Fat Prices Steady, July UCO Exports Hit Record High

Fat Prices Steady, July UCO Exports Hit Record High

Trading was mostly steady out of the Australian and New Zealand markets this week. Production dynamics remain the same, limited production due to seasonal downtime and COVID-19 disruptions. The COVID disruptions aren’t necessarily shutdowns at plants due to case positive workers, but the secondary effects of COVID on the country as a whole. Cattle slaughter in the Eastern States was estimated by the MLA at 101,800 head last week, down 33 percent from last year and 5 percent from the week prior. The JBS Brooklyn lamb and beef processing center reopened, but the JBS Dinmore plant remains idled. Jobkeeper payments remain at issue for the plant with Prime Minister Morrison suggesting employees of the plant use unemployment benefits. In contrast, plant officials have argued that Jobkeeper payments to competing abattoirs give them a competitive edge in cattle procurement through an augmented balance sheet. China has added a fifth abattoir to its banned list, further limiting beef imports…

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