Soybean meal prices were again higher, settling up $6.80 on the December futures contract. The increase in soybean meal prices has yet to spill into the bloodmeal markets. Ruminant bloodmeal prices are down $5 from month-ago levels while soybean meal prices are up $18. Prices for ruminant bloodmeal have historically bottomed out in the O-N-D time period before rebounding to start the year. However, the rising prices for other animal proteins and higher soybean meal prices suggest higher prices in the near term. The prior three year average relative price of Mo. River ruminant bloodmeal to nearby SBM is 207 percent, through today the average for September is 175 percent, which would be a historic low if it holds at that level through the remainder of the month.
Figure 1.
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