A trader who attended the China International Import Expo (CIIE) in Shanghai —which ended on Monday— said the market “slowed down in the final days” due to the “uncertainty” surrounding the decision expected on November 26, when China is set to announce possible measures on beef imports.

One of the main topics discussed during the CIIE was the safeguard investigation that the Chinese government has been conducting for nearly a year to assess the impact of rising beef imports on domestic producers. This mechanism, allowed under international trade rules, requires China to gather information and hear from all exporting countries, including Uruguay, Brazil, Argentina, Australia, and others.

The 65th annual conference of the Meat Import Council of America (MICA) began Monday in Texas. A trader attending the event described the mood as one of “great uncertainty.” Although the official sessions started with a golf outing, informal discussions already set the tone: the market is watching every political signal and social media post. “Today, cattle prices react more to Trump’s tweets than to actual market fundamentals,” he said.

Prices for chilled Hilton rump & loin cuts saw a marked downward correction last week. Beyond the seasonal weakness of shipments arriving during the holiday period, competition from 481-quota beef expected to enter Europe in early January also played a role.

The Chilean market remains largely unchanged, with limited trading activity and persistent liquidity problems. A trader told WBR that “Paraguay is offering the 19 cuts at US$/t 7,300, but sales are almost nonexistent,” while Brazil maintains offers in the US$/t 6,300–6,400 range. Some Brazilian exporters tried to raise prices to US$/t 6,800–7,000, but “those prices don’t work in Chile,” the source said.

During the past week, a trader reported deals for mutton carcasses to MENA countries at US$/t 5,200 CFR and six-way cut sets at US$/t 5,900 CFR. Shipments of lamb carcasses to the same destinations were closed at US$/t 6,200 CFR.

With significant increases in Brazil and Argentina, the average steer value in Mercosur countries jumped last week to its highest level since May 2022. The WBR Mercosur Steer Index rose 12 cents during the week to US$ 4.27 per kilo carcass weight.

In October —as it had already done in July and September of this year— Brazil shipped a record volume of beef to international markets. According to data released by the Foreign Trade Secretariat (Secex), exports totaled 320,559 tons, nearly 6,000 tons more than the volume shipped in September.

October’s record beef exports were once again driven by the very high volumes shipped to China. The Asian country imported 187,711 tons of frozen beef, surpassing September’s figure by 39 tons. The average export value to China fell slightly by US$ 71 per ton to US$/t 5,546, in line with the modest decline in the global average price.

Brazil’s beef exports to European Union (EU) countries continued to grow rapidly in October. A total of 14,742 tons were shipped —the highest monthly volume since early 2008— including 11,479 tons of frozen and 3,263 tons of chilled beef.

Brazilian beef exports started November at a strong pace. According to data from the Foreign Trade Secretariat (Secex), 100,536 tons were shipped in the first week of the month. The daily average exceeded 20,000 tons, matching the peak reached in the third week of April.

Although the data is still preliminary, cattle slaughter in October at plants under the Federal Inspection System (SIF) —those authorized to export— was very high and likely reached the highest levels seen so far this decade.

Cattle slaughter in Mato Grosso totaled 715.31 thousand head in October 2025, an increase of 9.0% compared with the previous month. In addition, the result exceeded the previous monthly record —set in July 2024— by 3.8%, according to the Mato Grosso Institute of Agricultural Economics (Imea).

Prices for replacement cattle and cows are recording consistent increases in the main regions monitored by Cepea, surpassing the appreciation of the finished male. Stronger demand from breeders seeking to rebuild herds has supported both demand and calf prices.

MBRF reported a net profit of R$ 94 million (around US$ 18 million) in the third quarter of 2025, a 62% year-on-year decrease, in its first financial report following the merger between Marfrig and BRF. Net revenue rose 9.2% to R$ 41.8 billion, while adjusted EBITDA fell 8.6% to R$ 3.5 billion.

“Minerva Foods closed the first nine months of 2025 with solid results, reaffirming our leadership in South America and consolidating our position as one of the leading global players in the animal protein industry” said Minerva Foods Chief Executive Officer, Fernando Galletti de Queiroz, in its message to the market while informing results for the third quarter of 2025.

Slaughter cattle prices rose again last week, marking six consecutive weeks of gains. The average value of R$/@ 304.4 in the main cattle-producing states is the highest since the first half of May, six months ago. The figure is based on Scot Consultoria’s state-level references, excluding the Funrural tax and with 30-day payment terms.

In previous quarters of this year, production for the 481-quota window had little to no effect on the prices of grassfed cattle —and in some cases, prices had even increased. The current quota window, however, has been different, with a clear negative impact on fat cattle prices.

Uruguay’s Ministry of Livestock, Agriculture and Fisheries (MGAP) received an audit last week from China’s General Administration of Customs (GACC) aimed at authorizing the entry of new bovine-origin products. The director of Animal Industry, Dr. Diego Domínguez, said that the initial feedback indicates a “positive assessment.”

Following the significant drop in slaughter cattle prices since early October, the market showed its first signs of stabilization this week. The purchase price references used by processors are mostly the same as a week ago, with even some deals closing a few cents higher than those available seven days earlier.

Cattle slaughter surged last week, reaching the highest level since mid-May —25 weeks ago. INAC reported that 55,267 head were processed, 8,522 more than the previous week (+18%) and 4,222 above the same week last year.

The sheepmeat market remains firm, with prices continuing to rise, although the Livestock Consignors Association (ACG) reports that plant bookings “are longer,” possibly because some plants that process sheep are currently focused on beef production for the 481 quota, leaving limited capacity for sheep processing.

In October, Argentina’s cattle slaughter reached 1.201 million head, up 2.3% from September and the second highest of the year, behind the July peak. Compared with October 2024, which had been that year’s record month— slaughter was down 6.3%.

In the first ten months of 2025, cattle slaughter totaled nearly 11.396 million head, just 1.2% lower than in the same period of 2024. However, trends varied by category: among the main ones, cow slaughter fell 9% and young steer slaughter 1%, while heifer slaughter rose 3% and steer slaughter increased 5%.

In recent months, Rioplatense and Swift Argentina (Minerva) have alternated as Argentina’s leading beef processing plants, but since mid-2024, Rioplatense has held the top position.

During the America Business Forum in Miami, Argentine President Javier Milei made the first official mention of the expansion of the tariff-rate quota for Argentine beef granted by the United States. Referring to Donald Trump as “a personal friend and a friend of Argentina,” Milei stated that “Argentina will exploit its resources and develop currently underperforming industries.”

A trader consulted by WBR said there is no official information or consensus regarding how the additional 80,000-ton quota that the U.S. government would grant to Argentina would operate.

Export cattle prices rose again, reaching new highs for the year in real terms. Export steers increased by between AR$ 200 and 300 per kilo carcass weight. British-breed cross steers of higher meat quality are now trading between AR$ 6,700 and 7,000 per kilo carcass weight, while Zebu-cross steers rose to the AR$ 6,500–6,700 range.

Cattle prices in Paraguay remained unchanged over the past week. Processors held their listed prices at US$ 4.30 per kilo carcass weight for standard males and US$ 3.90 per kilo for fat cows.

U.S. beef import requirements are expected to remain strong through at least 2026 and 2027, driven by a projected decline in domestic production through that period.

The United States is investigating meatpacking companies, the attorney general said Friday, after President Donald Trump claimed that the industry’s practices were driving up beef prices, Reuters reported.

The U.S. government shutdown reached its 37th day on Thursday, November 6, becoming the longest in the country’s history. The budget impasse —caused by the failure to pass a new federal budget— has already generated an estimated economic impact of over US$ 7 billion, according to official and private estimates.

The Meat Institute is calling on the Trump administration to renew the US-Mexico-Canada Agreement (USMCA), citing its broad benefits for American meat and poultry companies and the entire US animal protein value chain.

Tyson Foods posted mixed results in its fourth quarter and reported chicken sales have reached a three-year high amid a drop in demand for beef as prices rise.

Tyson, the largest meat company in the U.S., on Monday reported $13.86 billion in sales for its last fiscal quarter, missing Wall Street's $14.11 billion sales estimate, but posted better adjusted earnings than expected at $1.15 a share (analysts had forecast 84 cents), informed Forbes.

Packers took advantage of the sharp swings in live cattle future prices to secure this week’s slaughter needs at steady to softer prices. Cattle traded at US$ 232 in Texas and Kansas, US$ 3-4 lower, while northern cattle sold for US$ 230 live and US$ 360 dressed, steady with the previous week.

Compared to the last market test, US beef import prices were firm to higher. Trading was slow.

France’s Minister of Agriculture, Annie Genevard, stated that the guarantees offered by the European Commission to protect French agriculture in the event of a trade agreement between the European Union (EU) and Mercosur “are not sufficient,” EFE reported.

The spread of highly pathogenic avian influenza has led more European countries to confine millions of birds to protect them from infection by wild migratory species. Ireland joined the list on Wednesday, November 5, imposing a nationwide housing order after confirming its first outbreak in three years, Reuters reported.

Over the past week, producers across Australian eastern and southern states have seen some quality rainfall − supporting a 11¢–39¢ lift in cattle market prices. This recent rain has interrupted producer turnoff decisions, shifting processor supply and demand through to the end of the year.

Beef exports to China continued at high levels in October, ensuring that inflows of the product into the world’s largest importing country will remain elevated in the coming weeks.

China’s Customs Administration (GACC) announced that it has lifted the ban on poultry meat imports from Brazil as of October 31.

Fernando Burgueño, head of the Uruguayan stud Los Guayabos

Los Guayabos aims to establish itself as a key player in sheep production, focusing on genetics and certified lamb. In an interview with World Beef Report (WBR), its head, Fernando Burgueño, details the joint work with the Uruguayan Wool Secretariat (SUL) and the National Meat Institute (INAC) to achieve certification at the slaughter line, the expansion into new plants, and the domestic and international market potential for Uruguayan lamb.