FOOD

Cheap beef may soon become further out of reach. Brazil, one of the world’s few remaining sources of abundant cattle, is heading into a period of shrinking supplies that could push global prices higher. For the past two years, a surge in Brazil’s beef production helped fuel a jump in exports. That’s as ample herds drove cattle prices lower compared with other regions, and ranchers were encouraged to send more animals to slaughter. At the same time, countries such as the United States struggled with high food costs, and sought out sources of cheaper beef. That cycle is turning, with impacts that will ripple through global markets and hamper President Trump’s efforts to bring down beef prices. Climbing prices for calves in Brazil are signaling the start of a new phase, in which ranchers start holding back female cattle to rebuild herds. The practice, known as heifer retention, reduces the number of animals sent to slaughter and marks the beginning of a tightening supply cycle. “We are coming out of the phase of excess, and the phase of scarcity hasn’t even begun,” said César de Castro Alves, manager of agronomic consultancy at Itau BBA bank. Scarcity, he added, is likely to last a few years. That’s a major reversal for global beef markets, and bad news for consumers as demand for protein remains high. Trump has made lowering beef prices a priority as affordability has become a major issue among US voters. The president has said he would increase imports, and has eased some tariffs on meat. American consumers are facing sky-high beef prices as US herds are at the lowest in decades after years of drought and high feed costs. In comparison, Brazil’s ample supplies have given local meatpackers a cost advantage over rivals in the United States, Australia, and elsewhere. That helped the country ramp up exports not only to the States but also to major buyers such as China. — BLOOMBERG NEWS

HOUSING

Pending sales of US existing homes climbed more than expected in November as a modest improvement in prices and mortgage rates encouraged buyers. An index of contract signings rose 3.3 percent, to 79.2 last month, the highest level since February 2023, according to figures released Monday by the National Association of Realtors. The gain was broad-based across regions and exceeded all but one estimate in a Bloomberg survey of economists. “Homebuyer momentum is building,” NAR Chief Economist Lawrence Yun said in a statement, citing improving affordability and more inventory choices compared with last year. Signings have now increased for four straight months, matching a streak seen during the frenzied housing market of the pandemic. The recent data point to the gradual improvement many economists see for the housing market into 2026. Mortgage rates that were close to 7 percent in May have since settled in the 6.3 percent to 6.4 percent range, and home prices are growing at a much slower rate compared with last year. That’s helped fuel small gains in contract closings in recent months. However, economists and industry experts have widely different expectations for next year. In a recent survey of nine market analysts, estimates for the home resale market ranged from 1.7 percent to 14 percent sales growth, with the rosiest projection coming from NAR’s Yun. — BLOOMBERG NEWS

CORPORATE

Lululemon Athletica Inc. founder Chip Wilson is pushing for changes to the board before the yoga wear maker selects a new chief executive officer, highlighting the contentious relationship between the company and one of its biggest shareholders. Wilson is nominating three director candidates for election at Lululemon’s 2026 annual meeting: former On Holding co-CEO Marc Maurer, former ESPN chief marketing officer Laura Gentile, and former Activision CEO Eric Hirshberg. The company hasn’t set a date for its shareholder meeting, but usually holds the event in June. In a statement Monday, Lululemon said it’s evaluating the nominees, while defending its current board as “highly engaged” and “well-equipped to provide effective guidance on the company’s direction and the execution of our growth strategy.” The company has quickly gone from Wall Street darling to a troubled retailer beset by activists, with the shares dropping 44 percent in 2025. The company’s revenue is expected to decline in the current quarter for the first time since the start of the pandemic. Wilson is escalating his long-running feud with the company he founded as it looks for a new CEO and a return to the rapid growth of past years. Wilson, who stepped down from management in 2012 and departed its board in 2015, has long criticized the company, arguing it’s failed to keep pace with competitors. “As I have stated for years, Lululemon needs visionary creative leadership to thrive,” Wilson said in a statement. “The simple truth is that the current board lacks these skills and, as a result, Lululemon is unable to win back the confidence of its critical stakeholders and regain commercial momentum.” Wilson, who owns about 8 percent of Lululemon’s stock, has been marginalized at times by the company, including a 2019 move that removed his right to nominate board nominees. Lululemon distanced itself from Wilson following controversial remarks, including an interview with Bloomberg TV more than a decade ago in which he said Lululemon’s pants “don’t work for some women’s bodies.” Wilson subsequently apologized for the comment. On Monday, the company said its board and management “have engaged extensively and in good faith for many years with Mr. Wilson to understand his perspectives and communicate our strategy.” It added that it had previously asked Wilson for the names of his nominees, but he “declined to engage further.” It added that Wilson hasn’t been involved with the company for a decade, while Lululemon has “continued to adapt to the marketplace and lead the industry” since his departure. Lululemon said earlier this month that Calvin McDonald will step down as CEO at the end of January, and that the company is searching for his successor. Meanwhile, activist investor Elliott Investment Management has built a stake of more than $1 billion in the company and has reportedly been working with retail executive Jane Nielsen as a potential replacement. — BLOOMBERG NEWS