Brazil: Livestock and Products Semi-annual

Brazil is currently at the bottom of the cattle cycle, liquidating inventories since 2023. The oversupply of cattle for slaughter has led to a slow price recovery and longer-term impact to the replacement market. With increased volumes of cattle being slaughtered, Post forecasts record exports of beef in 2024. Domestic consumption of beef is forecasted to increase as well. The swine industry is forecasted to have increases in production and slaughter in 2024. As a result, Post forecasts pork production, domestic consumption, and exports to increase in 2024. Pork exports are forecasted to benefit from decreases in production in Brazil`s major competitor markets.