Brazilian Cattle Prices Move Higher17 June 2013
BRAZIL - Steer price in Brazil increased across most markets last week, averaging 310US¢/kg in Sao Paulo state, with wholesale prices also reportedly rising according to data from FNP.
Analysts at Meat and Livestock Australia said that Brazilian beef exports during May totalled 91,600 tonnes, up 10 per cent year-on-year, but down 3.8 per cent on the previous month.
Stronger demand from the domestic market, especially for forequarter cuts, contributed to higher wholesale prices, with processors reportedly facing a tighter supply of slaughter ready cattle.
Brazilian beef exports during the first five months of 2013 surged 29 per cent year-on-year, to 437,301 tonnes, with increased shipments to Hong Kong (up 131 per cent, to 84,022 tonnes) and Russia (up 11 per cent, to 129,841 tonnes). Assisting the higher exports so far in 2013 has been the weaker Brazilian currency, which recently fell to a two year low, at 46US¢.
TheMeatSite News Desk