Trading was quiet today with no changes reported.
For the week, animal proteins were highly unsettled on tight inventories. This, however, did not lead to much support, as limited spot volume and continued pressure from soymeal placed a ceiling on the market. Limited reformulations were reported, which were either completed at the start of May or will be instituted in the coming months. This is most likely due to the pressure on other feed related items such as DDGS, corn gluten, wheat midds, and substitutions for new grain co-products at more favorable price relative to animal proteins.
Bloodmeal prices did skyrocket this week on a lack of nearby demand, prices for porcine bloodmeal were up $130 from last week’s average.
Animal feed demand on the whole has been described as lackluster for the current session with improved pasture and range conditions leading to more hay purchases and grass feedings for cattle.
Saturday slaughter…
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Fastmarkets' research team...