Porcine MBM traded higher on the East Coast late yesterday. The market remains well supported with strong demand seen at steady to higher prices. Today, soybean meal traded higher today, one of the few products with green digits next to its symbol after the President’s COVID-19 diagnosis. The December contract settled at just under $352, which gives the Carolinas market a relative price to soybean meal of 88 percent today. The prior three year average for October is 85 percent, which indicates the market getting close to the top. The strong hog slaughter expected through October and into November adds another tranquilizing layer of fundamentals to the recent price rally.
Figure 1.
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