The wide spread in pricing into Indonesia continues with trading done this week at $550 – 705 CIF. Buyers in Indonesia have paid a premium for product that is readily available with a quick turnaround on shipment while sellers in the North American market are trading material at the lower end of the range. Trading into China was up $20 from the last traded level. Big jumps in the soybean meal market and increased difficulty securing shipments have contributed to the move higher.
Protein prices out of and within the Australian market are unchanged from the last traded level. The lack of movement in the market may be more of a function of a slow return to activity versus a lack of interest at higher prices. Cattle slaughter was reported by the MLA at 25,850 head last week, down 48 percent relative to the same week the previous year and nearby soybean meal futures a the CME are up 13 percent or 12.6 percent since 15 December. Both factors contribute to the risk of higher…
11.22.2024
Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
11.22.2024
Gulf prices average higher despite weeklong declines in SBO
For the week ended Friday November 22, packer bleachable fancy tallow (BFT) remained unchanged from the previous week’s average, while Gulf Coast-delivered tallow rose 2.7%, primarily...
11.22.2024
Bloodmeal largest price mover week on week; November cattle on feed higher
US animal protein prices were mixed to mostly higher for the week to Friday November 22, with only meat and bonemeal showing a slight price reduction due to tighter...