Animal protein prices are firm again this week, with soybean meal prices lending strength to the entire protein complex. Prices spreads in the meat meal markets have gotten out of sync with the prior three-year average during the market run-up over the last couple of weeks. Porcine MBM is currently trading at a $80 premium to ruminant MBM FOB Missouri River, $62.50 over the prior year average. Poultry by-product meal, 57 pro, FOB Mid South is trading at a $30 premium to the ruminant MBM market FOB Missouri River, $19 under the prior three-year average.

In the near term, this suggests both ruminant MBM and pet grade poultry by meal are undervalued. Feed buyers have already suggested upping their poultry meal inclusions, which suggests…