South America’s top beef shipper built U.S. stocks before tariffs

The top exporter of beef from South America has built up inventories in the U.S. ahead of President Donald Trump’s 50% tariffs on Brazil, according to its top finance boss.

“Minerva SA rushed to send beef from Brazil to the U.S., betting that tariffs will further restrict American supplies and boost prices,” Chief Financial Officer Edison Ticle said in an interview on Wednesday. The move helped drive overall sales of Brazilian beef to a record in the first half of the year, government data showed.

“A severe shortage of cattle in the U.S., the world’s largest beef-producing country, has sent prices soaring, making it an increasingly attractive market for Brazilian suppliers. Minerva expects prices to rise further if exports from Brazil to the U.S. are cut off. The company said it can still access the American market from its operations in Paraguay, Uruguay and Argentina, which are subject to lower tariffs,” according to ADM Investor Services.

Minerva posted record second-quarter earnings, beating even the highest analyst estimates compiled by Bloomberg.