Tight supplies and higher soybean meal prices continue to drive meat and bone meal values higher. Trading was reported as high as $500 CIF Indonesia this week, and trading into China topped out at $550 CIF. Trading into Malaysia, Taiwan and Vietnam was indicated at a high of $530 CIF.
Figure 1.
The December soybean meal contract is up by as much as 15 percent since August 27th. Australian cattle slaughter has been consistently behind the prior year’s level, and this week the MLA estimate of 100,208 head for the eastern states is 35 percent lower than prior year levels. Prices for MBM out of Australia were up A$20 from the previous high. Trading out of New Zealand was higher as well, topping out at NZ$640 (US$420) for 50 percent protein material.
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Table 1
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