Meat Report Jan 2011 (Vfmc Novos Graficos)
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The document summarizes protein market trends in Brazil and the US in January 2011. It notes a drop in Brazilian cattle in November/December 2010, higher beef prices in Brazil for the domestic and export markets, and a positive outlook for Brazilian beef in 2011. Chicken prices in Brazil increased in the second half of 2010 for the local market. Exports of Brazilian chicken and pork faced negative conditions since November/December 2010. US chicken export prices were expected to potentially increase.
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Meat Report Jan 2011 (Vfmc Novos Graficos)
- 1. Protein Market Review JAN 2011 Autor: M叩rcio Caparroz: marciocaparroz@terra.com.br
- 2. Market High Lights Drop in live cattle in Brazil in Nov/December; 端 Beef pick prices in Brazil for domestic and exports; 端 Positive scenario for Beef in Brazil in 2011; 端 Chicken prices increases for local market in Brazil in 2属 端 semester; 端 Negative scenario for Chicken and Pork exports from Brazil since Nov/December; Potential increase in USA Chicken exports prices. 端 Autor: M叩rcio Caparroz: marciocaparroz@terra.com.br
- 3. Cattle Prices US$ /Kg 端 Cattle prices should remain within a higher range in the coming two to three yrs A combination of drought and a strong Real caused Brazilian cattle prices to peak in Oct/Nov10 Source: Bloomberg, INAC, IPCVA, MLA, Autor: M叩rcio Caparroz: Note: Up dated Jan 14th marciocaparroz@terra.com.br
- 4. Domestic Beef Prices - Brazil and USA (US$/Kg) 端 Brazilians paying higher prices for their beef Strong Domestic consumption in Brazil maintained meat prices in line with cattle costs Source: Bloomberg Autor: M叩rcio Caparroz: Note: Up dated Jan 14th marciocaparroz@terra.com.br
- 5. Brazil Beef Margin (US$/Kg ) 端 The increase in the value of drop credit (such as hides) compensated, in large part, 端 for the negative margin live to carcass Source: Bloomberg Note: 10% discount in Live cattle prices referrers to casings, offal's, hides and others Animal by Autor: M叩rcio Caparroz: products dated Jan 14th marciocaparroz@terra.com.br Note2: Up
- 6. USA Beef Margin 端 Drop credit offset negative live to carcass margin also in the US Source: Bloomberg Autor: M叩rcio Caparroz: Note: Up dated Jan 14th marciocaparroz@terra.com.br
- 7. Brazil Beef Exports Spread Average Price vs. Cattle - US$/Kg 端 International demand has supported price increase for exported items in line with input cost hikes Source: Bloomberg, MDIC Autor: M叩rcio Caparroz: marciocaparroz@terra.com.br
- 8. USA Beef Exports Spread Average Price vs. Cattle - US$/Kg 端 Regardless of substantial increase in volumes exported, pricing power was sufficient to offset cattle price increase Source: Bloomberg, USDA Autor: M叩rcio Caparroz: Note: December exports are USDA Forecast marciocaparroz@terra.com.br
- 9. Chicken BR vs. USA (BASE 100) 端 The US has become a very competitive production platform for chicken witch should enhance exports from there in 2011 A combination of robust domestic demand and strong Real resulted in much higher $ in Brazil Source: Bloomberg Autor: M叩rcio Caparroz: Note: Up dated Jan 14th marciocaparroz@terra.com.br
- 10. Commodities Overview (BASE 100) Inflation where more representative in oil and grains (Corn and Soy) Source: Bloomberg Autor: M叩rcio Caparroz: Note: Up dated Jan 14th marciocaparroz@terra.com.br
- 11. Protein Prices Evolution in Brazil (R$/Kg) Source: CEPEA Autor: M叩rcio Caparroz: Note: Up dated Jan 14th marciocaparroz@terra.com.br
- 12. Brazil Cattle and Beef prices evolution (US$/Kg) Source: Bloomberg Autor: M叩rcio Caparroz: Note: Up dated Jan 14th marciocaparroz@terra.com.br
- 13. Brazil Chicken Export Spread (US$/Kg) Source: CEPA, MDIC, Bloomberg Autor: M叩rcio Caparroz: Note: Up dated Jan 14th marciocaparroz@terra.com.br
- 14. USA Chicken Export Spread (US$/Kg) Source: CEPA, MDIC, Bloomberg Autor: M叩rcio Caparroz: Note: Up dated Jan 14th marciocaparroz@terra.com.br
- 15. Brazil Pork Export Spread (US$/Kg) Source: CEPEA, MDIC Autor: M叩rcio Caparroz: Note: Up dated Jan 14th marciocaparroz@terra.com.br