The New Zealand market moved sharply lower over the last week, following the North American and Australian market direction. Lower-than-expected demand coming from Singapore and lower prices from the United States have all weighed on prices. Surging production in Australia has compounded the market weakness. The MLA estimated national cattle slaughter for last week at 130,044 head, up 36 percent from last year’s levels. The week’s estimate was off just under 2,400 head from the multi-year high seen the week ending October 20th of 132,421.
UCO into the EU market was sharply lower this week, but tallow prices were mixed. Sources have stated that demand is weakening and the negative tone across the global market is starting to weigh on prices.
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11.21.2024
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