Ruminant meat and bone meal (MBM) prices moved lower today. There is significant downward pressure on the bottom end of the market with mixed species MBM trading as low as $300 and indications of sub $300 trading coming later in the week. Port congestion and container shortages have largely been blamed for the downturn, but reformulations tied to high relative prices to soybean meal (SBM) is the key driver of the negative price movement. One source commented last week, “it’ll work anywhere at 80 percent, but when prices get as high above that 100 percent mark, it’s (MBM) getting kicked out.”

The Missouri River ruminant MBM market finished the month of March with an average relative price to SBM of 89.4…