The commodities analyst said the price had increased by 12% between September and November last year.
Cattle slaughter numbers fell by 5% year-on-year during the third quarter of 2014, to 8.5 million head, which resulted in a 4% dip in production to 2.03 million tonnes over the same period, said Mintec.
The beginning of the year saw unseasonably hot dry weather which adversely affected water volumes and stock conditions, with the impact now filtering through, resulting in the first fall in production in nearly three years.
Alongside the drop in production demand has risen since the summer on the back of Russia’s import ban for a number of other beef exporting countries.
While a fall in the value of the Brazilian Real (BRL) since mid-2014 has improved the competitiveness on the world market this has pushed up demand, and therefore prices, even higher.
At the beginning of the year, the price of a kilo of Brazilian beef stood at around BRL10.25 and, while the price saw peaks and troughs over the first half of the year, it picked up significantly from August, when it shot up from around BRL11/kg to approximately BRL12.20/kg in just over a month, according to data from Mintec. The price then peaked at around BRL12.50/kg in October.