Core Viewpoint - Brazil has completed a new round of agricultural product market access negotiations with Argentina and Paraguay, which will expand regional trade cooperation and create new growth opportunities for Brazil's livestock and processing industries [1] Group 1: Market Access and Export Opportunities - Brazil is now permitted to export animal feed ingredients such as egg powder, pork raw materials, and pork by-products to Argentina [1] - The demand for these products is increasing in Argentina's pet food and animal nutrition sectors, indicating a potential growth point for Brazil's agricultural sector [1] Group 2: Domestic Consumption and Export Channels - This agreement is expected to open new export channels for pork cuts that are currently under-consumed domestically in Brazil [1]

（文章来源：新华财经） 与此同时，巴西也获准向巴拉圭出口奇亚籽。这一产品在巴西中西部、巴拉那州西部和南里奥格兰德州 西北部的小农和中型农户中具有较强代表性，新的市场准入预计将为这些生产者提供更多收入来源。 数据显示，2024年巴西对阿根廷出口农产品金额超过15亿美元，对巴拉圭出口约9.63亿美元。农业和牧 业部表示，自2023年以来，巴西已实现426项农产品市场准入成果。分析人士认为，新市场的开放将进 一步巩固南方共同市场框架下的农业贸易合作，也为巴西农产品供应链多元化出口目标提供支撑。 新华财经圣保罗9月10日电（记者杨家和）巴西农业和牧业部9日发布公告称，巴西与阿根廷和巴拉圭完 成新一轮农产品市场准入谈判，相关出口业务将进一步拓展区域经贸合作。 根据协议，巴西获准向阿根廷出口动物饲料用蛋粉、猪肉原料及猪副产品。这些产品在阿根廷宠物食品 和动物营养产业中需求不断上升，有望为巴西养殖业和加工业创造新的增长点。业内人士指出，这将为 巴西国内消费不足的猪肉部位开辟新的出口渠道。 ...

Group 1: Anti-Dumping Measures - The Ministry of Commerce has announced preliminary findings of anti-dumping investigations on imported pork and related products from the EU, confirming dumping and substantial damage to the domestic industry [1] - Temporary anti-dumping measures will be implemented in the form of a deposit starting from September 10, 2025, requiring importers to provide corresponding deposit rates to customs [1] - In the first seven months of 2025, China imported 1.39 million tons of pork and related products, with nearly 50% coming from the EU, indicating a significant reliance on EU imports [1] Group 2: Market Prices and Trends - The market price of live pigs has dropped to 13.87 yuan/kg as of September 8, 2025, down from 14.22 yuan/kg at the end of July 2025 and 15.98 yuan/kg at the end of 2024 [2] - Pork wholesale prices have also decreased, with a recent price of 20.10 yuan/kg, compared to 20.50 yuan/kg at the end of July 2025 and 22.37 yuan/kg at the end of 2024 [2] - Major listed pig farming companies reported increased sales volumes in August 2025, but both price and profit margins have declined [2] Group 3: Production Capacity and Industry Adjustments - The number of breeding sows has slightly decreased by 0.80% in August 2025, indicating a potential adjustment in production capacity [3] - The Ministry of Agriculture has been promoting measures to stabilize the pig industry, including controlling breeding sow numbers and reducing overall supply [3] - Analysts suggest that the anti-dumping measures may lead to a reduction in imported pork supply, potentially driving domestic pork prices higher [3][4] Group 4: Company Performance - De Kang Agriculture reported sales of 813,100 pigs in August 2025, with a revenue of 1.432 billion yuan, but the average selling price decreased by 3.31% from July 2025 [5] - COFCO Joycome turned a profit in the first half of 2025 but faced pressure on profit margins due to declining pig prices, leading to a downward revision of profit forecasts [6] - WH Group reported a 10.4% increase in operating profit for the first half of 2025, with a sales growth of 8.9%, marking the best performance since the second half of 2020 [6]

Trade Investigation - China's Ministry of Commerce preliminarily ruled that imported related pork and pork by-products originating from the EU are dumped, causing substantial damage to the domestic industry [1] - The Ministry of Commerce determined a causal relationship exists between the dumping and the substantial damage [1] Tariffs and Duties - Starting September 10, 2025, importers will be required to provide corresponding security deposits to China Customs based on the preliminary determined margin rate for each company [1]

Core Viewpoint - The article discusses the impact of the US-China trade war on the import of chicken feet and pork by China, highlighting the challenges faced by importers and the shifting dynamics in the meat market due to tariffs and trade restrictions [3][4][7]. Group 1: Trade Dynamics - China is the largest importer and consumer of chicken feet and pork products globally, with the US being a significant supplier until recent tariff increases [3][7]. - The US imposed a 20% tariff on Chinese goods, followed by a 34% retaliatory tariff from China, leading to a cumulative tariff exceeding 140% on certain imports, severely affecting trade [6][7]. - In 2024, China imported nearly 450,000 tons of frozen chicken feet, with the US accounting for only 10% of this volume, indicating a shift towards other suppliers like Brazil [7][12]. Group 2: Importer Challenges - Importers like Yan Jun faced significant losses due to customs rejections and high tariffs, leading to decisions to redirect shipments to other markets like Vietnam and Singapore [5][6]. - The article highlights the emotional and financial toll on importers, with many feeling helpless as they navigate the complexities of the trade war [6][14]. - The reliance on US products is diminishing as Chinese importers seek alternatives from countries like Brazil, Argentina, and Spain, which are now entering the Chinese market [15][19]. Group 3: Market Trends - The price of pork by-products has risen significantly, with some products like pig trotters and intestines fetching high prices in the market, reflecting changing consumer preferences [13][14]. - The article notes that the demand for chicken feet in China has led to a global supply shortage, with various countries now exporting chicken feet to China [12][13]. - The competitive landscape is shifting, with US meat producers struggling to find alternative markets for their products, as the Chinese market was previously a major destination [12][18].

Core Viewpoint - The article discusses the impact of the recent tariff war between the U.S. and China on the import of chicken feet and pork by-products, highlighting the complexities and challenges faced by importers in China and the dependency of U.S. suppliers on the Chinese market [1][2][12]. Group 1: Tariff Impact on Imports - China is the largest importer and consumer of chicken feet and pork by-products, with the U.S. being a significant supplier [1][6]. - The initial tariff imposed by the U.S. was 20%, followed by a Chinese countermeasure of 34%, leading to a cumulative tariff exceeding 140% for some importers [5][6]. - Importers like Yan Jun faced significant losses due to customs issues and the escalating tariffs, with some opting to redirect their shipments to other markets like Vietnam and Singapore [3][5][14]. Group 2: Market Dynamics and Alternatives - In 2024, China imported nearly 450,000 tons of frozen chicken feet, with the U.S. accounting for about 10% of this volume [6]. - The article notes that U.S. pork exports to China were valued at $1.1 billion in 2024, with over 80% being by-products [6]. - As a response to tariffs, Chinese importers are increasingly sourcing chicken feet and pork by-products from countries like Brazil, Russia, and Argentina, which has led to a decrease in demand for U.S. products [14][15]. Group 3: Cultural and Economic Factors - The article highlights the cultural differences in food preferences, noting that while chicken feet are popular in China, they are not widely consumed in Western countries [10][11]. - The price of chicken feet varies significantly by country, with U.S. prices ranging from $3,000 to $6,000 per ton, while Brazilian chicken feet are priced around $5,000 per ton [11]. - The dependency of U.S. suppliers on the Chinese market is emphasized, as they struggle to find alternative markets for their products [12][18]. Group 4: Future Outlook - The article suggests that the U.S. meat processing industry is facing challenges due to reduced exports to China, which could lead to increased prices domestically [13][16]. - There is a growing sentiment among Chinese importers to avoid U.S. products due to political risks and tariff uncertainties, leading to a shift in sourcing strategies [18][20]. - The potential for U.S. products to regain market share in China is questioned, as importers express reluctance to return to previous purchasing patterns after experiencing tariff volatility [19].

Core Viewpoint - The ongoing trade tensions between the US and China have significantly impacted the meat import and export industry, particularly affecting Chinese importers of US chicken feet and pork by-products, leading to substantial financial losses and shifts in sourcing strategies [1][3][18]. Group 1: Impact of Tariffs - Chinese importers like Yan Jun have faced severe losses due to tariffs, with chicken feet prices subject to over 140% in tariffs after multiple rounds of trade retaliations [3][4]. - The initial tariff on pork by-products was raised from 12% to 37% during the previous trade war, severely affecting the profitability of US exports to China [5][6]. - The trade war has led to a significant reduction in US exports, with estimates suggesting a loss of $10 billion annually due to decreased demand from China [13]. Group 2: Market Adjustments - Chinese importers are increasingly sourcing chicken feet and pork by-products from alternative countries such as Brazil and Russia, leading to a rapid adjustment in market dynamics [16][17]. - The price of chicken feet and pork by-products initially spiked by 10% following the tariff announcements but quickly normalized as alternative suppliers entered the market [16]. - The reliance of US meat producers on the Chinese market is highlighted, as they struggle to find alternative customers for their products [12][20]. Group 3: Cultural and Market Insights - The consumption of chicken feet in China is significantly higher than in Western countries, where such products are often discarded, leading to a unique market dynamic [10][11]. - The price of chicken feet varies by country, with US chicken feet priced between $3,000 to $6,000 per ton, while other countries like Russia and Thailand offer lower prices [11]. - The cultural acceptance of chicken feet is growing among Western consumers, driven by the expansion of Chinese cuisine and restaurants abroad [11]. Group 4: Future Outlook - The US meat industry is expected to face ongoing challenges in re-establishing its market position in China due to the lasting effects of the trade war and changing consumer preferences [22]. - The potential for increased competition from countries like Argentina and Spain, which are looking to expand their meat exports to China, poses a threat to US market share [17][19]. - The interconnected nature of the meat supply chain means that disruptions in one area can lead to broader economic impacts, affecting everything from feed prices to consumer costs in the US [14][15].

Group 1 - The core viewpoint of the news is that Shennong Group's stock performance and financial metrics indicate a significant disparity compared to its industry peers, with a notably lower PE ratio and strong revenue growth in the latest quarter [1][2]. - As of May 13, Shennong Group's closing price was 28.19 yuan, down 1.50%, with a rolling PE ratio of 16.10 times and a total market capitalization of 14.795 billion yuan [1]. - The average PE ratio for the agriculture, animal husbandry, and fishery industry is 42.80 times, with a median of 41.87 times, placing Shennong Group at the 34th position in the industry ranking [1][2]. Group 2 - In the first quarter of 2025, Shennong Group reported a revenue of 1.472 billion yuan, representing a year-on-year increase of 35.97%, and a net profit of 229 million yuan, reflecting a staggering year-on-year growth of 6510.85% [1]. - The company's sales gross margin stood at 22.90% for the latest quarter [1]. - Shennong Group's main business activities include feed processing and sales, pig farming and sales, pig slaughtering, fresh pork food sales, and food processing and sales [1].

Group 1 - The core viewpoint of the news is that Shennong Group's stock performance is under pressure, with a closing price of 28.55 yuan, down 3.09%, and a rolling PE ratio of 16.31 times, significantly lower than the industry average of 41.54 times [1] - As of April 18, 2025, Shennong Group has 19,332 shareholders, a decrease of 203 from the previous period, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] - The main business of Yunnan Shennong Agricultural Industry Group Co., Ltd. includes feed processing and sales, pig breeding and sales, pig slaughtering and fresh pork sales, as well as food processing and sales [1] Group 2 - In the latest quarterly report for Q1 2025, the company achieved an operating income of 1.472 billion yuan, a year-on-year increase of 35.97%, and a net profit of 229 million yuan, a year-on-year increase of 6510.85%, with a sales gross margin of 22.90% [1] - The company ranks 34th in the industry based on PE ratio, which is significantly lower than the industry median of 40.20 times [2] - The industry average PE ratio is 41.54 times, indicating that Shennong Group is undervalued compared to its peers [2]

Core Viewpoint - The article discusses the challenges faced by American farmers in finding alternative markets for products like chicken feet and fish heads, which were previously exported to China but are now affected by high tariffs due to trade tensions [1][2][12]. Group 1: Impact on Chicken Feet Exports - American farmers are struggling to adapt to new tariffs imposed by China, which has significantly reduced the demand for chicken feet, a product that is popular in China but not in the U.S. [1][2] - In 2022, the export volume of chicken feet to China reached 479,700 tons, making it the largest export market for this product [1]. - The president of the U.S. Poultry & Egg Export Council stated that the latest tariffs could drive chicken feet exports "close to zero" [1]. Group 2: Broader Implications for U.S. Agriculture - The imposition of a 125% retaliatory tariff by China on U.S. imports has led to a significant loss of market for American chicken feet, forcing farmers to consider freezing the product or repurposing it for animal feed [2]. - The U.S. Meat Export Federation reported that the actual tariff rate on U.S. pork products has risen to 172%, severely impacting exports of pork by-products to China, which accounted for over half of U.S. exports [6]. - The economic loss for U.S. farmers due to the trade dispute is estimated to be around $1 billion annually, with each pig potentially losing $8 to $10 in value [6]. Group 3: Fish Head Exports and Alternative Markets - The Two Rivers Fisheries Company, a major fish exporter in Kentucky, reported a 20% expected revenue drop due to canceled orders for fish heads after the tariffs were imposed [8]. - The company processed 1.6 million kilograms of Asian carp in 2024, with China being the sole export market for fish heads [8]. - The owner of the company is now considering targeting the Asian community in the U.S. or exploring markets in South Korea and Vietnam as alternatives [8][9]. Group 4: Overall Agricultural Crisis - The trade tensions have led to widespread cancellations of agricultural orders across various sectors, with the American Agricultural Transportation Coalition describing the situation as a "full-blown crisis" [11]. - The rising costs of fertilizers, pest control chemicals, and agricultural machinery due to tariffs are further exacerbating the challenges faced by American farmers [11].