The animal protein market was quiet to close out the day, and the month. Proteins on a whole increased relative to December, driven higher by the upswing in the soybean meal market and tighter production coming out of the holiday. Pet food demand has been strong to start the year, which helped to push pet grade poultry by product meal monthly average for the Southeast $79 over the December average. January finished at 205 percent of the price of nearby soybean meal, five points over the prior three year average and just above the 204 percent from 2018 and 2019. With production resuming to more normalized levels, expect the market to continue to track the soybean meal market in the near term. It’s reasonable to expect prices to move sideways as buyers gauge the volatility in early February.
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11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
11.21.2024
CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
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October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...