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IFFO data show cumulative fishmeal output in early 2025 fell, mainly from lower production in Northern Europe, with low oil extraction in Peru adding to the shortfall. China's domestic marine raw material output remains low during its coastal fishing ban, while Peru's northern anchovy season ended early after a high share of juvenile fish.
Tighter global fishmeal supply combined with recovering Chinese demand supports fishmeal prices, which lifts the cost of protein inclusion in feed.
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.