Meat and bone meal prices continue to trade lower on strong inventories and pressure from the soybean meal market. Trading into Indonesia fell to a range of $580 – 620 CIF today. Sources have reported that pre-Ramadan inventory building has pressured prices lower and buyers looking for post-Ramadan arrival are bidding lower numbers. Prices into Malaysia, Taiwan and Vietnam were reported in a range of $560 – 570 CIF for bovine MBM. The lower prices have affected the Australian market, pushing prices lower for domestic and export over the last week. The downturn in Australian prices comes despite a report from the NLRS that the first quarter cattle slaughter was the lowest in 20 years.

Pet grade poultry by product numbers were lower for US exports. The feathermeal and feed grade markets were both unchanged, but there is negative pressure building in the market on price. Again, strong inventory levels are pushing bids lower. Shipping issues continue across the globe with…