Outgoing European Commission president Jean-Claude Juncker rushed to conclude the outline of a trade agreement with four South American countries in the Mercosur bloc last Friday before his replacement was announced on Tuesday. The deal lowers EU tariffs on 160,000t of beef from Brazil, Argentina, Paraguay and Uruguay. Another 180,000t of chicken will have duty-free access to the EU. South American farmers will also compete more freely with EU producers within quotas of sugar, pigmeat, rice, honey and sweetcorn.

Mercosur countries have consistently exported more meat to the EU than their tariff-rate quotas, evening out costs between high- and low-duty shipments. The figures above may therefore translate into even more meat.