Podcast by S&P analysing commodity market trends, Commodities Focus

Commodities Focus

Podcast by S&P analysing commodity market trends

S&P Global Commodity Insights analysis of key news and pricing issues from across the global shipping, natural gas, power, petrochemicals, agriculture, and coal markets.

Thematic (Sector/Industry)

<ul><li>The cattle cycle is a long-term cyclical fluctuation in cattle inventory driven by economic signals</li><li>Important metrics to consider include availability of female animals, profitability in feeding and cow-calf sectors</li><li>Brazil and Australia are the main suppliers of beef to the US, with a large portion of imports being lean trim beef</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

The cattle cycle is a long-term cyclical fluctuation in cattle inventory driven by economic signalsImportant metrics to consider include availability of female animals, profitability in feeding and cow-calf sectorsBrazil and Australia are the main suppliers of beef to the US, with a large portion of imports being lean trim beefThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Understanding the cattle cycle, why US beef prices are at record highs and the role of Australia ...

Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

<ul>
<li>The LatAm Aggregate Index contracted modestly by 1 bps to 307 bps in the week ending Friday, February 14, 2025.</li>
<li>Argentina's inflation rate slowed to 2.2% in January, the lowest monthly figure in 4.5 years, according to INDEC.</li>
<li>We upgraded Suzano’s 2031s and 2032s to Outperform, while maintaining the rest of the curve at Market Perform.</li>
</ul>


The LatAm Aggregate Index contracted modestly by 1 bps to 307 bps in the week ending Friday, February 14, 2025.
Argentina's inflation rate slowed to 2.2% in January, the lowest monthly figure in 4.5 years, according to INDEC.
We upgraded Suzano’s 2031s and 2032s to Outperform, while maintaining the rest of the curve at Market Perform.


Weekly News & Views (Suzano, YPF, Vista, Cemex, Minerva).

<ul>
<li>We expect the company to encounter challenges in free cash flow generation, which will pressure credit metrics and hinder post-acquisition deleveraging.</li>
<li>The 2033 notes are the only ones within Minerva’s capital structure that do not trade tight to the LatAm BB and EM BB curves. </li>
<li>However, we believe a better entry point for these notes may emerge based on our expectation of a weakening credit profile in the short term.</li>
</ul>


We expect the company to encounter challenges in free cash flow generation, which will pressure credit metrics and hinder post-acquisition deleveraging.
The 2033 notes are the only ones within Minerva’s capital structure that do not trade tight to the LatAm BB and EM BB curves. 
However, we believe a better entry point for these notes may emerge based on our expectation of a weakening credit profile in the short term.


Minerva 3Q24: Acquisitions Keep Uncertainty High

<ul>
<li>We are initiating coverage on Minerva with an Underperform recommendation.</li>
<li>We are cautious about the credit impact of the Marfrig acquisition.</li>
<li>We believe a better entry point into the name may emerge in the future based on our expectation of a weakening credit profile. </li>
</ul>


We are initiating coverage on Minerva with an Underperform recommendation.
We are cautious about the credit impact of the Marfrig acquisition.
We believe a better entry point into the name may emerge in the future based on our expectation of a weakening credit profile. 


Minerva: Balancing an Interesting Credit Story with Acquisition Risks

Brazil

Minerva S.A. provides meat products. The Company focuses on production and sale of fresh meat and its derivatives. Minerva serves clients worldwide.

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Minerva /Brazil (BEEF3 BZ)

Understanding the cattle cycle, why US beef prices are at record highs and the role of Australia ...

The cattle cycle and biological cycle of beef animals, in relation to key metrics and global suppliers, are impacted by factors such as dry weather...

Commodities Focus

Weekly News & Views (Suzano, YPF, Vista, Cemex, Minerva).

LatAm Aggregate Index slightly contracted, Argentina's inflation rate decreased to 2.2%, Suzano's bonds upgraded to Outperform.

Leandro Gubler

Minerva 3Q24: Acquisitions Keep Uncertainty High

Challenges in free cash flow generation may hinder post-acquisition deleveraging for Minerva, potentially impacting credit metrics and creating a...

Leandro Gubler

Minerva: Balancing an Interesting Credit Story with Acquisition Risks

Initiating coverage on Minerva with Underperform rating due to concerns about credit impact of Marfrig acquisition and expectation of weakening...

Leandro Gubler

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Understanding the cattle cycle, why US beef prices are at record highs and the role of Australia ...

The cattle cycle and biological cycle of beef animals, in relation to key metrics and global suppliers, are impacted by factors such as dry weather...

Commodities Focus

Weekly News & Views (Suzano, YPF, Vista, Cemex, Minerva).

​LatAm Aggregate Index slightly contracted, Argentina's inflation rate decreased to 2.2%, Suzano's bonds upgraded to Outperform.

Leandro Gubler

Minerva 3Q24: Acquisitions Keep Uncertainty High

​Challenges in free cash flow generation may hinder post-acquisition deleveraging for Minerva, potentially impacting credit metrics and creating a...

Leandro Gubler

Minerva: Balancing an Interesting Credit Story with Acquisition Risks

​Initiating coverage on Minerva with Underperform rating due to concerns about credit impact of Marfrig acquisition and expectation of weakening...

Leandro Gubler

LatAm Aggregate Index slightly contracted, Argentina's inflation rate decreased to 2.2%, Suzano's bonds upgraded to Outperform.

Challenges in free cash flow generation may hinder post-acquisition deleveraging for Minerva, potentially impacting credit metrics and creating a...

Initiating coverage on Minerva with Underperform rating due to concerns about credit impact of Marfrig acquisition and expectation of weakening...