US animal protein prices were steady on Thursday October 3, but market sources reported underlying pressure and an overall unease due to the inability to look ahead more than a week.
Some market participants stayed on the sidelines amid the International Longshoremen’s Association (ILA) port strike, hurricanes that affected logistics in the Southeast (with more expected in October), and higher gas prices due to the war in the Middle East, Fastmarkets heard.
Inventory levels are rising faster than anticipated in several regions, most likely indicating that, if the ILA strike persists, price pressure will come sooner than expected, sources told Fastmarkets.
Q3 summary
Average prices for US animal proteins in the July-September quarter were mixed to lower compared with the second quarter, and prices for all products averaged significantly lower year on year.
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