Sao Paulo | Reuters — JBS SA, the world’s biggest meatpacker, reported an 86 per cent drop in third-quarter net income compared to a year ago on Monday, sliding to around 573 million reais (C$166.3 million). Net income was under the LSEG consensus forecast of 724 million reais, and far below the whopping four billion-real
Third-quarter profit plunges for JBS
Low U.S. pork prices, beef margins and global chicken glut cited
Cargill faces Brazil criminal probe over Amazon port project
Investigation centres around whether land acquisition was proper
Reuters – Brazilian federal prosecutors are investigating transactions involving grains trader Cargill and a Brazilian partner after they found “irregularities” in the acquisition of disputed land where the U.S. company plans to build a massive river port in the Amazon rainforest. A spokesperson for the federal prosecutors’ office in Brazil’s Para state said they opened
Brazil feeds global chicken glut
Accelerated Brazilian chicken production will continue at least through the end of 2024, according to a lobby group for chicken and pork processors in mid-August. The news has been seen as a sign that a global chicken glut may not subside soon. An oversupplied chicken market affected Brazilian meatpackers’ earnings in recent quarters, also forcing
Activists pressure against JBS listing
A coalition of environmental groups is pushing U.S. securities regulators to thwart JBS SA’s New York share listing over concerns about the meatpacker’s impact on deforestation, climate change and other issues. The Brazilian company, the world’s largest meat processor, hopes a U.S. listing will attract a broader investor base to give it more access to
Brazilian meatpacker JBS sees gain from lower grain prices
Reuters – Brazilian meatpacker JBS SA has forecast gains of US$450 million this year related to lower grain prices, particularly corn, higher than guidance of US$340 million given at the end of the first quarter. CFO Guilherme Cavalcanti revealed the estimate, expected to primarily benefit the company’s pork and poultry businesses, as JBS discussed quarterly
Brazilian union sues JBS over alleged exploitation of chicken workers
Reuters – A Brazilian labour union has accused JBS SA of subjecting dozens of workers to “degrading conditions,” according to a class action suit filed against the world’s biggest meatpacker and its suppliers last week. The union filed the claim on behalf of at least 76 people, including members of the Terena Indigenous community, who
Brazil’s JBS reboots plan to list shares in New York
International meat packer hopes for access to lower-cost capital
Sao Paulo | Reuters — JBS SA, the world’s largest meat packer, on Wednesday proposed listing its shares in New York, hoping the move will bring its multiples closer to peers and that a broader investor base will give it more access to cheaper capital, sending its shares up eight per cent in mid-morning trade.
JBS shares slump with global difficulties
Shares in Brazilian food giant JBS fell more than 10 per cent in early trade May 12 after the company posted a wider-than-expected first quarter loss. It marks the first time the firm has faced difficulties in all countries where it operates. In a conference call with analysts, JBS global CEO Gilberto Tomazoni sought to
Global chicken meat oversupply improving, Brazil’s BRF says
Lower grain costs also expected to boost margins
Sao Paulo | Reuters — Chicken prices are rising as companies start to cut production to reduce global oversupply, Fabio Mariano, CFO of BRF SA, said on Tuesday, after a glut helped to push the Brazilian pork and poultry producer to a first-quarter loss. The firm posted a 1.024 billion-real (C$287.7 million) net loss for
With stakes high, Brazil meat industry dominates delegation to China
Reuters – More than a quarter of business leaders traveling to China with Brazilian President Luiz Inacio Lula da Silva come from the country’s booming meat industry, highlighting the high stakes for a sector reliant on Chinese demand for most of its exports. With 69 of the nearly 250 executives traveling, meatpackers dominate a roster
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