JBS S.A., Marfrig slip after China launches probe of beef imports

Shares of JBS SA (JBSAY), Marfrig (MRRTY), and other Brazilian beef producers slumped following news that China is launching a probe into its beef imports at the request of China’s domestic industry associations. China’s Ministry of Commerce said Friday that it will decide if a surge in shipments from overseas has hurt the domestic beef industry, according to Bloomberg. The investigation is likely to end within eight months, but may be extended under special circumstances, according Bloomberg, citing a statement on the ministry’s website.