The $A127.7m RFF exposure was upped by $A30m when RFF were saddled with an RFM increase to a $A100m J&F guarantee. So that leaves RFF with $A157.7 exposure (feedlots and guarantee). JBS SA is a Brazilian owned company which shakes up the equation a little now that their 5 Australian feedlots are owned by RFF and their country is about to be top of the COVID-19 pops. I am not sure that Japan, who buy most of their beef from the US, will easily switch to a Brazilian source. We certainly do not have any opportunities in the subsidised EU market. Marketing of the feedlot Australian beef production remains a JBS problem but the $A157.7 RFF exposure remains, albeit a global slowdown in beef production.
This is an RFF problem and no buying opportunity IMHO.
China JBS Red Meat Ban, page-13
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