Despite another day of lower prices at the CME, animal protein prices continue to trade higher. The upward momentum in the MBM markets appears to be running out of steam, but a well sold porcine market, slower slaughter and a still-favorable price to soybean meal are offering near term support.

Feather meal prices moved sharply higher out of the Minnesota, Mid South and Carolinas markets. Trading topped out at $575 FOB Mid South, which has a relative price to soybean meal of 134 percent. At that level, the protein value is…