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Brazilian meatpackers can now export beef to Indonesia

Brazilian meat packaging companies can now export beef to Indonesia, Reuters reported Aug. 29, citing a statement from Brazil's Agriculture Minister Tereza Cristina Dias.

The clearance follows talks between Dias and Indonesian Agriculture Minister Amran Sulaiman in May, when Dias toured Asian countries to open new markets for Brazilian farm products, the report said.

Indonesia imported about 150,000 tonnes of beef in 2018. About 40% of that volume was from Australia, Reuters said.

A total of 10 Brazilian meat-packing plants have been authorized to export beef to Indonesia, five of which are owned by Minerva SA, according to the report. Dias reportedly said the plants have the capacity to export at least 25,000 tonnes of beef products.

Other key players in the Brazilian meat industry are JBS SA, BRF SA and Marfrig Global Foods SA. The country is the world's largest exporter of chicken and beef and the fourth-biggest global supplier of pork, according to the U.S. Department of Agriculture.

Shares of JBS, Marfrig and Minerva all traded higher in Sao Paolo trading following the news. JBS closed up 2.65% to 29.45 Brazilian reais, Marfrig's stock closed up 6.78% to 8.19 reais, and Minerva closed at 8.49 reais, up 3.16%.

Meanwhile, BRF closed down 0.56% to 38.87 reais.

As of Aug. 29, US$1 was equivalent to 4.15 Brazilian reais.