LatAm Agri & Foods "Weekly news recap: JBS, TTEN, RAIZ, Brazil Agri, US ..."

研报英文原文证据摘录

LatAm Agri & Foods "Weekly news recap: JBS, TTEN, RAIZ, Brazil Agri, US ..."

Global Research

25 June 2026ab

LatAm Agri & Foods Equities

AmericasWeekly news recap: JBS, TTEN, RAIZ, Brazil

Agri, US Agri Food

Matheus Enfeldt

Analyst

matheus.enfeldt@ubs.com

In this report we provide a summary of the key news and developments in the +55-11-2767 6975

Agribusiness and Foods sectors over the past week. See our most recent reports

Victor Modanese

and comp tables at the end of the note.

Associate Analyst

victor.modanese@ubs.com

+55-11-2767 6008

Foods

JBS halts China-destined beef production amid quota constraints

Globo Rural reported that JBS will halt production of beef cuts for China as of 20

June, shifting operations to focus solely on shipments to avoid cargoes arriving after

the quota limit. Brazil has already utilized over 65% of its quota as of May, while

strong recent exports and volumes in transit have raised caution, as out-of-quota

shipments face tariffs rising from 12% to 67%, undermining export viability. Friboi

CEO Renato Costa stated that he sees no volume impact from the quota constraint,

as it can redirect output across markets.

We expect strong volatility over the next few weeks on what will be the outlook for

meatpackers. On one hand, cattle prices should ease, on the other, the loss of

volumes will be a major headwind into 3Q.

Agribusiness

Government postpones CNPE meeting on ethanol blend increase

Valor reported that the government postponed the CNPE meeting that should have

taken place on 24 June due to scheduling reasons, with a new date yet to be

defined. The meeting would assess increasing the mandatory ethanol blend in

gasoline from 30% to 32% and a potential resolution to ban biodiesel imports for