Commercial activity with the U.S. market has been somewhat slow this week due to the Thanksgiving holiday on Thursday, November 27, one of the country’s most important national celebrations.

Even so, a trader told WBR that several deals were closed last week from Brazil, after news broke of the removal of the 40% surtax that the USA had applied to Brazilian beef.

China’s decision to postpone by two months its potential safeguard measures for beef imports (see Asia section) did not meaningfully change the current market picture: weak demand and downward pressure from importers. Last week activity was largely paralyzed while awaiting the decision China was initially expected to take this Wednesday. Price references for the main cuts or cut sets purchased by China showed no change in the past week, in what can be considered a nominal market.

After a marked downward correction over the past three weeks, prices for Hilton rump & loin cuts appear to be searching for a floor, amid a sharp rise in cattle prices in Argentina.

The Chilean market showed increased activity this week, with a rebound in purchases of Paraguayan beef. An operator confirmed to WBR that Paraguay is “stronger” and Chile finally accepted prices of US$/t 7,200–7,300 for the set of 19 cuts. “Sales are very strong this week,” he said.

Uruguay’s commercial flow of ovine meat to MENA countries remains steady.

After last week’s highest levels in more than three years, the average price of slaughter cattle in Mercosur countries corrected downward in the current week. The WBR Mercosur Steer Index fell by 7 cents to US$ 4.26 per kilo carcass weight, with downward adjustments in three of the four countries in the bloc.

The moderate declines seen in average export prices in the second half of the year have begun to affect the prices at which Brazil has been shipping in these final weeks of the year.

U.S. President Donald Trump signed on 20 November an executive order eliminating the 40% tariff applied since 30 July to 212 Brazilian-origin products, including fresh and processed beef, coffee, fruits and certain fertilizers.

The Brazilian Meatpackers Association (Abrafrigo) stated that the “joint effort of the public and private sectors” made it possible to remove the additional 40% tariff that the United States had imposed on Brazilian products, including beef.

The Regional Business Court of Caxias do Sul (a branch of the Judiciary) authorized Zimmer Meatpacker’s request for judicial recovery. The company, founded 53 years ago and headquartered in Parobé (Rio Grande do Sul), included in the process its Capão do Leão plant. Both facilities are authorized to continue operating during the restructuring.

The Legislative Assembly of Mato Grosso approved last Wednesday, in two voting rounds, the law creating a state-level socio-environmental traceability system for the entire bovine and buffalo herd. The mechanism will allow the monitoring of the beef chain from birth to slaughter, using criteria that certify the origin and production conditions of each farm.

The Nelore cow Donna FIV CIAV has become the most expensive bovine female in the world after being valued at R$ 54 million — roughly US$ 10.1 million — during the Leilão Cataratas Collection, held on November 20 in Foz do Iguaçu by Casa Branca and RS Agropecuária.

The slaughter cattle market ended the moderate upward trend of the previous seven weeks and corrected slightly downward, despite positive news from the international market and expectations of stronger domestic demand with the arrival of December.

The members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have formally approved the start of accession negotiations with Uruguay, opening the door for the country to advance toward joining the trade bloc that represents around 15% of global GDP.

The strong body condition of the breeding herd is fueling expectations that the next calf crop — to be born in spring 2026 — will be relatively large for the third consecutive year, very close to 3 million head.

With the end of production for the 481-quota window, demand for animals in the spot market has increased, and deals are being closed at higher prices than last week.

Cattle slaughter remained for the second consecutive week at levels close to 54,000 head, bringing the three-week total to 163,000 animals, with a weekly average of 54,317.

The sheep market continues very firm, with prices strengthening further even with longer bookings. Lambs are paid at US$ 5.75–5.80 per kilo carcass weight, while adults are paid at US$ 4.85–4.90 per kilo. Demand continues to show a preference for carcasses not exceeding 24 kilos.

Indian conglomerate Allana, one of the world’s largest buffalo-meat processors, is evaluating the installation of a plant in the Argentine province of Corrientes. This was confirmed to WBR by Claudio Anselmo, the province’s Minister of Production, speaking from New Delhi, where he is on a trade mission with Governor Gustavo Valdez.

Argentina’s beef exports in October 2025 totaled 66,571 tons (product weight), worth US$ 386.5 million. In volume terms, shipments fell 7.4% from the previous month and 4.5% from October 2024. In value, there was a 6.8% month-to-month decline, although revenues were 38.3% higher year-on-year.

Despite posting a second consecutive decline since the annual peak in August, China remained Argentina’s main destination in October, with 31,406 tons of boneless frozen beef (US$ 163.9 million) and 17,292 tons of bone-in cuts and bones with meat (about US$ 35.7 million).

With just over 6,200 tons in October, exports of chilled boneless beef to the EU rose 12.3% from September and were the second highest of the year, close to the May peak.

With nearly 3,378 tons of frozen beef — the second-highest volume of the year, after February — and almost 961 tons of chilled beef — the highest since July 2023 — the U.S. became Argentina’s third-largest market in October.

Exports of bovine offal and preparations totaled about 12,300 tons, the second-highest volume after September, generating roughly US$ 28.5 million. The average price exceeded US$ 2,320 per ton, with tongues topping the category at an average of US$ 4,270.

After eight consecutive weeks of increases, export steer prices paused, likely due to meatpackers’ difficulty in absorbing the sharp previous rises. Finished steers of the best meat quality, British-breed crossbreds, remained between Ar$ 7,000 and 7,300 per kilo carcass weight, while zebu-cross steers stayed in the Ar$ 6,800 to 7,000 per-kilo range.

Frigorífico Victoria, the new slaughter plant that began operating a little over a year ago, completed its first export shipment to the United States this Friday, a market that granted the plant approval a few weeks ago.

The Paraguayan industry is again pushing to lower livestock prices with another reduction for the final loads before the end-of-year holidays.

USDA’s long-delayed August export data showed a sharp downturn for US beef and variety meat products, with exports falling to 83,388 metric tons, down 19% year-over-year and the lowest monthly volume since June 2020. Export value declined 18% to $695.5 million, the weakest result since February 2021. In the case of muscle cut exports, volume reached 63,445 tons for US$ 617 million.

USDA released its first Cattle on Feed report since September, following delays caused by the federal government shutdown. The agency reported that cattle and calves on feed for the slaughter market at feedlots with capacity of 1,000 head or more totaled 11.7 million head on Nov. 1, a 2% decline from the same time last year.

Tyson Foods plans to shut down one of its largest beef-processing plants in Nebraska as the U.S. cattle shortage continues to pressure the industry, according to the Wall Street Journal. The plant is scheduled to close on January 20. In addition, the company will shift its Amarillo, Texas, beef facility to a single full-capacity shift.

The Tyson beef division changes won’t occur this year. It also won’t happen in a vaccum. Competitors in the processing space are already in the planning stage to decide changes to each company’s operating mode and plant utilization.

Compared to the prior market test, US beef import prices were not fully established.

European Union member states have agreed to push for a new postponement of the entry into force of the Deforestation Regulation (EUDR), which would now apply from 30 December 2026 for medium and large companies, and from June 2027 for micro and small operators.

In 2026 Turkiye’s cattle inventory is projected to fall by 4 percent to 14.3 million head, after falling 4% also in 2025, said the USDA office in Ankara. This decline is primarily attributed to high slaughter trends, high production costs, and low profitability, prompting farmers to liquidate their herds.

In 2026 Türkiye’s cattle imports are forecast to stagnate at 450,000 head to compensate for animal losses due to high slaughter rates in 2024, projects the USDA office in Ankara. In line with historic trends, most of these imported animals will be feeder cattle for beef production. However, to help offset the projected contraction in inventories, the government is expected to continue authorizing breeding cattle imports in 2026 for both private and government farms.

The Hungarian Parliament has approved a new law prohibiting the production and commercialization of meat proteins obtained in laboratories through cell-culture technology. Plant-based meat analogues are not included in the ban, which passed with 140 votes in favor, 10 against and 18 abstentions, according to Eurocarne.

Australia’s cattle industry posted record beef production in the September quarter, according to the ABS, driven by excellent seasonal conditions across the north. From January to September, the country produced 2.16 million tons of beef, up 13% year-on-year.

The Chinese government announced on Tuesday, November 25, a new extension—this time for two months—in the investigation on safeguard measures to protect domestic beef production, which had been set for November 26.

Of the 281 thousand tons of beef imported by China in October, 59% (167 thousand tons) arrived from Brazil, the highest share since late last year.

The prohibitive U.S. tariffs on Brazilian beef left a larger surplus available to be placed in China. With Trump’s announcement to remove the punitive 40% surcharge on Brazilian products, these record Brazilian volumes (October was China’s second-highest monthly import volume from Brazil, behind only the 171 thousand tons of September) may now be at risk.

South Korea’s meat industry faces a scenario of stable imports and a slight contraction in domestic production of both beef and pork over the next two years, according to the USDA’s latest annual report.