With Brazil locked in a major bribery scandal that has closed most of its export markets for beef and chicken, the cattle market scrambles to understand the full situation. Brazil is the number one exporter of chicken in the world (40%) which means if borders are shut long term, chicken supplies will be extremely tight, driving prices at retail higher.
With most of the Brazilian beef export markets closed, Canadian and American exporters are eager to fill any gaps in the short or long term. Hong Kong and China together import 345,000 metric tons of Brazilian beef which is a very attractive market for Canada and the United States.
Shaun Haney talks to Anne Wasko of the Gateway Livestock Exchange about the bribery scandal and how it could be an opportunity for Canada and the United States although there is concern surrounding consumer perception of beef and chicken inspections globally.