Bovine meat and bone meal traded higher into China with prices reported in a range of $550 – 570. Post holiday buying and tight supplies of MBM have helped to boost prices. The pre-Ramadan buying has slowed into Indonesia and prices have consolidated into a tighter range, again. Values were indicated at $580 – 700 CIF with US prices towards the bottom end of the range and material out of New Zealand at the top.

Domestic and export prices out of Australia were unchanged. The risk for higher prices remains present in the market with production continuing to be very tight. Cattle slaughter was estimated by the MLA at 100,875 head last week. This is the first time slaughter has been over the 100,000 head mark this year.

Prices in the local US market continue to trend higher on tight supplies. Both ruminant and porcine MBM are trading at…