Trade for Wednesday was mixed with meat and bone meal ruminant noting a modest decrease in the Eastern market and higher trading out California. The porcine counterpart was generally a flat call for the day, sources continue to indicate that pet food and export demand are strong. Feathermeal was steady today, although there were indications that hot temps have pulled back offered volumes this week. 

Typically, seasonal demand for pet food grade poultry by-product meal (PFG PBM) diminishes into June and July. In the past 5 years, only 2015 noted an increase month-over-month from May into June and for June into July.  Collectively, for the last 5 years, the average drop for May into June averaged $49.65/ST and $30.12/ST for June into July. If traditional seasonal trends hold true and continued reports of diminished demand are noted for pet food grade PBPM, it is reasonable to expect continued weakness in the PFG PBM as the market heads into July. 

Figure…