Most values on the international front were rangebound due to holiday time off, including Waitangi Day and the Chinese New Year. Softer undertones were indicated from some participants. However, values were flat or only had small range adjustments for the week.

The MLA reported cattle slaughter at 114,064 for last week, up from the week prior by 19.3 percent and 4.9 percent higher than 2023 levels. Slaughter in both New Zealand and Australia was slow through the end of December and into the middle of January on holiday downtime. However, 2024 year-to-date alsughter is at 467,723 head, 10.3 percent over 2023 levels.

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