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Rabobank expects fishmeal prices to ease in 2024 as Peruvian anchovy fishing conditions improve in the first half of the year. The second Peruvian anchovy season (November 2023 to January 2024) reached a 75% catch rate, and a larger price correction is anticipated in April.
NOAA has also shifted its El Niño forecast toward weakening, with normal conditions expected from April.
Improved Peruvian anchovy catches should lift fishmeal supply and push prices lower from a tight 2023 base, reducing feed cost pressure on buyers. Softer fishmeal may also weigh on soybean meal sentiment as a substitute.
agnavigator.comJane ByrneFeb 2, 2024Not enough comparable past events yet for a historical read.
After 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% over 20.
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.
