Brazil meatpackers diverge on Middle East war impact
MBRF sees demand boost, Minerva flags margin risks
23 March 2026
1 minute read
By: Brazilian meatpackers are split on the impact of the Middle East war, with MBRF viewing rising demand favorably while Minerva warned prolonged conflict could hurt margins despite both companies maintaining shipments to the region, reported Reuters.
Brazil is the world's largest beef exporter and top chicken meat exporter. The Middle East accounts for about 14% of Minerva's revenue and 7% of MBRF's revenue.
MBRF CEO Miguel Gularte said demand and prices were already rising before the war and accelerated as buyers rushed to secure supplies, with freight surcharges absorbed by the market.
The company maintained flows by using inventories positioned in destination countries and redirecting cargoes to open ports after the Strait of Hormuz closure, Gularte said.
Minerva CFO Edison Ticle warned higher freight, diesel and energy costs could leave 2026 margins below last year's levels, though the first-quarter impact was limited by long-term freight contracts.
Agriculture ministry official Luis Rua said on Tuesday demand for Brazilian exports could rise further as the conflict hits Middle East output and prompts countries to build precautionary stocks.
