The protein markets ended the week on a fairly quiet note. Ruminant MBM traded lower out of the Dal/Hou market, but was steady in other markets. Soybean meal prices have trended higher over the last three days, touching near the $300 mark today. At $300, the Missouri River ruminant MBM market has a relative price to nearby soybean meal of 50 percent. At these levels, buyers should be stuffing as much material into the formulations as nutritionally allowed. In the near term, strong supply and uncertainty over access to the Indonesian market are likely to keep a lid on prices.
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