Market sources reported limited trade volume to Fastmarkets on Thursday January 16, keeping most US animal protein trade prices rangebound for the day.
At close, the benchmark March soymeal contract diminished by 2.52% day on day, at $294.40 per short ton. This was mostly due to the soybean meal sales came in at 145,548 tonnes, below the 150,000-300,000 tonne estimates.
Ruminant MBM, soybean meal relativity
Ruminant meat and bonemeal (MBM) monthly average prices relative to the Chicago Board of Trade (CBOT) soybean meal futures were above the five-year average for most of 2024.
In the fourth quarter of 2024, price relativity was above the five-year average by more than 18% — with ruminant averaging $272 per short ton and soybean meal at $299 per ton.
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