Shares of Marfrig Global Foods SA increased by 10.2%, while JBS SA shares climbed 7.9% along with other Brazilian meatpackers’ shares, as news spread about the African swine fever outbreak in China.

Marfrig shares reached 7.56 reais ($1.43), a decrease of 21% from the end of last year up until Wednesday’s closing. JBS shares rose to BRL20.77, while Minerva SA and BRF SA shares increased by 6.9% and 6.1% to BRL11.85 and BRL7.10, respectively.

With reports of another swine fever outbreak in China, one of the biggest consumers of Brazilian beef, market expectations are that demand from China may increase again if they have to cull their swine herds.

During the last swine fever outbreak in China, Brazilian beef prices surged as meatpackers increased exports, which lowered supply in their domestic market.

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