The USDA announced a ban of Brazilian beef on Thursday, a move that caused a flurry in the global meat markets.
Brazil is one of the world’s largest beef and poultry exporters, but its beef has been tainted by accusations that major companies bribed meat inspectors, which has resulted in increased scrutiny. Since March, the USDA has turned away over 10% of Brazilian beef imports due to quality concerns before putting an all-out ban in place this week.
For now, U.S. futures markets shrugged off the news, trading unchanged on Friday after the story broke. However, if other countries follow the U.S. in banning Brazilian meat, the global supply chain could be affected and drive prices higher.