The market was quiet to close out the week with no spot trades reported. Soybean meal was down $1.70 at the CME today, but value are still at levels that are supportive of steady to higher prices in the animal protein market. Porcine MBM finished the week at a high of $400 out of the Indiana market. The Missouri River market, home to the largest population of hogs and pork production, topped out at $390. The average price to close out the week is $365, which gives porcine MBM a relative price to soybean meal of 79 percent today. The average price for January over the last three years is 72 percent, but strong demand from the export sector is likely to keep the relative price above that prior three-year average in the near term.

Figure 1.

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