China seems to have hit its bottom in beef prices and now values are expected to rebound.
“We see a fairly similar market, but having left behind the worst in prices,” said an Argentine trader consulted by Livestock.uy.
Although there is not yet a great recovery, the demand is with very low prices even in relative terms, he pointed out.
“We think that closer to the beginning of spring our price and demanded volume can improve. You have to wait for consumption in China to pick up,” she said.
As a reference, the 6-cut cow is already at US$4,000 a ton and in some cases a little higher.
“Maybe the trend has changed, it is no longer bearish, it is stable in that range, which is bad, but it has stopped falling. Now waiting for the price recovery and more demand”.
Uruguay exported 135,706 tons of beef to China in the first semester, according to data from INAC (National Meat Institute), 31% below the 195,288 tons shipped to that destination in the first half of 2022.
In the first half of July, shipments to China show a decline of 34%.
2023-07-20 17:33:00
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