Strong Supplies Keeping a Lid On MBM Prices

Strong Supplies Keeping a Lid On MBM Prices

Trading was quiet to close out the week. Drivers in the meat and bone meal markets remain mixed and prices held steady as a result. Stronger soybean meal prices and the reopening of the Indonesia market are suggestive of higher meat and bone meal prices. October soybean meal prices have increased by 6 percent since August 10th. Through the first half of the year the US has exported 107,254 MT of meat meal to Indonesia, up 3 percent from 2019 levels. After the pause, demand should be returning to add strength to the market. Supply, which is arguably the largest variable in price direction, continues to be strong in cattle and very strong in the porcine market. There’s just enough material being produced to keep sellers from pushing prices higher. Buyers have enough options in the market to hold values steady and there is little indication that…

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