Minerva Foods in 2017. JBS will invest US$ 70 million to modernize and expand the processing facility, which will reach a capacity of 100,000 birds per day.

After reaching their highest levels of the year, the prices offered by the processing industry for cattle fell sharply last week (-20 cents).

The partial shutdown of the U.S. federal government has disrupted most of the U.S. Department of Agriculture (USDA) reports, including the weekly Export Sales report, which details overseas sales of grains and meats and was not published.

Cattle sold in the north last week from US$/cwt 229-$230 live and dressed from 359-360. Recent weeks have watched cash prices in the north move from US$/cwt 244 to 230 while southern live prices have moved from US$/cwt 240 down to 233 this past week, said The AG Center.

Compared to the last market test, US beef import prices were moderately higher.

In the first two days of October, the European Commission reported that 7,378.6 tons of beef from third countries were waiting to enter under the quarterly quota 481 for the last three months of the year.

An agreement struck between Britain and the European Union in May to reduce friction on the trade of agricultural produce could be implemented within a year with "good political will," EU trade chief Maros Sefcovic told a conference on Thursday.

According to the director of the National Meat Association, Sergey Yushin, Russia will export more than one million tons of meat, worth over $2 billion, in 2025. He also pointed out that 20 years ago, imported poultry meat accounted for around 70% of the Russian market, while pork and beef accounted for 40%. Currently, Russia imports virtually no pork, while its exports will reach around 400,000 tons per year.

Global food prices fell in September, driven by declines in sugar and dairy prices, even as meat prices reached a new all-time high, the United Nations Food and Agriculture Organization (FAO) reported on Friday.

Australian beef exports are now well within sight of record volumes for the 2025 calendar year, driven hard by high demand out of the United States, where domestic production has declined sharply as the US herd reaches 70-year lows after drought.