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.
Data from Cepea/Esalq show that calf prices reached their highest level since April 2022, averaging R$ 2,798.56 per head, up 2.18% from August. In contrast, finished cattle prices declined slightly during the same period, reducing the exchange ratio.
By region, Mato Grosso saw the largest drop, with the ratio falling to 2.12 calves per finished animal, down 4.2% from the previous month.
Despite the decline, analysts believe the context remains favorable for herd rebuilding, given firm export demand toward the end of 2025 and tighter beef supply expected in 2026—factors that could support further appreciation in finished cattle prices.
