Market Activity

Pet grade poultry by meal moved lower out of the Mid South and Midwestern markets today, following a typical, seasonal trend of lower prices in May. The relative price to nearby soybean meal is lower by 29 points in May, relative to April, but is 20 points over the prior three year average. Prices tend to bottom out in June and July before rebounding in the last half of the year. The risk for lower prices in the Mid South is present due to the seasonal patterns, but…