The protein market was quiet to close the week. The market remains well supported by the strong soybean meal market. The December contract closed up $4 today, settling at $386.40. The prior three-year average relative price for ruminant MBM FOB Missouri River is 68 percent for October, which would translate to a price of $261.21 FOB or $26 over the current market price. The low relative price to soybean meal and strong demand environment are suggestive of further price increases in the near term.

Figure 1.

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