Chinese demand is increasingly swallowing up Brazil’s beef supply, pushing the country’s cattle prices to a record high. China’s hunger for foreign meat has shot up as an outbreak of African swine fever has reduced its domestic pig population and has sent it looking for substitutes.
Chinese imports of Brazilian meat are up 23.6% for January to October against the same period in 2018, meatpackers association Abrafrigo says.
Wholesale beef prices in the greater Sao Paulo area have consequently hit an all-time high of 13.9 Reais per kilogram this week, according to University of Sao Paulo’s Cepea research centre, a benchmark think-tank.
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