In this file:
· Brazil's JBS imports Argentine corn, eyes U.S. supply
· Brazil court releases former JBS chairman from jail
Brazil's JBS imports Argentine corn, eyes U.S. supply
By Ana Mano, Reuters
via Nasdaq - March 09, 2018
SAO PAULO, March 9 (Reuters) - Brazilian meat processors are resorting to importing corn as local farmers hoard grains, creating parity between domestic and international prices, three industry sources told Reuters on Friday.
JBS SA, Brazil's second-largest chicken processor, has bought 30,000 tonnes of corn from Argentina to use for feed, with delivery set for April at a port in the state of Santa Catarina, said one of the sources.
The company, which had last imported corn in March 2017, is in talks for additional corn imports from Argentina and the United States for delivery starting in May, the first source said.
Brazil uses 5 million tonnes of corn monthly, 30 percent of which is consumed by JBS, listed rival BRF SA and privately owned Aurora Alimentos, that person said, adding all major processors are looking to import corn.
The two other sources said the demand for foreign corn is driven by farmers hoarding the grain and logistical obstacles between midwest growing regions and feedlots in Santa Catarina.
Santa Catarina's proximity to Paraguay and Argentina gives local food companies an incentive to source corn from those countries instead of buying from far-off Mato Grosso, said one of those sources.
Aside from JBS, the same person said another company with large operations in Santa Catarina has been importing corn from Paraguay. The movement is likely to intensify in April as improvements are made in a logistical corridor linking Paraguayan farms to southern Brazil, that source said.
"Producers in Santa Catarina pay for more than 100,000 truck rides per year to buy corn from the farmers in the center-west region. It's simply not economical," said that second source.
JBS, BRF and Aurora have the capacity to slaughter about 13.5 million birds and 76,000 hogs per day...
UPDATE 1-Brazil court releases former JBS chairman from jail
By Ricardo Brito, Reuters
March 9, 2018
BRASILIA, March 9 (Reuters) - A Brazilian federal court on Friday granted the release from jail of Joesley Batista, former chairman of the world’s biggest meatpacker, JBS SA, according to court documents.
Joesley Batista, who steered JBS from a Brazilian beef processing firm to a global food conglomerate with major U.S. operations, was expected to be released later on Friday from a Sao Paulo detention center, said his lawyer, André Callegari.
Batista and his brother, Wesley, were arrested last year on charges of obstruction of justice and insider trading following a controversial plea bargain related to a corruption scandal that threatened to topple President Michel Temer.
Wesley Batista, the former chief executive of JBS, was released last month. The brothers cannot leave the country while they answer to charges against them. The Batistas control JBS through holding company J&F Investimentos.
The judge who ordered Joesley Batista’s release said the reason for his preventive arrest order was no longer valid, since that type of arrest by law should not exceed 120 days. The former JBS chairman had been behind bars for the last six months...