Chinese Beef Buyers Expect Brazil Trade to Resume Soon Despite Mad Cow Cases
By Dominique Patton and Nayara Figueiredo, Reuters
via U.S. News & World Report - Sept. 6, 2021
BEIJING (Reuters) - Chinese beef importers said on Monday the suspension of exports by top supplier Brazil due to two cases of mad cow disease has had no immediate market impact, with some still making purchases in anticipation of a quick resumption of trade.
Brazil said on Saturday it had confirmed two cases of 'atypical' mad cow disease in different states, and was suspending beef exports to China as part of a prior agreement on the issue with its top buyer.
Despite Brazil's dominant 40% share of China's beef imports, prices had not moved by Monday and some importers were still looking for deals.
"We're still buying, factories have to keep up their stocks," said Grace Gao, general manager at Dalian-based importer Goldrich International.
In Brazil, the fourth-largest beef processor Frigol said on Monday it would furlough workers at one of its plants for 15 days...
... "I assume the Chinese government won't ban imports," said Pan Chenjun, senior analyst at Rabobank...