Participants reported a silent tone on the market and a steady call for most items for Thursday. A price decline of $37.50/ST was noted yesterday for  pet food gradepoultry-by-product meal (PFG PBM) Mid-South FOB on reports of fully adequate offerings at several locations due to reduced domestic and export interest. As noted in Fig 1. for daily price movement,  yesterday’s average price of $725/ST is the new low for 2021 and a 17 percent drop from the start of June when pricing averaged $875/ST.

Even with this decline, PFG still remains above year-ago levels and the prior three year monthly average by 24.8 and 40.8 percent, respectively. Including Thursday’s monthly decline, an…