Porcine MBM traded sharply higher today, topping out at $310 in the Midwestern markets and $320 in the Carolinas and Indiana. At an average price of $285 FOB, the relative price to nearby soybean meal is 80 percent. The prior three year average for October is 73 percent, which suggests that prices are at risk for hitting the ceiling in the near term. The added production from increased slaughter adds additional risk for the price rally to stall in the near term. Export demand has been strong, and the…