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China has launched an investigation into beef imports as an oversupply is thought to be significantly affecting domestic prices. According to Reuters, the

"Most of China's cattle farms are in a loss-making situation," said the China Livestock Association.

China's Ministry of Commerce announced on Monday that it will launch an investigation into beef imports, citing a multi-year slump in domestic prices and an oversupply. The investigation could primarily target China's biggest suppliers, Brazil, Argentina and Australia, but could also have a significant impact on the global beef market, Reuters reported.