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FAO reports that global fishmeal production fell 23% and fish oil output 21% in 2023 due to poor Peruvian anchoveta catches. Recovery in 2024 as El Niño weakened lifted Peruvian fishmeal exports, with China taking about 40% of global fishmeal imports.
Stronger Peruvian supply has eased fishmeal tightness versus 2023, which is bearish for fishmeal prices, though exports remain below 2022 levels.
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.
