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IFFO reported that cumulative fishmeal production from January to May 2021 in its covered countries rose 48% year on year, and fish oil rose 51%. The gain was driven mainly by Peru's earlier first fishing season, while China's domestic output stayed weak because of a lack of by-products and its fishmeal imports hit record port stocks.
Stronger Peruvian output adds fishmeal supply, which weighs on prices, but rising Chinese demand and record Chinese port stocks pull the other way. Buyers should expect the net price effect to be mixed.
iffo.comJul 6, 2021Not 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.
