Considerable pressure on meat and bonemeal remained for this week, with ruminant and porcine markets FOB Mo. River weekly averages dropping 9.0 percent and 7.0 percent, respectively. Excess offerings were attributed to diminished export trade and reduced pet food interest. After the recent drops, ruminant MBM is trading at an appealing value relative to soybean meal, with the Mo. River FOB market at an average of 67 percent to the January CME soybean meal contract. This has moved below the five-year average for the first time in 2023. Even though these values could boost demand from both the domestic U.S., as well as the global market, the expectation for higher values before the end of 2023 has been rebuffed by most sources. (Fig. 1, 2, and 3)

Bloodmeal prices were flat to higher with porcine up 8.3 percent from last week while ruminant, FOB Mo. River was steady with last week’s average, though widened rages were indicated at mid-week.

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