Brazil meatpacker Marfrig says beef prices to remain high in 2020 due to Chinese demand [Reuters]
MARFRIG GLBL FOODS S/ADR (MRRTY)
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Source: Reuters
Brazil meatpacker Marfrig says beef prices to remain high in 2020 due to Chinese demand SAO PAULO (Reuters) - The price of beef in Brazil will remain high in 2020 but not at current levels, an executive for meatpacker Marfrig Global Foods said on Thursday, citing high demand from China and other Asian countries. The price of the arroba, a 15-kilo unit of weight that is a commonly used as a benchmark for cattle prices in Brazil, has reached 225 reais ($53.62) but could fall to 180-185 reais next year, said Marfrig CFO Marco Spada. In August, he said, the arroba was at 150 reais. “We have reached a new price level, with some room for a drop, though prices should remain high,” Spada said at an event marking the official launch of Marfrig’s new vegetarian burger. “This is a structural effect, the per capita consumption in China was already increasing due to rising wages and it accelerated after the African swine fever epidemic,” Spada said. The epidemic has decimated China’s protein stock
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