JBS Forecasts $450 Million Gain from Falling Grain Prices

Brazil’s meatpacking giant, JBS SA, anticipates a $450 million boost this year due to declining grain prices, especially corn, surpassing their earlier forecast of $340 million. The updated prediction, which is set to primarily favor JBS’s pork and poultry sectors, was unveiled during the company’s quarterly results discussion. Despite reporting a loss in the second quarter, JBS’s stocks climbed by 3.66%. Factors such as favorable grain price projections and solid performance in Australia influenced this rise. CEO Gilberto Tomazoni noted increasing chicken meat prices, especially in the Gulf nations. However, challenges remain in the beef sector, with tight cattle supplies predicted for 2024. The U.S. pork market, on the other hand, is anticipated to stabilize after a price dip in the second quarter.