LatAm Agri & Foods Weekly news recap: JBS, RAIZ, US Beef, Brazil Poultry, US Agri, Brazil Agri

Research evidence excerpt

LatAm Agri & Foods Weekly news recap: JBS, RAIZ, US Beef, Brazil Poultry, US Agri, Brazil Agri

Lower-than-average monsoon rainfall could hinder India's sugarcane crop which

could act as a catalyst for sugar prices. Historically, previous El Niño years coincided

with sugar production drops of 3-8mn tons YoY (read "El Niño and Agribusiness:

global weather risks and commodity implications" and "Too early to dream sweet?").

Figure 3: El Niño NOAA strength probabilities Figure 4: Sugar #11 ICE price (cpp)

tren E

IC

A s

#1 NOA

r

ño ga

u

Ni

S

El gth pr oba bil iti es price (cpp)

Source: NOAA, UBS Source: Refinitiv, NOAA, UBS

ANP appeals TCU decision suspending RenovaBio penalties

Eixos reported that ANP appealed TCU's injunction suspending penalties applied to

fuel distributors for failing to meet RenovaBio targets through 2024. The appeal

follows recommendations from both STM (Superintendence of Technology and

Environment) and the MME, which defended seeking a suspension of the ruling until

it is reviewed by the court's plenary.

We view the suspension of previous penalties as negative for biofuel producers

which issue CBIOs as well as compliant fuel distributors, given the measure may

further decrease adherence to the program given the perceived leniency to non-

compliance.

RAIZ 1Q26 conference call highlights

RAIZ hosted on Tuesday (30 June) its 4Q26 earnings conference call (see earnings

report here). See highlights below:

Cash position: Management acknowledged recent impacts in the

company's cash position as recent downgrades affected payment terms

with suppliers, resulting in a lower quarter-end cash position. However,

management highlighted that even after this peak cash-demand period,

the company still holds a strong cash position of R$13-14bn, which is ~50%