Meat and bone meal prices into the Eastern market were higher, boosted by strong demand and higher FOB prices in the Midwest. Soybean meal finished today down just under $4 for the December contract, but at $368, the ruminant MBM market should continue to see price support. Trading into Indonesia was done as high as $520 CIF out of New Zealand this week. Indonesia’s average price is $408/ST CIF, a $178/ST premium to the Missouri River market. The wide spread should attract additional demand out of the Indonesian market and while approved plants aren’t ubiquitous, the increased export volume should help to keep the interior supply tight and domestic prices well supported.
Figure 1.
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