Exchange rate weakness sinks the Novillo Mercosur reference

Fax Meat|The weakness of the currencies of Brazil and Argentina pulls down the average value of the steer expressed in dollars. In Brazil, the real weakened 4.5% in the week and 14% in the last three months, while in Argentina the unofficial dollar exceeded Ar$ 1,400 this week, with a devaluation of 2.6% in the rate exchange rate with which meat exporters settle. The Faxcarne Mercosur Steer Index lost 6 cents in the week to US$ 2.90 per kilo carcass. In Brazil, the devaluation more than compensated for the increase in the slaughter rate in the local currency. The fat boi fell 8 cents in the week to US$ 2.41 per kilo carcass, breaking the minimum of US$ 2.50 that it had reached in the first half of September of last year. In Argentina, the price of export steers once again remained stable in the local currency, so the reference in dollars reflects the loss in value of the Argentine peso. ...