US animal protein prices remained within or slightly outside the previously set ranges for Tuesday August 13, with some ranges widening at the high end due to variations in inventory levels and market demand. Price pressure was indicated on most items due to the continued collapse of the Chicago Board of Trade (CBOT) soybean meal prices.

The CBOT September soybean meal price closed at $299.80 per short ton on Tuesday, down by 8.59% or $28.20 per ton, from $328 per ton at the close on August 1. This is due to the release of the USDA’s World Agricultural Supply and Demand Estimate (WASDE) report on Monday August 12, indicating bullish soybean production.

Ruminant meat and bonemeal relative to soybean meal
Ruminant meat and bonemeal (MBM) prices relative to CBOT soybean meal futures have been in-line for most of 2024, and continue to be above the start of the year.

…