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MARKETS - Mercosur steer price loses out because of political crisis in Brazil.
April 15, 2018

Brazils political crisis, with the imprisonment of former president Lula d a Silva, which is the favorite candidate for the next elections in the country, impacted over the Real quotation and generated a downward pressure in the boi gordos price in Brazil and also in Mercosur.

In Brazil, boi gordo in Reales stood without changes. Despite this, the devaluation of 3.2% of this currency made the reference in dollars to drop 9 cents to US$/kg 2.69 cw. Dollar in Brazil reached its maximum quotation since the beginning of December 2016 and boi gordo reached the minimum since August 2017.

Weakness from Brazilian currency was partially compens ated because of the rise in the price of special steers in Uruguay and Paraguay, while in Argentina no changes were registered in the export steer prices.

The Mercosur Steer Index (MSI/WBR) dropped US$ 3 cents to US$/kg 2.92 cw.

NOTE: As from this week MSI/WBR was recalculated with base in the export vo lumes of 2017 and are corrected backwards since the beginning of 2018.

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