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IFFO estimates global fishmeal output in 2023 at about 1.738 million tonnes, down roughly 23% from 2022, with Peru down 52% after El Niño disrupted fishing. Fish oil output fell about 21%, with Peru down 85%.
Unexpected sea warming off Peru's central coast was also noted despite El Niño weakening.
The sharp 2023 supply decline explains the tight fishmeal market and high prices. Recovery in 2024 depends on Peru's fishing season, so supply risk remains a price support for now.
aquafeed.co.ukDavid HarveyFeb 13, 2024Not 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.
