Trading into Indonesia and China was US$10 higher on the top side of the range. Sellers moving product out of the New Zealand market have been able to leverage tighter supplies into higher prices. US origin material remains at the bottom end of the spread with sellers contending with heavy supply in the US interior.

Cattle slaughter slipped below 100,000 head last week, estimated at 97,793 by the MLA. Two major beef production plants have been idled, JBS Dinmore and Brooklyn. Poor economics and tight supplies of beef cattle have been offered as the reason for the shutdowns. Despite the tighter supply, prices remain steady. MBM was reported in a wide range, $380 – 450 with mixed species material trading as low as A$320.

MBM prices were up out of the New Zealand market, driven by the aforementioned demand coming from the APAC market. Ovine meal prices were higher as well with sellers balancing tighter supplies with improving demand….