US cattle set contract high following Brazil stops exports to China

Frozen Bone-In Beef

Meat

United States

Published Feb 24, 2023

Tridge summary

Chicago Mercantile Exchange (CME) live cattle futures reached a contract high on Thursday amid hopes that Chinese importers will buy more US beef after rival supplier Brazil suspended shipments to China, Reuters reported, citing analysts. Brazil said it would halt beef exports to China, the main destination for its overseas shipments, after confirming a case of mad cow disease.

Original content

Chicago Mercantile Exchange (CME) live cattle futures reached a contract high on Thursday amid hopes that Chinese importers will buy more US beef after rival supplier Brazil suspended shipments to China, Reuters reported, citing analysts. Brazil said it would halt beef exports to China, the main destination for its overseas shipments, after confirming a case of mad cow disease. Brazilian Agriculture Minister Carlos Favaro vowed to treat the case with the utmost transparency, adding he hopes the suspension can be lifted next month. In 2021, Brazil suspended exports to China for more than three months after finding two cases of the disease. "Using history as a guide, the US is going to be looking at extra beef exports to China for the next three months and potentially longer if more cases pop up," said Jim Gerlach, president of broker A/C Trading in Indiana. The United States does not plan to restrict imports of Brazilian beef, the US Department of Agriculture said in an email. ...

Source: Thepigsite

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