MBM prices into Indonesia moved lower this week on pressure from cheaper soybean meal. Trading into China was sideways with last week’s report, but there are indications that weakness is beginning to build.
Trading out of the Australian market was relatively flat with last week. Bloodmeal prices did trade as high as A$1080 for export and domestic sales. Cattle slaughter was lower last week, estimated at just over 126,000 head by the MLA. Production was down 7 percent compared to the week prior and 12 percent relative to last year. Production in New Zealand is expected to ramp back up this week as lockdown restrictions have eased. Prices in the New Zealand market were sideways with last week’s report.
Trading in the domestic US market has moved sharply lower this week on increased production. Hog slaughter is up 23 percent relative to a week ago and sellers are having to buy their way back into formulations through lower…
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...