Ruminant meat and bone meal prices moved lower today as additional supply continues to hit the market. The nearby market seems to be a function of sellers booking sales ahead at conservative levels based on uncertainty on the production side. Absenteeism and other potential production issues are likely contributing to the uncertainty and stronger than expected, in pockets, production is creating additional availability. In an effort to keep product moving, sellers have had to cut prices. At $250, ruminant (pure beef) MBM has a relative price to nearby soybean meal of 87 percent, which should be a buy signal for the procurement sectors. However, with continued increases in slaughter and sellers buying their way back in formulas, the risk for lower prices should persist in the near term.
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