Animal protein prices are flat on limited activity this week. Sources continue to indicate that demand remains very strong from Indonesia, but prices are unchanged from the last traded level. There is concern that surging COVID cases in China and an estimated 37 million people locked down to prevent spread, will further disrupt shipping. Concerns weighed on the markets on Wednesday, but soybeans were up 17.5 cents per bushel as of noon Chicago time today.

Trading out of the Australian and New Zealand markets was indicated sideways this week with no change reported. Cattle slaughter picked up last week with the MLA estimating national slaughter at 92,192 head, up 16 percent from the week prior, but still down substantially from 2020 and 2021 levels.

Trading in the US market is higher this week on strong demand and continued, favorable prices relative to soybean meal. Prices may be nearing a top, however, due to volatility in the…