Trading was quiet to close out the week with no trading reported. Bloodmeal prices were indicated higher for next week, but no offers or bids were officially out today. MBM prices were also indicated higher for next week but again, there were no firm bids or offers in the market. October soybean meal prices are up 7 percent over the last week, which is supportive of higher prices in the near term. The prior three year average for ruminant MBM FOB Missouri River to nearby soybean meal for September is 77 percent, which implies a market value of $240.50 when applied to today’s soybean meal price. Applying the prior three-month (June – Aug) average relative price of 59 percent to today’s soybean meal price implies a value of $184.
Figure 1.
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Biodiesel margins rise, but window of opportunity limited
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