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Bloomberg reports that US chicken and meat prices are likely to fall over time as the renewable fuel boom drives soybean crushing for biofuels. The resulting surge in soymeal output is expected to make feed cheaper for meat producers.
Growing soybean crush for biofuels creates cheap soymeal, which lowers feed costs and should pass through to lower protein prices. The price effect will take months or years to reach the supply chain.
financialpost.comBloomberg NewsJan 28, 2024After 223 past bearish policy events, Soybean Meal moved a median -0.3% over 5 sessions (45% higher; middle half -2.2% to +1.2%), and -0.6% over 20.
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.
