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…