05.17.2024
Uncertainty with 45z tax credit may affect Q1 2025 biofuel contracts
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US animal protein prices were steady on Thursday May 9 following multiple reports of limited trade.
Ruminant meat and bonemeal relative to soybean meal
Ruminant meat and bonemeal (MBM) prices relative to the Chicago Board of Trade (CBOT) soybean meal futures have moved lower in the past month but remained above the start of 2024.
For the week to May 3, ruminant meat and bonemeal, fob Missouri River was at 77.20% relative to CBOT soybean meal. This is a 13 percentage point decrease from the five-year average and a 38 percentage point drop from the same week in 2024.
The change in relative values for the week to May 3 from the week to January 5 is due to a $37.30 per short ton rise in the weekly average for ruminant meat and bonemeal but a drop on CBOT soybean meal of $23.86 per short ton.
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