Brazilian beef prices were reported steady on May 8, as packers opted to stay out of new trade volumes under current price levels, slowing market activity on the day.
Platts assessed Brazil Beef Marker FCA Santos unchanged at $4,375/mt on May 8.
A source said negotiations to China were postponed due to downward price conditions, and the Chinese domestic demand was not favorable to increase prices in the near term. The Chinese market for imported beef has been hindered by lackluster consumer power with no signs of improvement, the source said, adding that demand remained weak from the wholesale market to the final consumer.
Meanwhile, the Brazilian Foreign Trade Agency released its preliminary export data for April, indicating that fresh and frozen beef shipments reached the second-highest volume on record.
Brazil exported 208,053 mt in April, soaring 25.1% from March and 89% on the year. The total was only behind December 2023 exports, when Brazil exported 208,440 mt. It is worth noting that in April 2023, beef shipments from Brazil to China were halted due to an atypical case of bovine spongiform encephalopathy, also known as “mad cow disease,” reported in the state of Pará.
Secex data showed despite the enhanced export performance for an April in history, Brazilian beef export prices dropped 5.1% from the same period of 2023 to $4,532/mt. This marked the tenth month in a row that average export prices have stayed below $5,000/mt.
Market sources provided no new value indications regarding the value of imported beef on May 8.
Platts assessed 90CL Beef CIF US at $6,118/mt, or $2.78/lb, unchanged from the previous assessment day. Indications heard May 7 suggested 90CL beef was in the $2.75-$2.80/lb range.
In market news, the US has gone almost two weeks without an instance of Highly Pathogenic Avian Influenza, more commonly known as HPAI or bird flu, reported in dairy cattle. The US Department of Agriculture last reported a bird flu infection in dairy cattle 13 days ago on April 25. Prior to April 25, the longest stretch without a virus being reported was six days, with the average of a new infection being reported roughly every day.
Bird flu has infected more than 30 dairy cattle herds in nine states. There were concerns the spread would lead countries to prohibit beef imports. However, only Colombia has to date issued restrictions on US beef imports.
Platts is part of S&P Global Commodity Insights.
Platts Protein: Beef, FFQ 8 cuts: CFR-China, Brazil for H1 June loading, Bid at $4400/mt, 27mt
Platts Protein: Beef, FFQ 8 cuts: CFR-China, Brazil for H1 June loading, Value at $4500/mt, 27mt
Platts Protein: Beef, Full FFQ-90VL: CFR-Egypt, Brazil for H1 June loading, Trade (Previous week) at $4100/mt, 27mt
Platts Protein: Beef, Full FFQ-90VL: CFR-Egypt, Brazil for H1 June loading, Offer at $4200/mt, 27mt
Platts Protein: Chicken, frozen breast, boneless, skinless value $3250/mt CIF Jebel Ali, Brazil for H1 June loading, 27mt FCL
Platts Protein: US BEEF: 50 fresh domestic heard talked +$0.75-$1/lb
Platts Protein: US BEEF: 95CL heard offer 90CL +$0.10-$0.15/lb
Platts Protein: US BEEF: 85CL heard talked 90CL -$0.07/lb
Platts Protein: US BEEF: 50 fresh domestic heard traded +$0.78/lb (previous week)
Platts Protein: US BEEF: 90CL CIF US heard talked +$2.75-$2.80/lb
Platts Protein: Chicken, Frozen Boneless leg skin on: CFR Korea, Brazil for June loading, Trade at $1950/mt, 23.5 mt
Platts Protein: Beef, FFQ 8 cuts: CFR-China, Brazil for H1 June loading, Offer at $4800/mt, 27mt
Platts Protein: Beef, FFQ 8 cuts: CFR-China, Brazil for H1 June loading, Bid at $4500/mt, 27mt
Platts Protein: Beef, Full FFQ-90VL: CFR-Egypt, Brazil for H1 June loading, Trade (Previous week) at $4200/mt, 27mt
Platts Protein: Chicken, Frozen Boneless leg skin on, 220-240g: CFR Japan, Brazil for July loading, Value at $2300/mt, 25-27mt
Platts Protein: Chicken, Frozen Boneless leg skin on, 260-280g: CFR Japan, Brazil for July loading, Value at $2500/mt, 25-27mt
Platts Protein: Chicken, Frozen Boneless leg skin on, 200-220g: CFR Japan, Brazil for July loading, Value at $2200/mt, 25-27mt
Platts Protein: Chicken, Frozen Boneless leg skin on, 240-260g: CFR Japan, Brazil for July loading, Value at $2400/mt, 25-27mt
Platts Protein: Chicken, Frozen Boneless leg skin on, > 200g: CFR Japan, Brazil for July loading, Value at $2100/mt, 25-27mt
Platts Protein: Chicken, Frozen Boneless leg skin on, 280-300g: CFR Japan, Brazil for July loading, Value at $2600/mt, 25-27mt
Platts Protein: Beef, Trimmings 80VL: CFR-USA, Brazil for H1 June loading, Trade at $3300/mt, 27mt
Platts Protein: Beef, FFQ 8 cuts: CFR-China, Brazil for H1 June loading, Bid at $4200/mt, 27mt
Platts Protein: Beef, FFQ 8 cuts: CFR-China, Brazil for H1 June loading, Value at $4500/mt, 27mt
Platts Protein: Beef, Full FFQ-95VL: CFR-USA, Brazil for H1 June loading, Offer at $4600/mt, 27mt
Platts Protein: Beef, Full FFQ-95VL: CFR-USA, Brazil for H1 June loading, Offer at $4700/mt, 27mt