Argentina suspends 12 beef export operations
Last week, Argentina temporarily shut down 12 beef exporters over "irregular" operations and had seized over 220 tonnes of meat as tensions over the government's meat export ban deepen. Argentina is the world's fifth supplier of beef but a spike of 67% in prices has forced the government to announce a ban on exports in a bid to bolster domestic supply amid runaway inflation. The ministry of agriculture said it had temporarily suspended the export activities of six companies after discovering "irregularities such as not liquidating foreign currency or having registered false addresses, among other charges."
Officials said they had already shut down six firms on similar charges, for a total of 12, involving the seizure of 220 tonnes of meat. The ministry noted an additional five firms were also under investigation. According to a Rabobank analysis, the decision may have an impact in the global market as Argentina is one of the main suppliers of beef in the Chinese market. "Argentina announced in mid-May that it would impose a 30-day ban on the export of beef to alleviate rising domestic beef prices. As Argentina supplied 22% of China’s imports in Q1 2021, this could be bullish to trade prices for beef, depending on how long the ban stays in place," commented Angus Gidley-Baird, Senior Analyst - Animal Protein.
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