China’s import market operated without major changes over the past week, repeating the same pattern: pressure from importers to pay lower prices and a certain “resistance” from regional exporters to validate those levels.

The U.S. market softened somewhat, influenced by uncertainty regarding how much volume Brazil will be able to ship in the coming months and by domestic price adjustments following the tariff removal.

Brazil is once again the main question mark regarding its U.S. supply. One operator admitted it is “very difficult” to know in real time what Brazil is closing, because the deals reported by exporters often do not match the volumes actually shipped. “You only find out afterward, when you see the statistics,” he said, noting that Brazil’s November shipments again neared 300 thousand tons.

Prices for Hilton rump & loin strengthened last week. A European importer told WBR that demand remains firm largely because production in Argentina and Uruguay continues at very low levels, forcing buyers to accept high price levels from both origins.

Although prices have hit a ceiling in recent weeks, beef trade with MENA countries from Brazil remains fluid. These are the last deals to arrive before Ramadan. A trader reported forequarter sales to Egypt in the US$/t 4,900–5,000 CFR range.

In November, Russia became the second largest destination for Brazilian beef with nearly 17 thousand tons (see more under Brazil). A trader explained to WBR that the country’s war with Ukraine creates distortions in the market, as major exporters often close direct deals for entire ship holds that can carry up to 5 thousand tons.

The Chilean market continues to show price stability, although with a strong dominance of Brazilian supply. One operator noted that Brazil maintains firm prices for the 19 cuts between US$/t 6,500 and 6,600, while Paraguay remains in the US$/t 7,200–7,300 range, levels already applicable for shipments from week 52 to week 4 of next year.

Cattle slaughter in November began to feel the impact of reduced supply, with declines in Brazil and Argentina, the region’s two main producers.

Trends in slaughter cattle prices varied across the region, with some countries showing declines (Brazil and Uruguay) and others increases (Paraguay and, notably, Argentina). The WBR Mercosur Steer Index rose 1 cent in the week to US$ 4.32 per kg carcass weight.

Global beef exports in 2026 are forecast down 1 percent to 13.5 million tons as lower exports from Australia, Brazil, and the United States offset greater shipments from Argentina, India, Mexico, and New Zealand, said the United States Department of Agriculture in its first projection for meat global trade in 2026.

Brazil’s beef exports were again very large in November. Although slightly below the previous two months, it was the third month in a row in which more than 300 thousand tons were shipped — a level never reached before.

December began with an increase of more than US$ 100 per ton in Brazil’s average beef export value compared with the previous week, likely because of a higher share of shipments to the United States after the White House removed the additional 40% punitive tariff on Brazilian product.

Beef exports to China remained large in November, although below the levels of September and October. According to Secex, Brazil shipped 176,394 tons of frozen boneless beef to China, almost 11 thousand tons less than in October.

In the year to November, Brazil exported 98 thousand tons of beef to European Union member countries, meaning it will close the year with more than 100 thousand tons shipped to this destination—an all-time high.

Cattle slaughter in Mato Grosso totaled 640.04 thousand head in November 2025, a 10.5% monthly decline, reported the Mato Grosso Institute of Agricultural Economics, based on Indea-MT data.

The number of confined cattle for finishing in Brazil is expected to grow 11.9% in 2025, according to the Benchmarking do Confina Brasil survey by Scot Consultoria. The survey covered 184 operations across 15 states, totaling 3.1 million confined animals, of which 2.6 million are destined for slaughter — an 18.4% increase compared with 2024. Just five states — Goiás, São Paulo, Minas Gerais, Mato Grosso and Mato Grosso do Sul — account for nearly 79% of the national total.

China has acquired, for the first time in history, a shipment of Brazilian beef certified as free from recent deforestation, in a transaction carried out in May between Cofco and MBRF (then Marfrig). The audit was conducted by BDO, following the criteria of the Boi na Linha protocol and international environmental organizations.

Salary payments at the beginning of the month boosted domestic demand in several regions of Brazil, supporting slaughter cattle prices when measured in reais. The average value of the finished male in the main cattle-producing states — net of the Funrural tax and based on state-level data from Scot Consultoria — increased R$/@ 0.7 over the week to R$ 305.1.

Vice Minister of Foreign Affairs Valeria Csukasi is one of the most respected career diplomats among private-sector stakeholders. During an end-of-year event organized by INAC, she spoke about the much-discussed Mercosur–EU FTA and explained why the focus for 2026 will be to advance negotiations with Indonesia and Vietnam.

Uruguay is missing out on high-value opportunities for its beef and other agri-based products by not entering the increasingly influential global halal food market. This was the central message delivered by Ana Laura DeLeon, an expert on halal standards, during INAC’s “2025 outlook” event held on Monday.

Export revenues will reach historic highs in 2025, with a balanced distribution across key destination markets. Total revenues from the meat sector (beef + live cattle) are expected to reach US$ 3.728 billion, a record figure.

The fat cattle market is going through a price-formation phase, with differing behavior among plants, although downward pressure on prices seems to be a constant. “The industry is pushing to correct prices downward, but supply is not abundant either, and most plants are working with one-week bookings,” an operator told World Beef Report.

Cattle slaughter fell sharply. INAC reported that 45,884 head were processed in the week ending December 6, down 10% from the previous week, though still 11% above the same period last year.

Sheep slaughter approached 50 thousand head last week, the highest since the second-to-last week of 2022, three years ago. The concentration of San Jacinto on sheep slaughter, together with Frigocerro’s activity for exports to Israel, combined with a surge in seasonal supply.

The government announced yesterday a new reduction in export taxes on major grains and their by-products, ranging from 1 to 2 percentage points. Soybeans will now be taxed at 24% instead of 26%, while soybean by-products drop from 24.5% to 22.5%.

In November, 1.046 million cattle were slaughtered, 13% less than the previous month and 8% less than in November last year — the lowest volume since March.

In the first 11 months of 2025, slaughter totaled 12.444 million head, 1.9% below the same period in 2024.

In November, 161,746 cows were slaughtered, 12.7% fewer than in October, which itself had fallen 5.7% from September, extending a month-to-month decline that began in July.

The situation for packers is complicated not only because of the scarcity and high price of steers but also by China’s reluctance to buy — in some cases not even submitting bids. “On cows, losses range from US$ 10,000 to 15,000 per container,” said Germán Manzano, an operator with extensive experience in the sector. A major national meat group described the prices being offered from China as “ridiculous.”

Export cattle prices increased once more: high-quality fat steers, British-breed or British-cross, rose Ar$ 200 per kilo, reaching Ar$ 7,500–7,800 per kilo carcass weight, while zebu-cross steers climbed to Ar$ 7,200–7,500.

In November, Paraguayan export plants slaughtered 176,431 head of cattle, a figure that is just over 10,000 head higher than in October but around 13,600 head (7%) below the same month last year. This marks the sixth consecutive month in which cattle slaughter has been lower than the corresponding period of the previous year.

Beef production at export plants during November reached 45.5 thousand tons, with average carcass weights of 258.2 kg, the highest in recent years and very likely the highest ever recorded.

Paraguay’s beef exports reached a record average value in November, with a significant jump compared with previous levels, driven by strong sales to the United States.

For the second consecutive month, in November the United States was Paraguay’s main destination for beef, displacing Chile, which has traditionally been the leading market for Paraguayan beef exporters.

The Type Steer Paraguay 2.0 report, prepared by the Paraguayan Meat Producers and Exporters Association (Appec), recorded an Industrial Gross Margin (IGM) of US$ 520 per head in November 2025 — one of the highest values in the historical series that began in 2011.

Grupo Concepción released its third-quarter financial results during a conference call with credit analysts and bond investors. With the latest quarterly performance, the group’s accumulated 12-month revenues reached US$ 2.060 billion, an 18% increase compared with the US$ 1.740 billion reported in the same period last year.

Slaughter cattle prices firmed toward the end of last week, with deals reaching US$ 4.20 per kg carcass weight for standard males. One processor reported having purchased grassfed finished steers at US$ 4.15 during the week and cows at US$ 3.80.

Bolivian President Rodrigo Paz announced the start of beef exports to Egypt, marking the country’s entry into a market of more than 118 million people. “Bolivia in the world!”, he proclaimed in the announcement.

Live cattle sales in the Northern US traded at US$/cwt 220–222 on Thursday and climbed to US$/cwt 225 by Friday last week. Dressed sales followed a similar trend, rising from US$/cwt 340 to US$/cwt 345 — both levels up US$ 10–15 compared to the previous week.

US beef import prices were sharply lower compared to the last market test.

Spain is investigating whether a recent African swine fever (ASF) outbreak in Barcelona could have originated from a laboratory leak, the Ministry of Agriculture said Friday, according to Reuters.

Around 30,000 pigs located in 39 farms within the 20 km surveillance zone around the ASF outbreak will be culled next week, according to agricultural and livestock organizations in Catalonia following a meeting with the regional government.

In November, the FAO Meat Price Index fell to 124.6 points, down 1 point (-0.8%) from October. It remains 4.9% above its November 2024 level (5.8 points).

The monthly decline continued to be driven by lower pork and poultry prices, while beef quotations remained mostly steady and sheepmeat prices increased.

Although Australia shipped its lowest monthly volume of beef in six months in November, exports continue to grow year-on-year and the 12-month moving total remains firmly above 1.5 million tons shipment weight.

The European Union’s strong import needs for red meat are clearly reflected in the growth of shipments from Australia, both in beef and sheepmeat.

Beef export volumes to China remained high in November, although they were below the peaks of more than 290 thousand tons that departed from the various origins in September and October.

China is likely to stick to its current annual economic growth target of around 5% next year, government advisers and analysts said, a goal that would require authorities to keep fiscal and monetary spigots open as they seek to snap a deflationary spell.