Ruminant MBM prices traded sharply higher into the Asia-Pacific (APAC) markets as well as within the Australian and New Zealand market. Tight production in Australia contributed to the recent rally, driving domestic bovine prices above A$600 this week. The MLA estimated last week’s slaughter at just under 112,000 head, down 23 percent from year-ago levels. Delivered values for bovine MBM into are as high as $535/MT, and Indonesia was indicated as high as $495 CIF for New Zealand origin material.

Domestic US MBM prices moved higher for porcine and ruminant MBM. Production is expected to tighten on the ruminant MBM market, and porcine values have increased despite heavier production coming through October. Prices are very well valued versus soybean meal, and sellers have been able to leverage the favorable relative prices to soybean meal and the low prices relative to the CIF APAC…