Porcine MBM prices held steady this week while ruminant prices fell $30 out of the Missouri River market and $20 out of the Texas Panhandle. Mixed species material continues to weigh on the bottom side of the ruminant market, but pure beef packer material has traded lower as well, topping out at $210. Porcine seems to have settled into a floor with strong export demand tightening up nearby supply. For the period including 2017 – 2019, porcine MBM FOB Mo. River has traded at a $52 premium to ruminant for June and a $41 premium for July. Supply has likely been a big dictator of this spread, heavy beef slaughter and slower pork. This year the trend of tighter supplies in June has been bucked with producers catching up and the spread has fallen to $30. History suggests that there is some additional downside to the ruminant MBM market basis the spread to pork MBM, but strong…