A heighted spread between porcine meat and bone meal (PMBM) and ruminant meat and bone meal (RMBM) continues to be noted as the summer season approaches. An average high of $84/ST spread was noted in May, a 55 percent increase from May of 2020. Year-to-date, the spread between PMBM and RMBM has substantially increased as well, with an average $32/ST for 2020 and a $58/ST for 2021. This wider than average spread can partly be attributed to persistent limited offerings noted on the hog market, which has contributed to lower supply compared to the fully adequate live cattle supply. However, some reports of Canadian imports of market-ready hogs have been noted to offset decreases noted on the East while the West still contends with shortness at some locations.

Figure 1.

Also contributing to the weaker RMBM market is heavier cattle weights, which contributes…