Animal Proteins – International

MBM prices into Indonesia moved lower this week on pressure from cheaper soybean meal. Trading into China was sideways with last week’s report, but there are indications that weakness is beginning to build.

Trading out of the Australian market was relatively flat with last week. Bloodmeal prices did trade as high as A$1080 for export and domestic sales. Cattle slaughter was lower last week, estimated at just over 126,000 head by the MLA. Production was down 7 percent compared to the week prior and 12 percent relative to last year. Production in New Zealand is expected to ramp back up this week as lockdown restrictions have eased. Prices in the New Zealand market were sideways with last week’s report.

Trading in the domestic US market has moved sharply lower this week on increased production. Hog slaughter is up 23 percent relative to a week ago and sellers are having to buy their way back into formulations through lower…