The price of *boi gordo* (fat cattle) in the Brazilian physical market has staged an atypical rally in late July 2026, pushing the benchmark quotation back near R$350 per arroba, a level last recorded in early June. This upward movement, which saw prices rebound to approximately R$348.1/arroba, is being sustained by a sharp retraction in the domestic supply of animals ready for slaughter. For investors tracking Brazilian meatpackers—including publicly traded firms like JBS S.A. (JBS3), Marfrig Global Foods (MRFG3), and Minerva S.A. (BEEF3)—the price strength signals sustained pressure on input costs, particularly as it runs counter to a global export slowdown.