Brazil
A few sources reported that cattle slaughter volumes in Brazil were running higher than usual during the week ended Thursday July 25.
According to Brazil’s Center for Advanced Studies on Applied Economics (CEPEA), beef supply reached record highs during the second quarter, driven by lower available cattle supply and increased consumption. The Secretariat of Foreign Trade (SECEX) reported that 1.29 million tonnes of beef were exported during the second quarter, up by 27% year on year.
In other news, Brazilian cattle rancher Dirceu Kruger was ordered to pay a fine of $50 million for destroying a section of the Amazon rainforest, according to a few market sources. This is the largest case for climate crimes in Brazilian history. Market participants were put on alert to ensure their focus was to improve anti-deforestation practices.
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