Uruguay declares health emergency over H5 bird flu

This is a supply-side shock for Uruguay's poultry sector, not a demand story. The mandatory housing and movement bans could tighten near-term bird availability, but the bigger signal is regional: H5 outbreaks tend to spread across borders, so watch whether neighboring poultry exporters impose similar restrictions. The emergency status also raises the stakes for trade protocols, as importing countries may tighten scrutiny on Uruguayan poultry products. The open question is how quickly the outbreak is contained and whether commercial flocks—the larger economic driver—remain unaffected, since the detection is currently limited to backyard birds.