Protein prices are flat with last week into China and Indonesia. Chinese interest has slowed ahead of the Lunar New Year holiday, which is set to kick off in two weeks. Demand from Indonesia remains strong with trading done as high as $720 CIF. Sellers in the US market have reported continued, strong demand as well, but continue to trade at a discount to sellers in the New Zealand market.

Trading in the Australian market was quiet with February tenders underway. There remains risk for higher prices basis tight production. The MLA reported cattle slaughter for last week at just over 92,000 head, well below 2019 and 2020 levels. Slaughter is expected to continue to run tight in the near term. Herd rebuilding is underway and favorable pasturing conditions and heavy rains in some regions are expected to keep cattle out of the abattoirs. New Zealand pricing was flat week-on-week with steady trading into the export market.

The domestic US market continues to creep higher…