Bids of $117 were passed on the southern plains while sellers regroup and attempt to regain lost leverage in this week's trading. The online fed cattle auction favored the same flavor as country trading with packer bids of $117-117.50 passed. A very small inventory of cattle will be offered online on the fed cattle exchange.
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The Brazilian beef industry is in the midst of a challenging year. Slow economic growth, restricted market access, the “weak meat” scandal in late March and more recently corruption involving JBS, the country’s largest meat processing company, all contributing factors. Despite this, Brazil remains a major beef exporter, alongside the US, India and Australia. Brazilian beef production and exports are set to grow in the coming years. Increased production, coupled with a limited growth in domestic beef consumption, is likely to result in a higher volume of beef exports and an increased presence in some of Australia’s exports markets in Asia and the Middle East.
Limited domestic output and rising per-capita incomes are pushing beef-hungry China to import the high-protein, low-fat meat in increasing quantities from Brazil. About a year after recovering from a scare related to mad cow disease, Brazil has supplanted Australia as the biggest seller of beef to China. A production deficit is widening in China, and imports are heading for a record. Brazils ample supplies and low prices helped companies including JBS SA, Minerva SA and Marfrig Global Foods SA ,Agro e Machines ltd to boost exports to China by 65 percent in the first half of the year.