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IFFO data show global fishmeal production fell 28% year-on-year in the first quarter of 2026, with March output down 38%. Fish oil output fell 12% over the same period, and Peru's reduced anchovy quota and voluntary suspensions are cited as the key supply constraint.
A steep fall in fishmeal output tightens the global marine protein supply that feed producers depend on, which supports prices. Continued Peruvian restrictions would extend the squeeze.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.