Beef Buzz News
Brazil Scandal Keeps JBS in Hot Water With Temperatures Rising But How Will It Affect Them Here?
Wed, 07 Jun 2017 12:07:06 CDT
A giant in the American meat industry, JBS USA, has business holdings throughout the industry, from packing plants for both pork and beef and the Pilgrim's Pride Chicken operation, to Five Rivers, the largest cattle feeding operation in the US. The empire's parent company, JBS SA, headquartered in Sao Paulo, Brazil and its owners, the Batista family, are currently in big trouble facing major corruption charges in Brazil. Earlier this year, the company and many of its top executives were charged by Brazilian authorities with selling and exporting tainted meat products, and bribing government officials to do so. The story behind the scandal continues to develop. Jim Robb of the Livestock Marketing Information Center spoke with Radio Oklahoma Ag Network Farm Director Ron Hays this week, about the impact and potential fallout, the JBS scandal abroad could have on its business interests here in the United States.
"This does have some legal implications in the United States courts and legal system, too, but we have a much different situation," Robb said, explaining that the three entities that make up JBS USA, are somewhat legally separated from the scandal being investigated in South America. "Producers are not wanting to sell to JBS because they're not sure they're going to get paid. Let me underscore - that will not happen in the United States."
Through the Grain Inspection, Packers & Stockyards Administration (GIPSA), there are payment requirements in place that protect producers from this sort of financial situation, says Robb. Which is not the case in many countries around the world. The systems already established in the US should keep business running as usual, at least here in America. The only negative affect on the markets being seen right now, are happening internationally - which may actually present opportunity for US producers.
"In the large picture of international trade, this appears to be having some negative impacts on the ability of the Brazilians to export into some of their key markets," Robb pointed out, noting Russia and China as two examples. "It probably opens some more opportunity maybe for the United States to export into Asian markets."
Listen to Robb and Hays discuss the impacts the JBS scandal in Brazil is having on their business interests here in the US and abroad, on today's Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
Listen to Robb and Hays discuss the impacts the JBS scandal in Brazil is having on their US business
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