Slower production rates out of exporting countries are driving prices higher into Indonesia, China and the Southeast Asia market in general. Prices into Indonesia were up US$40 CIF this week and there are expectations for reformulations in the near term. Trading into China was as high as US$585 CIF, but again, there are expectations for reformulations due to high prices and reports of demand already starting to slow.
Australian trading was steady this week with no changes reported. Production remains tight with cattle slaughter down 13 percent compared to year ago levels. Lamb and sheep slaughter are down 20 percent compared to year ago levels and there is risk in the market for higher ovine meal prices in the near term.
Ovine meal out of New Zealand was us NZ$150 compared to the last traded level. Tight production and strong demand from the pet food sector have contributed to the rally. Limited production has also driven…
11.15.2024
October soybean crush reaches all-time monthly high; biofuel demand limits rise in soybean oil stocks
The National Oilseed Processors Association (NOPA) reported the October soybean crush at a record monthly high of 199.9592 million bushels, eclipsing the previous record of 196.406 million bushels set...
11.15.2024
UCO 2025 market clouded by China’s cancellation of export rebate
China will cancel its current 13% export tax rebate for used cooking oil (UCO), a key biofuel feedstock, effective December 1, the country’s Ministry of Finance and the State...
11.15.2024
US animal protein prices steady to firmer week on week; SBM under pressure
The US animal proteins market was steady to higher in the week to Friday November 15. Even with decreases in Chicago Board of Trade (CBOT) soybean meal futures, prices...