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FOB Mercosur - China remains at the forefront as the most active market.
October 4, 2018

Brazilian, Argentinean and Uruguayan exporters continue to find the market in China with a greater fluency to close deals in volume.

Although in this week a lower intensity was perceived in the pace of orders coming from the Asian country, the flow of business remained with no big surprises in values, industrialists and brokers consulted by WBR coincided. A Uruguayan exporter handled references of US$/t 3,100 and US$/t 3,350 CIF for trimming 70 VL and 80 V L, respectively, though one trader considered that most bids are about US$/t 100 below. The operator reported sales of knuckle at US$/t 4,800 CFR and robbed forequarter from Uruguay at US$/t 3,750. Another trader reported sales of shin & shank at US$/t 4,90 0, neck bone at US$/t 1,500, backbone at US$/t 850, tendons at US$/t 4,550, aorta at US$/t 4,300, penis at US$/t 5,200, 5 + 8 ribs at US$/t 3,700 and boneless brisket at US$/t 4,050, CFR in all items.

On the other hand, the source indicated that the first offers of lamb carcasses began to appear. The industry requests US$/t 5,000 CIF Chinese port for 9 to 16 kg carcasses, while the market supports levels up to US$/t 4,400 CFR. He added that for mutton, its even more difficult since the import tariff for carcasses is 23%. In the case of Brazil, a trader indicated that a week ago sales of shin & sh ank via Hong Kong reached a ceiling of US$/t 4,100 CIF, but in recent days importers pressured to lower prices based on the Brazilian devaluation and managed to close at US$ 3,900 CIF. "Today the biggest uncertainty for exporters is the exchange rate", the source explained. He added that until the electoral process is over, there will be no certainties about the behaviour of t he Brazilian currency. He said that with the current situation, export meatpackers are expecting a slaughter and therefore sales abroad in September as "strong" as they were in August. "With the local currency depressed, the tendency is to export a little more," he said. Lastly, from Paraguay an industrialist handled sales of shin & shank at US$/t 3,700 CIF to Hong Kong and chuck & b lade to Taiwan in a range of US$ 3,800-3,900 CIF per ton.

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