Downward pressure on fat cattle prices continues

The first two days of Carnival week always see no market activity in Brazil. The latest fat cattle market data date from the end of last week, with reference prices continuing their downward adjustment. The average price for finished male (“boi gordo”), based on the Scot consultancy references with payment in 30 days and excluding Funrural tax, dropped by R$4.4 per @ over the week to R$292.3. That was paired with a 2.4% drop in the exchange rate.