JBS expects cattle prices to reach record
13/03/2013
The US hasn’t recovered from the drought which led ranchers to cull animals at a record pace recently, resulting in the cattle herd to drop to the lowest level since 1952.
JBS chief executive Wesley Batista told Bloomberg: “This decline in prices will be short lived. Global demand continues to rise and, as the US economy slowly recovers, domestic demand will improve too.”
Minneapolis-based Cargill recently closed its abattoir in Texas, which represented about 3% of US slaughtering capacity, and which will boost revenues at rivals including JBS as they produce more to offset the shortfall, Batista said.
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