Porcine MBM prices were higher today out of the Midwestern markets. Several buyers and sellers said that they were well positioned, but those needing material were finding a tight spot market.
Animal protein price averages for the first quarter (Q1) of 2024 were mixed when compared to the previous two years, though the bulk of items have been lower, following the direction of the soybean meal market.
Meat and bonemeal (MBM), especially ruminant, started out the year with excess availability, weighing on meat and bonemeal prices. However, due to holiday slaughter slowdowns, winter storms, and maintenance issues; inventory levels quickly dropped. For the quarter, porcine and ruminant MBM averages for 2024 ranged 19-42% lower than Q1 2023.
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