Shares of Brazilian meat packers trade higher as statistics institute IBGE reports a record 8.03M head of cattle were slaughtered in 3Q, up 10% from a year earlier.
Analysts had expected a positive phase in Brazil's cyclical cattle production this year to bolster the results of the country's beef producers, pushing down prices for the cattle they buy from independent ranchers.
Sector leader JBS (JBSAY JBSS3.BR) shares up 2.4% at BRL5.67, Marfrig (MRFG3.BR) trades 0.8% higher at BRL8.52, and thinly traded Minerva (BEEF3.BR) shares gain 7.1% to BRL10.5.
